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Originally Posted by ThaVirus
I had no experience in investing and decided to dip my feet in the water maybe a year ago with some airline and cruise stocks thinking they'd rebound after COVID (stupid lol).
I'm no day trader and realize I know absolutely jack and shit about any of this, so I recently parked some cash into VOO. I hope to be able to just keep that money in there for the next 30 years and see some growth. I've been considering other ETFs as well.
Is that an advisable course of action in the eyes of the financial gurus of CP?
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Quote:
Originally Posted by ThaVirus
Is anyone in on SPY, QQQ or SCHD?
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I have some of all 3.
In terms of investing, the big key is doing it. If you can get an automatic withdrawal, that automatically flows into an instrument that you don’t have to manage that is the best option for most people. In my tax sheltered account I have it going into a target dated fund that automatically rebalances to get more conservative as I get older.
There are some largely agreed upon flowcharts for personal finance. Big thing is if your company matches a 401K do that. The free money aspect is too easy.
If the fees are high in the 401K I can listen to arguments for avoiding it if the fees are high. I’m a fan of Roth because I feel taxes are going up not down, even in retirement, but some of both is a good strategy. The biggest thing is get it in a retirement account. IRA has a 6000 contribution limit but you can do 6000 in a Roth and 6000 in a traditional. If you’re married your wife has the same limits. If you have a company sponsored 401K the limit is 14000. That’s where I’d plow the majority of your investment.
Big thing is emergency fund -> 401K up to the match -> CC debt -> normally you’d pay off consumer debt but if the rate is low I wouldn’t -> max out retirement.
There are a million flow charts but they are all pretty similar to this.
