48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don’t ever want to be in this situation again.
(Edit: I don’t need to buy a house or anything whatsoever related to a house, so please don’t mention the “h” word in your response, it’s triggering me for tangential reasons. Let me be clear, I will NEVER care about real estate whatsoever, mmmkay? Just trust me when I say I have a roof over my head and it’s completely paid off, no property taxes, and No, I will never sell it, so the whole h-word" aspect of life is not a concern for me, k?)
Just looking for guidance where to invest this relatively small amount of money every month so in a few years when I’m older & frailer I’ll have enough for retirement. I don’t want it to just sit in my bank account, I want it to grow.
For reference, I’ve been living on approx $1500 per month for as long as I’ve noticed, so I don’t need much per month, and the sooner I die, the less retirement fund I’ll need, but we can never predict when anyone’s death will happen, so let’s assume I’ll live to 100 because I’m ridiculously healthy & an exceptionally good driver, never been in an accident, one speeding ticket in my entire life, no social life so I never get into risky situations, so let’s just plan for the possibility I’m going to live another 50 years.
Put that first $2k into an IRA before the end of the year.
Got it. Will do. This is the kind of advice I’m looking for because I don’t understand anything about investing, all I know investing is the only way to get ahead in life. Roth IRA. Got it.
If you have a choice on what stonks you invest in: pick an index fund. Don’t go for single stocks.
Index fund. Got it.
The max per year you can put in is $2k. Get the whole $2k in there right now.
In January, put the next $2k in.
Generic “assume everyone on the Internet is from my country.” US Roth IRA contribution limits for 2023 is $6.5k, going up to $7k next year. If different country, disregard.
Aye! Thank you. Yes USA. 7,000 maximum Roth IRA annual contribution. Got it.
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You can actually put money into the 2023 IRA until you file taxes, not the end of the year, if that changes anything for OP