Reply to Middle-aged and want to take a more informed role in managing money. Where to begin?

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Reply to "Middle-aged and want to take a more informed role in managing money. Where to begin?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]1) maximum amount in 401(k) ($23,500 per person)
2) max out Roth IRA ($7k)
3) Mutual funds or total stock index funds (whatever amount of slush money you have after the first 2 options, make deposits automatic if you can)
4) 529 contributions
5) any cash you are holding (like an emergency fund of 6 months expenses)
should be in a HYSA.

It doesn't have to be complicated.  Do these things and just get used to putting your extra money in the market and you'll do pretty well.[/quote]

I’m PP and generally agree with this person. My response was more detailed though. 5[b]29s don’t grow as fast as other investments so that is up to you[/b].[/quote]

That's just false, and you are confusing people.  My kids' 529 plans have tracked VTI just like my brokerage account because they are invested in the same equities fund, without almost the same fees.  If your 529 plan is losing to the market, that's a you problem, not a 529 plan problem.  My oldest has over $200k in earnings in their 529 plan.  [/quote]

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