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01-16-2006 09:55 PM
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That sounds good to me... being almost 21 with a full time job I'm starting to realize that becoming rich ain't as easy as it seemed during High School.
I am starting off with putting 10% of my checks in the 401k and start from there I guess. I'd also like to hear what more experienced people have to say.
Rick's : C5 A6 2.8 Quattro ~ 203k
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max 401k for matching, roth ira for money you don't need to access, and invest in other short term CD's or stocks if you want to play that.
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I just put money into a "529 plan" for my son's college. He is a year old now. Every time his savings hits $500 we put it into his 529 plan, up to $22k is allowed to be deposited a year.
Next investment of any sort that I can think of will be a house.
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Originally Posted by
karl
so anyway i opened up a cd account at my bank and calculated what it might be worth after 6 months, and ill earn almost $300 on interest

That's a pretty decent interest rate on a 6-month CD
Where'd you get it?
-ajb
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401k matching alwasys is worth it
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Originally Posted by
madajb
That's a pretty decent interest rate on a 6-month CD
Where'd you get it?
-ajb
i bank with citizens business bank.....1.41% interest on a $3500 deposit
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Originally Posted by
Paul
max 401k for matching, roth ira for money you don't need to access,
You should never "access" your 401k investments before retirement.
It defeats the purpose.
-ajb
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Originally Posted by
karl
i bank with citizens business bank.....1.41% interest on a $3500 deposit
And you're getting $300 in interest? How's that work?
Admittedly, I'm bad at math, but that shouldn't work out to more than $25 or $30 over 6 months.
-ajb
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Originally Posted by
bugzy
401k matching alwasys is worth it
Remember to only contribute to a 401k up to the company matched limit, after that you should be doing a Roth IRA as Paul said.
-ajb
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yeah im bad a math too, but i was told to multiply the percent to the deposit then add that total to the percentage, i got about $50 a month....someone correct me if im wrong
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Originally Posted by
karl
yeah im bad a math too, but i was told to multiply the percent to the deposit then add that total to the percentage, i got about $50 a month....someone correct me if im wrong
No, that's way off.
Try a CD Calculator.
-ajb
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hehehehe
about $4 a month...
lol
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yeah, that was way off.......i was getting all jazzed over nothing 
thanks for bursting my bubble
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The best rate that I know of for liquid cash is at ING...3.8% with no minimum...
http://www.ingdirect.com/osa_autorate/
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Can someone post more info on Roth IRA?
.: GONE 2000 BMW M5 :: Me - 2013 Jetta GLI - 2000 Jetta 1.8t :: Wife- 2009 VW GTI :: Dad - 2002 VW JTI 337 :.
Gone:: 1999 VW GTI VR6 :: 2002 Audi A4 Avant 1.8t :: 1989 VW GTI 16v :: 1994 Volvo 850 Turbo wagon :: 1979 VW Rabbit
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Originally Posted by
bugzy
Can someone post more info on Roth IRA?
Basically, it's like a regular IRA except that growth is income-tax free and doesn't have minimum distribution rules.
Also, if you make over a certain amount, you can't contribute to a Roth IRA(Around 100k for singles, 150k for married).
You can't deduct your contributions from your taxes either, like you can with a regular IRA.
-ajb
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SoCalEuro Member
Once I get into the office I'll give some information on investing. I'm fairly big into throwing my money at things, so I should be able to give some good advice. I've been contributing to my 401k since I was 18, and have owned stock since 16.
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Emigrant Direct offers 4% with no minimums. FDIC insured as well.
www.emigrantdirect.com
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Originally Posted by
madajb
Basically, it's like a regular IRA except that growth is income-tax free and doesn't have minimum distribution rules.
Also, if you make over a certain amount, you can't contribute to a Roth IRA(Around 100k for singles, 150k for married).
You can't deduct your contributions from your taxes either, like you can with a regular IRA.
The rule of thumb that I recall using back when making the decision on a Roth is..
If you expect your income to go up ocnsiderably by the time you reach retirement, such that you'll be in a higher tax bracket then, it's best to open a Roth now.
You'll pay the income tax now, when you're in a low tax bracket and making only pennies. Then when you retire, and are rolling in big bucks, the IRA distributions will be tax free.
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