I'll preface this saying I made a lot of bad choices in my life and was recently released from prison and for the first time I'm working, have some savings and have begun investing. I'm 30. I have a newborn and a girlfriend I currently kinda support, she has her own money but isn't working due to the baby so I pay the bills. I make just over 40k if I work 40 hours. I've begun putting money into ETFs when I can but if I'm doing this through Robinhood or Fidelity it's my understanding I will be heavily taxed. So I guess my question is would it make sense if I just sell these positions and move them into a Roth? I only have about 8k invested so far. I have about 13k more in savings. I'm saving much less obviously due to my rent and utilities costs doubling as my girlfriend isn't contributing to that currently. Or should I just leave my current investments alone and start a Roth? I would love to have a better job but basically can only be employed at places that do not do criminal background checks. I should probably go to a trade school but haven't got around to it yet. Im also open to any better advice or ideas as to what I should be doing with my money instead of letting it sit in a bank account. Sorry if my questions come off as ignorant or incorrect because I'm just learning how to be a grown up for the first time.
Thanks for any advice!
edit: my employer doesn't offer literally anything really as far as benefits so it is my understanding the a Roth IRA is my best option correct me if I'm wrong. and I'd also like to know what you guys recommend for who to invest with and what are the best funds to invest in currently. so far I'm just doing spy and vti.
Submitted October 16, 2021 at 08:49AM by scawtsauce https://ift.tt/3AHOgHX
