I'm a sophomore in college and working as an intern this summer, and finally making really good money (I've spent the last two summers working as a waitress, so this feels very different). I have to save about half of it to pay for school and I want to put most of the rest into my emergency fund, but I also want to go ahead and start saving for retirement because it seems like something that you can never start too early.
Yes, I read the PF wiki about IRAs, and I kind of understand the different risks that different kinds of investments, but honestly all of this stuff is really overwhelming to me and I want to put in the least amount of effort possible while not having my money sitting in a savings account at 1.7% (or whatever Ally is at today). My mom suggested I opened a Vanguard Roth IRA, but didn't know anything about target funds. They seem really hands-off to me. I also don't really understand the costs, so if anyone can help explain those, that would be really helpful.
I really appreciate all help anyone can give me here! I grew up in a very financially unstable (my parents filed bankruptcy when I was younger, always paycheck-to-paycheck, spend more than they make because they've never budgeted, had 0 savings for me or my siblings to go to school) household and I'm doing my best to set myself up to not repeat the same mistakes. I lurk a lot on PF (and I've learned a ton!) but I'm always eager to learn more about being financially stable.
Submitted July 03, 2018 at 11:36PM by offnen https://ift.tt/2KvKQTr
