Hey everyone,
I've really been getting my financial life together as of late, because I look at my parents and their financial situation and I really don't want to be in that position when I'm in my 60s, and I want to be able to help them.
I'm a 21 year old college student in his fourth year of college, I will graduate in my fifth, and will have a steady job afterwards where I will be making $35,000. I recently got a job and decided i need to save more money and get my financials figured out. I'm using YNAB, but have only using it for a couple of days, but it's helping immensely. I make about $1,500 a month, and my expenses are along the lines of $400-$500, depending, and I'll have a more accurate number in a couple of months when I can take a closer more refined look at my budget. I put 15% of what I make, no matter what into what I'm saving, and whatever else extra I have is being put into creating a buffer.
My situation is such that I have $830 so far in savings, which is amazing because my goal was $1,000 by December. I have half devoted to an emergency fund and the other half devoted to investing and I was thinking of putting it into an IRA. I understand the differences between Roth and Traditional IRAs, but I still do not know which I should choose. I've considered doing the rollover thing where you start Traditional and rollover to a Roth, but I don't know if I'll be retiring early.
I'm just asking for some guidance considering my situation, or maybe I shouldn't do an IRA, and maybe I should do different investments. But I don't really know a whole lot about that.
Thanks!
Submitted September 09, 2017 at 09:15PM by Unlinked_Triforce http://ift.tt/2xXeJ58
