To explain completely, I save $500 every month and put it into a savings account at 2% APR. On January 2nd each year I take the total of $6,000 ($500x12 months) out of my savings account and invest it into my IRA to max out my contributions for the year (this means I am maxing out 2019's contributions on January 2nd 2019, NOT contributing for 2018). And the cycle repeats itself.
I'm not trying to time the market at all, I'm trying to get as much money into my IRA as soon as possible so it can be in there longer.
Is this a wise way to manage my money? Should I be doing something different?
Submitted February 19, 2019 at 11:51AM by niceshotwhatasave http://bit.ly/2SRf0oo
