- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Financial Planning for Beginners: Seeking Guidance
Hey everyone,
I am very new to finances and have never really delved into the world of financial planning before. The sheer amount of information out there is truly overwhelming for me to grasp all at once.
I am eager to get a head start on my financial journey and have been looking for guidance to help point me in the right direction.
I consider myself fortunate to have landed a job without a degree, and here are some details about my current financial situation:
– Annual income of $95,000
– 401k plan with a 3% match through Fidelity
– Health Savings Account managed by Healthequity
– Working full-time remotely and living with my parents (thus minimal living expenses)
– Intent on adopting a frugal budgeting approach, allocating 15% for savings, 25% for personal spending, and 60% for essential expenses
In terms of expenses, I expect to allocate funds towards tuition expenses amounting to approximately $4,000 every 6 months as I aim to complete my education within a year.
Some financial uncertainties that I seek clarity on include:
– Deciding on suitable investment funds
– Contemplating the option of opening a Roth IRA account
– Evaluating the feasibility of maxing out contributions to my HSA, 401k, and IRA to facilitate early retirement goals (upcoming first paycheck)
– Understanding the tax implications of my financial decisions
– Ensuring that I am not overlooking any crucial financial aspects
Any guidance or insights provided would be greatly appreciated as I navigate through this process and strive to establish a solid financial foundation for myself.
Thanks in advance for your assistance!
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A life hack I learned recently: your HSA can be used as a retirement account like a 401k but better. Max it out. Save all your Healthcare receipts. You can withdraw from it in retirement after decades of tax free growth. Just keep your Healthcare receipts so if you get audited, you can show that you have a receipt for each dollar you withdrew. You can also withdraw from your HSA before retirement, at any point really, so it can either be a rainy day fund or a retirement account. (provided, that is, that you have Healthcare expense receipts).
I would say that you are light years ahead of most by thinking this way!
Take advantage of living with parents as long as possible to help your future especially with your income! I do the same at the age of 22.
Yes start invest so you can see that compound growth since you in the prime years. Invest in VOO and FXAIX great investment which you can open an account with fidelity and won’t have to pay high fees. You can make a Roth and brokerage account.
Then take advantage of 401k benefits! Idk much about HSA but seems like good idea to throw some money in it since you age the ability!
Accounts to make
ROTH IRA
BORAGE ACCOUNT
HSA
AND LEFT OVER INCORM FOR EMERGENCY FUND IN A HYSA
Since you don’t have too many expenses this is a good time to max out retirement accounts and then give them time to grow. That way these accounts will be well funded even if your expenses go oup and you cant contribute as much later
So yes, if you can:
– Max out 401k, HSA etc
– Max out a Roth IRA
– Check out r/Bogleheads and invest in basics