Part 4 - Investing Check In | FINANCIAL CLEANSE SERIES

TL;DR

Learn how to prioritize and clean up your investments, including employer-sponsored retirement plans, opening a Roth IRA, and exploring outside investing options.

Transcript

hey there and welcome to part four of the financial cleanse series where we are going to be talking all about cleaning up your investments my name is justine with debt free millennials and if you've been following this series we have been doing a quick financial cleanup to make sure we are checking in with our finances you can do this anytime throu... Read More

Key Insights

• 🌱 It's important to contribute up to the employer match in your retirement plan.
• 🤣 Rolling over old retirement accounts can help consolidate your savings and stay on top of your investments.
• 🚕 Opening a Roth IRA provides tax advantages and allows your money to grow tax-free.
• 😘 Consider low-cost index funds for broad market exposure and potential long-term growth.
• 👨‍🔬 Individual stock investing can be rewarding but requires research and diversification.
• ⚾ Moneymade.io offers a personalized investing platform recommendation based on your needs.
• 🏛️ Prioritize cleaning up your budget, paying off debt, and building savings before focusing on investments.

Questions & Answers

Q: How do I prioritize investing if I still have debt?

It is recommended to contribute up to the employer match in your retirement plan while paying off high-interest debt. Once debt is under control, you can focus on increasing investments.

Q: What are the benefits of opening a Roth IRA?

A Roth IRA offers tax advantages where your contributions are already taxed, and withdrawals during retirement are tax-free, allowing your money to grow and compound over time.

Q: Can I roll over old retirement accounts into a new 401k?

Yes, you can roll over old 401k balances into a new 401k or a rollover IRA. It's essential to transfer the funds to ensure all your retirement savings are consolidated.

Q: Are individual stocks a good investment option?

Investing in individual stocks can be exciting, but it's crucial to do thorough research and diversify your portfolio. Consider low-cost index funds for broad market exposure and long-term growth.

Summary & Key Takeaways

• Start by checking your employer-sponsored retirement plan (401k or 403b) to ensure you are contributing up to the employer match and roll over any old retirement accounts into new ones.

• Consider opening a Roth IRA for its tax advantages and contribute up to the full limit for the year.

• Explore outside investing options such as low-cost index funds with Vanguard or buying individual stocks using platforms like Robinhood.