So I have a Roth IRA with Schwab that I was giving 20% of my paycheck too, which is about 95$ every two weeks. I only work 20 hours a week at a bank during school, I usually get 30 or so hours during breaks. I am going to be a Senior (20yo) after this semester so I am going to be aggressively looking for internships/co-ops in my field, which should pay significantly more. I want to contribute a lump sum of money for 2016 and stop doing direct deposit for my IRA, but right now I have this much money across my accounts.
Checking- $115
Discover e-fund/life savings- $6850
Ally bank Savings for project car - $1900
*Already own the car, just need money to fix it up which I'm doing myself. It is an 88 RX7 and i have a newer reliable car to get to and from work.
credit debt- 200, will be paid off, i haven't missed a payment.
Roth IRA - 200$
Custodial account with Schwab -$80k
I recently found out my parents had the schwab account for me while doing the FAFSA, but I'd like to invest my own money outside of that. I've seen how compound interest benefits those who save early, so I want to take advantage of that.
I was thinking of contribution at least $2300 on top of the 200 for 2016. $2300 is roughly what 20% of my pay is, probably a little under after bonuses and extra hours.
Would it be foolish to contribute another 1-2k? I don't have much to pay for bills wise, my parents help me out with everything besides gas and half of insurance which is about 180 a month together.
I currently am saving 45% of my paycheck to the discover account, since I stopped funding the roth with direct deposit.
I also plan on getting a Masters in Automotive Engineering after a few years in the field, i know doctorates should be essentially free or paid for, does the same apply for Masters?
Thanks ahead of time.
Also feel free to provide tips on what ETFs to invest in, I'm still trying to figure all of it out.
Submitted February 11, 2017 at 12:56PM by throwaway96m http://ift.tt/2lCoBef
