Retirement General

cum2soon
cum2soon

If I want to retire by the age of 45 (I'm 22). What would be the best platform for saving, earning, and growing my assets? I am slowly building my stock portfolio (~1k USD) and want to move into real estate once I have over 20k USD. Is this a smart choice? What other options are out there? What literature or study would you suggest to help grow my worth?

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http://roomescapeadventures.com/
StonedTime
StonedTime

max out IRA
max out 401(k)
place any remaining assets into taxable brokerage
avoid high-fee mutual funds
read A Random Walk Down Wall Street

BunnyJinx
BunnyJinx

@cum2soon
Real estate is good but it's usually a long play.

I've personally found that selling services to big businesses and industry on a contract basis will let you make as much money in a year as most people make in a lifetime.

if you happen to be any good at it.

Garbage Can Lid
Garbage Can Lid

@cum2soon
move into real estate once I have over 20k USD

lol... where are you getting real estate for 20k?

Crazy_Nice
Crazy_Nice

@cum2soon

I'm 24 with over $50k trying to do the same thing, but obviously the sooner the better. I've looked into real estate, but to me it's not really something you do when you have enough money, but when a really good investment presents itself. I've read 'the art of the deal' and 'what every real estate investor needs to know about cash flow' and they are decent books on the subject. I max out my Roth IRA every year because you can withdraw at any time which is perfect for retiring early. I'm also constantly on the lookout for potential investments / biz opportunities. One thing to remember when your account starts to get high is that you can lose all of your money really quickly If you do something stupid so be careful and try to hedge your bets.

takes2long
takes2long

@Crazy_Nice
@StonedTime
Which IRA would you suggest and why?

massdebater
massdebater

@takes2long
ROTH IRA

Carnalpleasure
Carnalpleasure

@massdebater

This guy isn't me but ya Roth. Just research pros and cons and determine for yourself though don't take my word for it.

Burnblaze
Burnblaze

@Garbage Can Lid
Not OP but Detroit.

It has to recoger eventually r-right?

SniperWish
SniperWish

How much would be optimal funding for a start into real estate?

TurtleCat
TurtleCat

@SniperWish

100% loan financed at a 0% interest rate.

RumChicken
RumChicken

@Crazy_Nice
you can't withdraw before 65 or your paying tax again

FastChef
FastChef

@RumChicken

You can use the SEPP program to begin withdrawing early. Also you can withdraw $10k to pay for a house. And obviously you can withdraw the money you contributed to the account at any time.

VisualMaster
VisualMaster

@RumChicken
So withdrawals are taxed twice?

Supergrass
Supergrass

@RumChicken
I'm retarded and don't actually know anything about how tax advantaged retirement accounts work but let me pull shit out of my ass

Poker_Star
Poker_Star

buy cryptocurrency. Most of the top 10 marketcaps have annual returns over 100%.

Supergrass
Supergrass

Bump

massdebater
massdebater

@VisualMaster
You can withdraw contributions before 65, but not gains.

contribute $5,000
grows over the next year to $6,000
can withdraw up to $5,000 with no penalty
touch the $1,000 in gains, and you pay a penalty

SniperGod
SniperGod

@BunnyJinx

Team and diversity building shit is hot now

corporate america eats shit like link related up
http://roomescapeadventures.com/

so so bad, yet HR has to blow through its budget

Illusionz
Illusionz

@massdebater
@Crazy_Nice
Which company would you start your IRA with?

Spazyfool
Spazyfool

@Illusionz
I used Etrade

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