I have a salary that fluctuates due to freelance work. Some years I make 60,000 other I make 150,000. I am in a guild and have a proper pension. Currently I have an acorns account and a robinhood account where I have made small one share investments on shares or ford, Microsoft and twitter. I am 33 and not quite living below my means in NYC. Still, would love to see some growth. Do I not qualify for a roth IRA? Thanks!
Welcome @Marlo_Carroll!
Hm… a few thoughts:
- Consider figuring out how to live on $50K. In lean years you can invest $10K, in good years you can invest $100K! It won’t take long at that pace to become financially independent.
- One of PFC’s principles is to invest in index funds. Picking and choosing stocks like you are is a violation of that. (Acorns invests in ETFs which is great).
- You probably don’t qualify for a Roth IRA the years you make a lot. You can walk through this checklist, skipping the steps that don’t apply to you. You can also consider a backdoor Roth IRA. If you’re self employed, you might look into a SEP IRA. At your income level, it’s probably worth talking to a CPA with experience here to help you figure out your options.
But broad strokes, follow the two rules. Dump money into acorns. Keep learning.