CoastFI simply means that the money you have invested for retirement now are expected to grow enough to cover the expenses you expect to have in retirement. In order to calculate your CoastFI number, you need a few things
My biggest pet peeve about traditional personal finance advice is that it rests on the assumption that retirement always happens at 65. If you don’t… Read More »What Personal Finance “Experts” Get Wrong
Deciding how much to invest can be tricky since investing is usually a long-term decision. Deciding how much to invest can be tricky since investing is usually a long-term decision. Storing money in investments that you need in the short run can be risky. How do you decide how much to invest and how much to keep in more easily accessible places like savings?
Some people dream of self-employment and the perks that come with it. Who doesn’t want to set their own schedule, doing something they love, and foster the growth of something they built themselves? While I, too, partake in these self-employment dreams, I also don’t discount the enormous benefits that my 9-5 brings me every day.
As a 23-year-old just starting out in the workforce, I’ve had to think long and hard about how I’m using my money. My strategy has been to intentionally give every dollar a purpose so that I can prioritize saving and investing while also allowing myself to spend on things that are important to me.
The last step to opening a Roth IRA is picking and funding your investments. Today, I will walk you through the steps I took to pick my investments and choose how much money to put into each one.
The first step in my process to opening my Roth IRA was to pick a method of investing. There were three types of methods I was interested in because they are all commonly recommended by other personal finance creators and the finance world in general. They are investing with a robo-advisor, investing in a target-date fund, and DIY investing.
About a week ago, I decided it was time to open a Roth IRA. For context, I am a 22-year-old who graduated college in May 2020. My full-time employment has been delayed until January 2021. I have been filling my time with various side hustles and have actually started to make some money. I’ve decided that the postponement of my employment should not preclude me from starting to invest for retirement.