this post was submitted on 11 Nov 2023
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Personal Finance
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Put that first $2k into an IRA before the end of the year.
You can actually put money into the 2023 IRA until you file taxes, not the end of the year, if that changes anything for OP
Got it. Will do. This is the kind of advice I'm looking for because I don't understand anything about investing, all I know investing is the only way to get ahead in life. Roth IRA. Got it.
If you have a choice on what stonks you invest in: pick an index fund. Don't go for single stocks.
Index fund. Got it.
The max per year you can put in is $2k. Get the whole $2k in there right now.
In January, put the next $2k in.
Generic "assume everyone on the Internet is from my country." US Roth IRA contribution limits for 2023 is $6.5k, going up to $7k next year. If different country, disregard.
Aye! Thank you. Yes USA. 7,000 maximum Roth IRA annual contribution. Got it.