Author Topic: Opened my first IRA! Next goal, buy a bike!  (Read 2040 times)

Marko34

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Opened my first IRA! Next goal, buy a bike!
« on: April 14, 2015, 01:44:25 PM »
Not much to celebrate yet, but excited to take the step. Opened a Roth IRA via Vanguard and chose to put 3k into their Vanguard Total Stock Market Index Fund Investor Shares.  I will definitely top it off to the full 5.5k quickly and max it out for the rest of my life.  I just turned 27, so not a young pup, but I still hope it ends up doing quite well for me over the next 35 years.

Any key advice on vanguard? Did i pick a solid fund and should just relax and sit back and max it out forever?  Is there anything I should know?

I live in Maine and its FINALLY getting warm out.  I haven't had a bike since i was a kid/Teenager.  Going to buy one in the coming weeks.

Paid off car - Check
Zero CC debt - Check
Opened Roth - Check
Buy a bike - Coming soon.

Assets - Car 7k, Cash 23k, IRA 3k, Debts - Student loans - 35k

I think Im in good shape continuing my quest to be more Mustachian.

Thanks to everyone on the blog for keeping me motivated! Cheers to Roth IRA's.

humblefi

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Re: Opened my first IRA! Next goal, buy a bike!
« Reply #1 on: April 15, 2015, 01:40:20 AM »
Congrats on the start of your journey! And best of luck the rest of the way.
PS: When I ran into MMM, I was way way past 27...so, you are a young and smart pup :-)

The following may be useful for you.
+ http://finance.yahoo.com/news/every-25-old-america-see-200000319.html
+ VTSAX/VTSMX is a great start. But, I would also develop an asset allocation plan though, part of which can be VTSAX/VTSMX.
   For example, if you have taxable account investments, where will you place the money? An asset allocation plan will help.
+ Also, develop a plan on what Financial Independence means to you and put a dollar cost to it.
   For example, passive income, home purchase, life insurance, etc etc.
   http://humblefi.com/category/financial-independence/financial-independence-to-me/
   Once you know the whole picture, you can design your asset allocation plan to meet the cost requirements.

Hope that helps. Enjoy your journey!

Juliarobete

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Re: Opened my first IRA! Next goal, buy a bike!
« Reply #2 on: April 15, 2015, 10:00:18 PM »
To simplify content And informative experience. It is easy to understand.