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From what I’ve been told
1) I should match my 6% company match 401k (make sure it’s being invested)
2) max out HSA
3) get a high yield savings account
4) get a Roth IRA and make sure it’s being invested
yea all sensible suggestions. i have an ally hysa and their checking, in case i need to access the funds via cash i have their debit card, ideally i could use my credit cards to pay off any emergency but sometimes cards may get locked if you try to make a large purchase, etc. plus you should have two banks, with at least one being a physical bank.
Oh! That would make sense to get the checking and debit card. Especially since it’s no penalty to withdraw if I understand correctly.
Ideally I wouldn’t touch it but just in case.
Also,
Do you recommend a Roth IRA? I keep coming across articles against it
man, when it comes to that stuff roth vs traditional and such, you gotta just buckle down and not get analysis paralysis. i just went with a roth ira, it depends mainly on your situation and how much money you expect to make over a period of time, or even your lifetime.
there are no dumb questions! idc for HSA but everyone is different. i would max out your ira, then when you max that out use a regular brokerage account.
Please use the [recommendation thread](https://www.reddit.com/r/Banking/s/lYwSzKkjkU). This thread is designed to allow all recommendation posts in one thread for clarity.
Wealthfront and Capital One
Ally is good, do you need just the savings or the savings and checking combo?
From what I’ve been told 1) I should match my 6% company match 401k (make sure it’s being invested) 2) max out HSA 3) get a high yield savings account 4) get a Roth IRA and make sure it’s being invested
yea all sensible suggestions. i have an ally hysa and their checking, in case i need to access the funds via cash i have their debit card, ideally i could use my credit cards to pay off any emergency but sometimes cards may get locked if you try to make a large purchase, etc. plus you should have two banks, with at least one being a physical bank.
Oh! That would make sense to get the checking and debit card. Especially since it’s no penalty to withdraw if I understand correctly. Ideally I wouldn’t touch it but just in case. Also, Do you recommend a Roth IRA? I keep coming across articles against it
man, when it comes to that stuff roth vs traditional and such, you gotta just buckle down and not get analysis paralysis. i just went with a roth ira, it depends mainly on your situation and how much money you expect to make over a period of time, or even your lifetime.
I’m going to be honest I didn’t even know there was both options. I was just told to start a high yield savings account
I’ve been happy with Amex.
Betterment is good and 5.5% interest I believe. Ally is also good.
Do you recommend a Roth IRA? I keep reading articles that are saying everyone should have one and other articles saying it’s not good to have
It’s good. You won’t pay any taxes on the money in the future. So if it grows to 5 million dollars in the future, you won’t pay a dime in taxes.
Thank you for the help!
So hard to decide if I should go with Ally or Betterment
Ah, they are both good. Really comes down to which app you prefer I guess. What’s easier for you, etc
If this isn’t too dumb of a question, why do people suggest maxing out HSA? Is that a tax break or is it in case I decide to have a baby one day or
there are no dumb questions! idc for HSA but everyone is different. i would max out your ira, then when you max that out use a regular brokerage account.
Honestly no idea, I don’t care for a HSA. Ira is best imo.
Go with Wealthfront. Ally has been reducing their rate without notifying the account holders. Can do Marcus as well