CREATING MILLIONAIRES: POSTERS AIDING WEALTH GROWTH
- Thread starter Sunalmighty
- Start date
NeilCartwright
All Star
Does anyone know how much you can expect to have after 20 yrs using a Roth IRA?
I'm 21 putting away 11% of my base pay. Active duty military.
Right now I'm gonna relying on my military retirement and this Thrift Savings Plan (a Roth IRA for the military)
I'm 21 putting away 11% of my base pay. Active duty military.
Right now I'm gonna relying on my military retirement and this Thrift Savings Plan (a Roth IRA for the military)
Sunalmighty
Superstar
It's depends on the market and the return. If I were you, I'd have the thrift savings plan AND a Roth account. But it depends on market return. Save as much as possible. Go above 11% if possible
NeilCartwright
All Star
So how much would you recommend (what percentage) putting into the Thrift Savings plan?
And to set up a Roth IRA I need to go to a bank? Do all banks have the same returns or do I need to shop around?
GoGetMyDamnBelt_
All Star
Same here. I'm not in the military but I'm a federal employee since 19. I'm 21 now and my job set me into TSP and match 5% so I do 5% as well. I feel I need to do more but investing, percentages, IRA, all that ish sounds so confusing to me
MajorVitaman
Superstar
If you answered this already my bad but this is my first time seeing this thread.
Would you recommend the same thing for college students who work odd jobs? I won't get into my career until January 2017...
BaldingSoHard
Veteran
If you answered this already my bad but this is my first time seeing this thread.
Would you recommend the same thing for college students who work odd jobs? I won't get into my career until January 2017...
Absolutely. If you're young, then doesn't matter if you don't have a lot of money to contribute, what matters is how long your money has to grow.
Even if you can only put in $1000 your first year, you will be far ahead of the game by the time your last year shows up.
You don't need to go to a bank. A mutual fund company might be your best bet or even a brokerage. I'm with T-Rowe Price. The minimum contributions can be different...T-Rowe Price's is $100 I believe.
You're 21 so I would get a target retirement fund like Target-2055 or 2060. It self allocates the stocks and bonds within the fund for you as you age.
I have been a federal employee for almost 20 years. Started out as a GS-2. I'm now a GS-13.Same here. I'm not in the military but I'm a federal employee since 19. I'm 21 now and my job set me into TSP and match 5% so I do 5% as well. I feel I need to do more but investing, percentages, IRA, all that ish sounds so confusing to me
You got the 5% match. Get a Roth IRA if you can and contribute until you reach the maximum ($5,500 a year). After that, increase your TSP or try your hand in stocks if your comfortable.
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MajorVitaman
Superstar
Righteous breh thanks for the info
I'll let you know when I start making that move
I'd recommend Betterment. All automated, you just deposit, and they choose for you. Low fees, you can deposit how much you want, and you dont need a 1k initial deposit to start. They only invest in index tracking etfs, so there isnt as much risk.
GoGetMyDamnBelt_
All Star
I was gonna increase my TSP once I get this job with FAM or Secret Services. I was just gonna wait it out but the stock system is confusing no matter how much I read up on it
I'm a failure lol
Sunalmighty
Superstar
If I were you, I'd start off with 10% into a thrift savings plan. And every year, increase it by about 2%. Adjust your way of living according to your deductions.
If you want a Roth, start with any brokerage firm (td Ameritrade, Fidelity, etc) and start there. Or call their customer service and let them walk you through it. You're 21, you have the opportunity to save hundreds of thousands of dollars and earn compound interest. They didn't have open forums like this when in was 21. They didn't teach us shyt, I've learned everything on my own. You having access to this knowledge is the biggest blessing. Since you are under 50, yearly you can contribute 5500k to your Roth account. And if in were you, I'd do it. Check out index funds through Vanguard as well. Their fees are low as hell. Fees and taxes is the name of the game. Unless you own individual stocks, and you only pay a transaction fee, depending on the firm. You are way ahead of the game bro. Make it happen. Also, go to YouTube and check out videos on roth Ira accounts. The benefit is for them to grow tax free. So when you are 59.5 years old and you have over 1 million dollars for retirement, all that bread is yours. Roth accounts are PRE TAXED. All of your investments grow tax free. I tell these young niccas all the time, don't buy Jordans nicca, buy NIKE STOCK.
How did some of you get government jobs so young?! 
I'm investing in 5-15 year bonds, this Acorns portfolio and a Roth IRA, but I'm a work-study student and an intern so it's not much
I'm 20 and only have like $700 invested
I'm investing in 5-15 year bonds, this Acorns portfolio and a Roth IRA, but I'm a work-study student and an intern so it's not much
I'm 20 and only have like $700 invested
I was gonna increase my TSP once I get this job with FAM or Secret Services. I was just gonna wait it out but the stock system is confusing no matter how much I read up on it
If you're able to and can afford a Roth I would get that first. Your earnings grow tax free since you're contributing after tax money.
It's not too difficult to learn the basics about market. Now becoming a skilled day trader takes a little more. I read this thread all the time:
http://www.thecoli.com/threads/boiler-room-the-official-stock-market-discussion.28619/ A lot of smart guys in there.
Investopedia is a good source to learn about stocks. Here are some links:
Investing 101: Introduction | Investopedia
Stocks Basics: Introduction | Investopedia
Mutual Funds: Introduction | Investopedia
How did some of you get government jobs so young?!
I started out at the bottom lol. GS-2 Mailroom clerk, working for the National Guard. I never intended on working for government this long. I didn't have a plan after high school. Parents didn't talk about that...as long as I wasn't dead or in jail and had a job "I was doing good" lol.
Went to school at age 29 and the government paid for the bachelors so I just ended up staying in. Good benefits...
GoGetMyDamnBelt_
All Star
How did some of you get government jobs so young?!
I'm investing in 5-15 year bonds, this Acorns portfolio and a Roth IRA, but I'm a work-study student and an intern so it's not much
I'm 20 and only have like $700 invested
Lol got hired by TSA. All you need is prior customer serive experience. Applied at 18, started at 19. Shyt open doors in the federal field.