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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]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] If you cant afford it all, top of order should be 1) 401k to the max value where you get any matching (free money). 2) ROTH IRA (backdoor if needed) 2.5) rest of 401k space [/quote]
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