So I’ve read the Personal Finance Flowchart and here’s where I stand currently:

[christianlover2009]

@captainfaris What are you looking for in this thread? Advice or validation? You asked for people’s advice and they gave it to you. Yes, you should invest every last drop you have. No, you should not “gamble” any of your investments. Maybe you pick a pure index fund for your taxable brokerage instead of a target date fund, that’s about it…

 

[captainfaris]

@christianlover2009 That’s what I was going to do - considering VTSAX specifically.

 

[christianlover2009]

@captainfaris Sure. That’s a good one

 

[captainfaris]

@christianlover2009 Awesome. Thanks!

 

[wemchud]

@captainfaris Because you have no retirement savings. Beyond $6500 IRA if there's a 401k at work, start contributing. A mid long term investment account sure if everything is maxed out but you can't use it to play.

 

[applesandangels]

@captainfaris 42 years old and only $22,440 in your 401k?

You are way behind. Do you have or plan to have kids? It will be difficult to retire in 17 years.

Max out your 401k and IRA.

 

[captainfaris]

@applesandangels No kids. $0 in 401(k). These are my contributions and allocations for 2023.

Why does everyone here seem to think I don’t understand I’m way behind. I’m fully aware. Lol

 

[applesandangels]

@captainfaris The good thing is that you have a good salary and your living expenses are low. Save as much as you can and invest. Do you plan to buy a house?

 

[captainfaris]

@applesandangels At some point we’ll build.

 

[truthkeeper]

@captainfaris I think you should up your 401k contributions a bit more to max it out. Then max out a Roth IRA as well

 

[captainfaris]

@truthkeeper My 401(k) will be maxed out this year @ $22,440. Will be opening Roth and fully funding at $6500 as well.

 

[fabulousfilho]

@captainfaris Don't you make too much for an IRA?

 

[captainfaris]

@fabulousfilho Not this year, I don’t believe, bc it will only be 8 months of my yearly salary. But next year, yes. I’ll have to do a Backdoor Roth IRA.

 

[truthkeeper]

@captainfaris Also if they fully fund a 401k pretax(at 22,500 or whatever it is next year) they may be able to partially contribute to a Roth IRA as their take home income would be just under the requirement. They’d need to watch out for bonuses though

 

[marahuta]

@captainfaris Just out of curiosity: what’s the flow chart (I’m new here…)

 

[captainfaris]

@marahuta Here you go!

Flowchart

https://reddit.com/r/personalfinanc..._app&utm_name=ioscss&utm_content=1&utm_term=1

 

[davew0958]

@marahuta I believe they're referring to the PersonalFinance wiki.

https://reddit.com/r/personalfinance/w/index?utm_medium=android_app&utm_source=share

 

[theunknownperson1997]

@marahuta I wanna know as well

 

[theunknownperson1997]

@captainfaris Link to Flowchart?

 

[captainfaris]

@theunknownperson1997

https://www.reddit.com/r/FinancialPlanning/comments/12wmc2o/_/jhgouyb