Hello,
I have a few sources of shame to get off my chest. First, I live with my parents. Second, I have about ~25k sitting in my checkings account doing nothing without an IRA. Third, I make about 25-27k a year and am getting laid off in a couple months.
My main question is that I want to contribute to a Roth IRA because I have read how valuable it is, the thing is, I have a 401k through my work that has ~7k in it. Should I put money in the IRA from my checkings, or wait three months and rollover the 401k to the IRA? If I rollover, what happens to the ~1500 as you can only put 5,500 in the IRA?
My next question is for some direction as to what to do with the remaining money in my checkings account? Obviously I need to get my life together and move out of my parents, but I live in an area with a high cost of living and I would be losing ~$100 month even if I rented the dingiest of places. I also have no direction in my life in regards to what I want to do. I don't have any good roomate options and have had bad experiences with roomates in the past that has me set on living by myself. Another thing to add is that I have no debt and never went to college.
Any suggestions and criticisms are welcome. Please note, I don't want to come across as bragging about the money. The only reason I have that amount (and I know it's not that much) is because I've lived with my parents and I'm super ashamed about that and that I've had it in checkings.
Submitted January 04, 2018 at 10:53PM by financethrowaway6666 http://ift.tt/2CVdciO
