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Reply to "Q: College graduate looking to start saving/investing"
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[quote=Anonymous]Well the first fundamental is to "live on less than you make". I don't know how much he makes or how much his expenses are so I can't help with specifics but in order to build savings/wealth, you need to live on less than you make. 1. Create an emergency fund. Maybe $1000 in case of unexpected bills. keep in an high interest, online savings account. Should get at least 3.5% now-a-days. 2. If you have a 401(k) WITH A MATCH, contribute to 401(k) at least to get company match. Then add to emergency fund until you have 3-6 months of income. 3. If no 401(k) match, increase emergency fund to at least 3-6 months of income. 4. Contribute to a Roth IRA, up to $7K a year. 5. Contribute to a Taxable brokerage account. (invest in index funds or ETFs with vanguard, Fidelity, or Schwab). If you don't have a 401(k), save in an online savings account at least 3-6 months of pay, then contribute to Roth IRA, then contribute to brokerage account. [/quote]
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