I just opened a Roth IRA yesterday and it says I can deposit a maximum of $6000 per year, so if I wanted to I could just deposit $6000 now to cover the whole year since it's almost over. I'm 18 and have about $45k in long term investments outside of the IRA, so I could just take $6k out of that and call it a day. However, I also wanted to focus on some shorter term goals (I want to buy a second car to be a project car), so I'm not sure I want to lock up that much money and be unable to access it without a 10% penalty. Would it be a financial sin to not deposit the $6000 even if I could afford it?
Edit: I would also like to mention that I can't join my company's 401k plan until I'm 21 otherwise I would be doing that. Not sure why that's the rule but that's the way it is
Submitted October 20, 2021 at 10:39AM by survival_boye https://ift.tt/30zZ1iW
