Want to be Fire in about 5 years

Hello. I’m a sales associate in electronics. I just recently bought a Hyundai Elantra paying $200 every 2 weeks owe about $14 k don’t have credit cards. Pay $500 on rent. I have and income of going $1 k. I’ve just started investing stocks with stash and Robinhood. I’ve not setup my 401k or Roth IRA. And want to start. Thanks for your time and comments.

Hey! So FIRE in 5 years is a pretty tough goal to meet. The goal there would be to have enough money to retire and live at your desired lifestyle til you die. That can be expensive! Check out some of these posts to learn more about sound investing ideals. Instead of stocks, open a Fidelity or Vanguard account and invest in Index funds. Also come back to ask any more detailed questions you might have after reading Jeremy’s posts.

The layers of investing: Why “IRA vs Index Funds” doesn’t make sense
Small changes can produce big results
What is an index fund?
The 90/10 rule of investing
The secret to health and wealth

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Hey @Robertorosa!

The first step to FIRE, before investing, is to pay off your debt. You’ll never be financially free if you’re in hock to the banks, making payments and living beyond your means. Pay off your debt, then come check in about the next steps :slight_smile:

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Should I open the 401k or not? @Jeremy

I would follow the Phases of Investing:

If your 401k offers a company match, then yes. If not, put 100% focus on getting out of debt.

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