Financial moves to make before 12/31

[Parliament 14024]

13 hours ago, Vintner said:

Roth 401Ks are goldmines for the crowd under 35. At least do the company match but the best advice is to contribute all that you can.  It’s hard to see the benefit when you are early in your career, because it’s taking away from your discretionary spending aka “fun budget”. The first $100K is the hardest but that will grow and the next $100K comes faster (barring financial crises…but that’s when things get cheap and markets will recover) and eventually the annual growth of your investments exceeds your contributions.
 

Keep the pedal to the metal if you can but I will say that as your earnings increase throughout your career you may choose to shift some to traditional 401K in order to moderate/minimize current taxes. 

Regardless of your vehicle keep making the biggest contribution that you can afford and keep it all invested in something.  Most companies 401K managers have crappy money market vehicles.

 

1) Your first >5 years out of college just crank your withholding to the max (likely 20%).  You were poor in college; just stay poor a few more years.  As stated above, you're gonna prime the pump and get you a gold mine someday.

 1a) They tell me your first million is a lot harder to make than your second. I hope so.  

[StassneyHorn 6446]

There’s a good amount of finance influencers/youtubers ( I fucking hate that I just typed that out) that say getting to 100k is harder and takes more effort than getting to the first million, and that’s what every person in their 20s should focus on—getting to 100k.