I am Stine. Comfort the afflicted. Afflict the comfortable. High School Wrestler™. Can usually correctly use the past tense in French. Suffers from clinical depression. @stinerman@mastodon.social on Mastodon.

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Joined 2 years ago
Cake day: November 17th, 2023
  • stinerman@midwest.socialtoAsk Lemmy@lemmy.world•*Permanently Deleted*English
    2·
    7 days ago

    This is about the best advice you’re going to get here. The only thing I would add is that it should be a Roth IRA. Chances are you’re in a low tax bracket (I guess assuming you’re an American, if not…look into the equivalent in Canada, etc.) so it could be really helpful when you’re older and retiring.

    Doing the math, if you put $15k in a Roth IRA (you can’t do that in one year, but bear with me) when you are 19 and just let it sit, at a 6% average interest rate you’ll have $265,303.41 by the time you’re 67.