Hi guys,
First time poster here. I have been browsing the forums. I stumbled upon this site researching some other thigns. Part of my New Years resolution is to start a retirement account. I figured I will start this out by posting my situation and hearing some feedback.
I am 20 years old and make roughly $36k/year.
My employer doesn't offer any 401k, only a pension which is fully vested after 5 years. (I have been there 2.5.)
I still live at home and am going to college part time - just taking basic general requirements as I have no idea what and want to do and any particular interest in anything.
My only expenses are:
Car payment: $279/month.
Phone: $50/month
Gas: $150/month.
Misc: $100/month.
Car Insurance: $2000/year.
With that being said, I still have a good amount left over each month. My plan has been to start a Roth IRA and max it out. With the leftover money, I'm thinking of opening an online savings account (ING, Emigrant, HSBC) which all have rates of 3.75-4.25% - not sure which one I want to go with yet on features vs. yield. This account I would like to save a money for car/house. My current car is leased and is due to be returned in August. At that time, I am planning on buying a used car and paying cash. Other than that purchase, I would like to save the rest of the money for a house.
Between my reguar savings and checking account at my local bank, I have about $10k saved up at the moment.
I have just finished reading Investing for Dummies and picked up A Random Walk Down Wall Street last night.
Any ideas/suggestions/etc. would be greatly appreciated.
First time poster here. I have been browsing the forums. I stumbled upon this site researching some other thigns. Part of my New Years resolution is to start a retirement account. I figured I will start this out by posting my situation and hearing some feedback.
I am 20 years old and make roughly $36k/year.
My employer doesn't offer any 401k, only a pension which is fully vested after 5 years. (I have been there 2.5.)
I still live at home and am going to college part time - just taking basic general requirements as I have no idea what and want to do and any particular interest in anything.
My only expenses are:
Car payment: $279/month.
Phone: $50/month
Gas: $150/month.
Misc: $100/month.
Car Insurance: $2000/year.
With that being said, I still have a good amount left over each month. My plan has been to start a Roth IRA and max it out. With the leftover money, I'm thinking of opening an online savings account (ING, Emigrant, HSBC) which all have rates of 3.75-4.25% - not sure which one I want to go with yet on features vs. yield. This account I would like to save a money for car/house. My current car is leased and is due to be returned in August. At that time, I am planning on buying a used car and paying cash. Other than that purchase, I would like to save the rest of the money for a house.
Between my reguar savings and checking account at my local bank, I have about $10k saved up at the moment.
I have just finished reading Investing for Dummies and picked up A Random Walk Down Wall Street last night.
Any ideas/suggestions/etc. would be greatly appreciated.