Hello All,
This is my first post on the forum after lurking for a while! I will say, I've been on a real personal finance and ER kick lately, but seeing what some of yall have accomplished has only increased my interest in FI!
Apologies for the book:
So, I just graduated with a Finance/Economics degree and got a job as a licensed sales rep for a State Farm Agent while I figure out what path I would like to take. I've been working there for about 3+ months fully time. I also still work a couple nights/weekends at a restaurant to make some extra cash while I'm young and don't have a family.
So, where I'm at currently. I'm expecting to make 35-40k this year at my sales job (plus a 3k year end bonus) and another 14-17k at my restaurant job.
Currently I am about to finish maxing my IRA for this year (got a late start on my IRA last year). Unfortunately, I do not get an 401k through either of my jobs.
Here is where I'm at:
Roth IRA: Roughly $8500 (by the end of next month)
Emergency Fund (Cash) : $2200
Permanent Life Insurance: $5300 cash value
Cash: $22,000
The permanent life insurance is something my dad setup for me when I was 5 and will be done in 5 more years ($50 month) so its something I would like to hold on to as an emergency fund. I figure between the cash value in that and my actual cash emergency fund, The emergency fund is set.
I will have maxed my Roth IRA as of next month and I'm wondering what my next move is. I am wanting to buy a home in the next year or two, with that $20,000 set aside as the start of the down payment fund (eventually want to get it to $40,000).
So I guess what I'm getting at is, should I leave that $20,000 in a bank account to keep it safe? Invest in inflation pegged bonds? Or should I risk it since I'm a couple years away?
Also, since my IRA is maxed this year and I don't have a 401k, I was wondering if I should start investing in a general brokerage account. The only issue is, I don't want those gains to be realized income.
Anyone have any advice for a young investor getting started?
This is my first post on the forum after lurking for a while! I will say, I've been on a real personal finance and ER kick lately, but seeing what some of yall have accomplished has only increased my interest in FI!
Apologies for the book:
So, I just graduated with a Finance/Economics degree and got a job as a licensed sales rep for a State Farm Agent while I figure out what path I would like to take. I've been working there for about 3+ months fully time. I also still work a couple nights/weekends at a restaurant to make some extra cash while I'm young and don't have a family.
So, where I'm at currently. I'm expecting to make 35-40k this year at my sales job (plus a 3k year end bonus) and another 14-17k at my restaurant job.
Currently I am about to finish maxing my IRA for this year (got a late start on my IRA last year). Unfortunately, I do not get an 401k through either of my jobs.
Here is where I'm at:
Roth IRA: Roughly $8500 (by the end of next month)
Emergency Fund (Cash) : $2200
Permanent Life Insurance: $5300 cash value
Cash: $22,000
The permanent life insurance is something my dad setup for me when I was 5 and will be done in 5 more years ($50 month) so its something I would like to hold on to as an emergency fund. I figure between the cash value in that and my actual cash emergency fund, The emergency fund is set.
I will have maxed my Roth IRA as of next month and I'm wondering what my next move is. I am wanting to buy a home in the next year or two, with that $20,000 set aside as the start of the down payment fund (eventually want to get it to $40,000).
So I guess what I'm getting at is, should I leave that $20,000 in a bank account to keep it safe? Invest in inflation pegged bonds? Or should I risk it since I'm a couple years away?
Also, since my IRA is maxed this year and I don't have a 401k, I was wondering if I should start investing in a general brokerage account. The only issue is, I don't want those gains to be realized income.
Anyone have any advice for a young investor getting started?