I’m nearing the end of 9+ years of school and going to start my first job in July 2018. I’ll go from making $20k in PhD stipend to making a $220k salary, and I’m a little overwhelmed by how to save money and deal with taxes. I currently don't have any savings, and I read through the side bar and know my first steps are: emergency fund, start/max 401(k) once it’s available to me, and start/max IRA. However, I have no idea what I should do to handles taxes and saving. For example, should I open a roth or traditional IRA for 2017 before I make over the limit? Should I use a roth or traditional 401(k) when it’s available to me? Since I’ll be starting my job half way through 2018, how does that affect things? What other things should I do to save and plan for taxes?
Thank you for any advice, and I’m sorry if these questions are dumb. I’m just starting to learn about personal finance and it’s all a bit new to me.
Submitted October 29, 2017 at 11:36AM by PF_confusion http://ift.tt/2z2g6lJ
