Financial Independence Daily FI discussion thread - March 04, 2020 |
- Daily FI discussion thread - March 04, 2020
- Should I max out my Roth IRA using my yearly bonus or should I save for a possible recession?
- Weekly Self-Promotion Thread - March 04, 2020
| Daily FI discussion thread - March 04, 2020 Posted: 04 Mar 2020 12:08 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Should I max out my Roth IRA using my yearly bonus or should I save for a possible recession? Posted: 04 Mar 2020 04:42 PM PST Hey guys, I'm about to get my yearly bonus this Friday which will amount to around 9500 dollars. I imagine I'll see somewhere around 6500 of it after taxes. Ive already deposited 2000 into my Roth and wanted to use some of it to fund the remainder for the year. That's how I normally spend my Roth every year, but due to some poor financial decisions and unexpected expenses, my emergency of around 8k is now down to about 3k. My thought is even if I fund my Roth fully, I'll still have some leftover to bring the e-fund back up a bit to about 6k. Then, I could divert what I was contributing to the Roth (about 100 a month) into the e fund and build it back up since the Roth will be full for the year. But the markets and the coronavirus stuff is making me think I should save the whole thing for a worst case scenario and just try to contribute regularly to the roth and not prioritize maxing it out. For reference and a little background, I work as a chemical engineer in Mass for a biotech company and make around 95k, so I feel like my job is pretty secure, but I obviously don't want to count on always having it especially if a recession actually occurs. I have about 205k net worth basically all invested in index funds, besides the e fund I mentioned which is in cash. I also own a rental property that I owner occupy and it gets me 1000 a month in rent. I spend between 3k-4.5k a month including the mortgage but it really varies significantly depending on what big expenses pop up. If I were to lose my job, I could certainly keep my expenses down. I also live with my fiancé which hedges some risk in case one of us loses our job. What would you do in my position? Thank you all very much for your advice! [link] [comments]  |
| Weekly Self-Promotion Thread - March 04, 2020 Posted: 04 Mar 2020 12:08 AM PST Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. [link] [comments]  |
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