Where to stash your cash.
Often in personal finance, you’ll hear something like, “It’s called personal finance because it’s,” which you might think is a dodge on giving a straight answer. But it’s true: Everyone’s life situation is different, so what works for me and my goals won’t work for you and yours. But there—exactly they they do, which you should invest in, and how.If you can swing it, both.
Here’s another thing you can do with Roth IRAs: if you need the money before turning 59 ½, you can withdraw money you contributed with no penalty as long as the account has been open for five years; because of this, some people consider a Roth IRA their emergency fund.
There are charts out there that suggest an order to fill up savings buckets, most of which are variations on something like this:Max out traditional IRA or Roth IRA.People can get discouraged because they can’t get past step 1 or they think all of this is confusing, and I get that. I hope you don’t get so discouraged that you don’t try—just do what you can. Slow progress is still progress.
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