โฒ 55 โผ 40 year olds, what financial advice would you have for a 30 year old? (sh.itjust.works) submitted 1 month ago by StarvingMartist@sh.itjust.works to c/asklemmy@lemmy.ml 70 comments fedilink hide all child comments 50 and older, I'm sorry, but in my personal experience, your advice has been a little out of date.
[โ] Kronusdark@lemmy.world 26 points 1 month ago (7 children) 401k now. permalink fedilink source hideshow 7 child comments replies: [โ] bedwyr@piefed.ca 6 points 1 month ago (2 children) The stock market is insanely overpriced and due for a downturn. Maybe the US government will bail them all out again, but already 40 trillion in the hole, probably close to 50 by 2028 even without a crisis, and the indigestion in the bond markets right now, would give me pause in dumping cash into the market now. It's also helping to prop up the worst companies in the world. And managers of the funds take a big cut despite not doing better than random choices, or a monkey throwing shit against a list of stocks to choose. Seriously. permalink fedilink source parent hideshow 2 child comments replies: [โ] CanadaPlus@lemmy.sdf.org 4 points 1 month ago* (last edited 1 month ago) Yeah, but timing the market is always iffy. For all you know the bubble will burst so far out that it's still better to buy today. Plus, you can invest in other countries. I myself hold some of an everything-except-the-US ETF. permalink fedilink source parent [โ] HobbitFoot@thelemmy.club 1 point 1 month ago You don't have to invest in the stock market to invest in a 401k. There are funds dedicated to bonds and you can pick the funds with low overhead ratios. You can even pick treasuries if you really want to. It is better than shoving it under the mattress. permalink fedilink source parent [โ] StarvingMartist@sh.itjust.works [S] 5 points 1 month ago (3 children) I think I maybe signed up for it when I was 23? I'll have to look into it again permalink fedilink source parent hideshow 3 child comments replies: [โ] grue@lemmy.world 12 points 1 month ago* Check that your fund allocation is appropriate (e.g. a target-date fund or otherwise 80%+ stocks). It would be an absolute disaster if your money has just been sitting in the cash sweep account this whole time. Also, up your contribution percentage to max it out. permalink fedilink source parent [โ] Kronusdark@lemmy.world 3 points 1 month ago I was a dumbass and withdrew my first one when I changed jobs around age 26. That job had profit sharing too. Such a waste. permalink fedilink source parent [โ] historicaldocuments@lemmy.world 2 points 1 month ago https://www.moneycontrol.com/news/trends/old-fidelity-study-goes-viral-reveals-why-dead-investors-perform-best-13631692.html permalink fedilink source parent
[โ] bedwyr@piefed.ca 6 points 1 month ago (2 children) The stock market is insanely overpriced and due for a downturn. Maybe the US government will bail them all out again, but already 40 trillion in the hole, probably close to 50 by 2028 even without a crisis, and the indigestion in the bond markets right now, would give me pause in dumping cash into the market now. It's also helping to prop up the worst companies in the world. And managers of the funds take a big cut despite not doing better than random choices, or a monkey throwing shit against a list of stocks to choose. Seriously. permalink fedilink source parent hideshow 2 child comments replies: [โ] CanadaPlus@lemmy.sdf.org 4 points 1 month ago* (last edited 1 month ago) Yeah, but timing the market is always iffy. For all you know the bubble will burst so far out that it's still better to buy today. Plus, you can invest in other countries. I myself hold some of an everything-except-the-US ETF. permalink fedilink source parent [โ] HobbitFoot@thelemmy.club 1 point 1 month ago You don't have to invest in the stock market to invest in a 401k. There are funds dedicated to bonds and you can pick the funds with low overhead ratios. You can even pick treasuries if you really want to. It is better than shoving it under the mattress. permalink fedilink source parent
[โ] CanadaPlus@lemmy.sdf.org 4 points 1 month ago* (last edited 1 month ago) Yeah, but timing the market is always iffy. For all you know the bubble will burst so far out that it's still better to buy today. Plus, you can invest in other countries. I myself hold some of an everything-except-the-US ETF. permalink fedilink source parent
[โ] HobbitFoot@thelemmy.club 1 point 1 month ago You don't have to invest in the stock market to invest in a 401k. There are funds dedicated to bonds and you can pick the funds with low overhead ratios. You can even pick treasuries if you really want to. It is better than shoving it under the mattress. permalink fedilink source parent
[โ] StarvingMartist@sh.itjust.works [S] 5 points 1 month ago (3 children) I think I maybe signed up for it when I was 23? I'll have to look into it again permalink fedilink source parent hideshow 3 child comments replies: [โ] grue@lemmy.world 12 points 1 month ago* Check that your fund allocation is appropriate (e.g. a target-date fund or otherwise 80%+ stocks). It would be an absolute disaster if your money has just been sitting in the cash sweep account this whole time. Also, up your contribution percentage to max it out. permalink fedilink source parent [โ] Kronusdark@lemmy.world 3 points 1 month ago I was a dumbass and withdrew my first one when I changed jobs around age 26. That job had profit sharing too. Such a waste. permalink fedilink source parent [โ] historicaldocuments@lemmy.world 2 points 1 month ago https://www.moneycontrol.com/news/trends/old-fidelity-study-goes-viral-reveals-why-dead-investors-perform-best-13631692.html permalink fedilink source parent
[โ] grue@lemmy.world 12 points 1 month ago* Check that your fund allocation is appropriate (e.g. a target-date fund or otherwise 80%+ stocks). It would be an absolute disaster if your money has just been sitting in the cash sweep account this whole time. Also, up your contribution percentage to max it out. permalink fedilink source parent
[โ] Kronusdark@lemmy.world 3 points 1 month ago I was a dumbass and withdrew my first one when I changed jobs around age 26. That job had profit sharing too. Such a waste. permalink fedilink source parent
[โ] historicaldocuments@lemmy.world 2 points 1 month ago https://www.moneycontrol.com/news/trends/old-fidelity-study-goes-viral-reveals-why-dead-investors-perform-best-13631692.html permalink fedilink source parent