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I am planning on investing here shortly. I am only 20, almost 21 Please let me know if my plan is good.
I currently have $22,000 in my bank account.
Note: I will be leaving for the military beginning of next year.
My plan:
Cash:
Let $15,000 sit in my 3% max checking account (earning 3% interest obviously)
Let $2,500 minimum remain in a money market (earning .025-.030% interest)
Retirement:
Invest a minimum of $3000 into my current employers 401k (no match) before I enlist. That will sit and do its thing while Im in the service.
Invest 5% minimum/pay check into the Thrifts Savings Plan Roth (matches 5%) while I am in the military.
Other Investments:
Put a minimum of $3000 into one of Vanguards Stock Index Funds
Create a ladder of bonds or CDs from 1-4 maybe 5 years and continue that as time goes on.
Possibly put a couple hundred dollars towards a couple individual stocks and play my luck.
***I know my math doesnt add up - but income is and will continue to come***
Also, I know to stay away from mutual funds because of expense ratios.
What are your thoughts? (I will not need the money for at least 5 years if not more)
I currently have $22,000 in my bank account.
Note: I will be leaving for the military beginning of next year.
My plan:
Cash:
Let $15,000 sit in my 3% max checking account (earning 3% interest obviously)
Let $2,500 minimum remain in a money market (earning .025-.030% interest)
Retirement:
Invest a minimum of $3000 into my current employers 401k (no match) before I enlist. That will sit and do its thing while Im in the service.
Invest 5% minimum/pay check into the Thrifts Savings Plan Roth (matches 5%) while I am in the military.
Other Investments:
Put a minimum of $3000 into one of Vanguards Stock Index Funds
Create a ladder of bonds or CDs from 1-4 maybe 5 years and continue that as time goes on.
Possibly put a couple hundred dollars towards a couple individual stocks and play my luck.
***I know my math doesnt add up - but income is and will continue to come***
Also, I know to stay away from mutual funds because of expense ratios.
What are your thoughts? (I will not need the money for at least 5 years if not more)
Is this a good investment plan for my age?
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