My wife and I have been doing the course and havebeen following the Instagram for a long time as well. It’s been a great journey but there’s been a burning question we have had and haven’t found a good answer.
We both have our own individual Roth IRAs that we are setting aside income to invest in every month. But we aren’t sure how we should be splitting it.
Hypothetically, if we had $500 a month set aside for the IRA, should we:
- Put $250 in each one?
- Put $500 in one and switch which one gets it each month?
- Since we can only put in $6,000 a year, should we just invest all $500 into one of them until we could afford to put more than that in our accounts? Basically max out the $6000 in one and focus there until we could afford to invest in both simultaneously.
We haven’t found any resource that would directly compare these outcomes so we really don’t know if there is any benefit to one strategy over the other. Any help would be appreciated!