Introduction Questions

Hey, All! I am a 27-year-old male from NY. I have a few questions and would love to directed in the right direction. I was leaning towards the course but maybe a community call would be good? I was able to become fully debt-free other than my car lease. I am currently putting 14% into my 457 retirement plan into an Index Fund that mimics the S&P 500. The 457 is pre-tax and is not matched. I also managed to save up an emergency fund and a pretty nice chunk of savings in a checking. My questions are as follows, I feel like keeping money in checking is pointless, would it be wise to open a Roth IRA? Is it time for a brokerage account also? I do want to learn how to create a passive income stream so I can earn additional income every month/year. What would be my best course of action? Thank you!

Nice it looks like you’re on the right path. Since you have an emergency fund and extra cash, the Roth IRA is a good idea because money grows tax free. I use Fidelity and like it. I’ve heard good things about Vanguard and Charles Schwab too. I would only open a brokerage once the 457 and Roth IRA are maxed out and you still have extra cash you want to invest since you have to pay capital gains when you sell stocks in a brokerage account. It changes every year but the max for a 457 is $19500 and the max for a Roth IRA is $6000 per tax year. If you open up a Roth IRA now you may be able to put money in before this year’s tax deadline towards 2020 and then after the tax deadline put money in your Roth IRA in the 2021 allotment. If you make too much money ($139000) you’re not eligible for a Roth IRA. You can always look up amounts on the IRS website as they change or Roth IRA Contribution Limits Income 2020-2021 - NerdWallet. Another consideration would be to open a high yield savings account to park your money that earns a little bit more interest than a regular savings account. Happy investing!

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Thanks so much for the reply! Do you recommend the course to polish my approach? I have read books and did my research but I like to follow guides as it creates structure.

Knowledge is power. The more you know, the better off you’ll be. Keep learning from different credible sources for self-improvement is never a bad thing.


I thoroughly enjoyed the course and highly recommend it. It’s well structured and I like how the information was presented with many examples as well as quizzes to check your understanding. I’ve read every single PFC instagram post and caption and still found the course useful. I’d say you can get the same information by reading through instagram but like you said it’s a good guide and you’ll have lifetime accessif there are updates. I agree with Mindi in learning from different sources to make sure you know why you’re doing what you’re doing or not doing what others are doing as well. At the end of the day it’s your money so you should do what you understand and what gives you peace of mind.

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