Why do you keep complaining about a thing that absolutely nobody is doing ITT, or really anywhere? You got some weird hangups, man.

My heart is broken knowing we can’t be friends.

Like Nat, I too was a mook until I was 30. I just turned 32, and am about to complete an entire year of not placing a single non-poker wager. Actually having some money and nearly out of debt is nice.

I had never considered a Roth IRA before, but seems like a good idea. Is it something that I can just ship a hundy or so to every now and then when I feel like it, through an app? Seems like that should be an option but I have no idea.

People are insulting and being condescending to people with more means than them itt. Some are posting about how unfair it is that those with wealthy parents are in a better place to save money. It seems you fail to understand subtext.

And frankly, I find your weird hang ups and obsessions with my posts to be disturbing. There are others who support my position yet you don’t respond to them. Your troll game is weak.

maybe it is you who doesnt understand subtext? Ive kinda been skimming cuz its an AIDS derail, but the bit about the wealthy parents was first brought up not because they thought it was unfair, but to highlight how people in that position don't really have any understanding of what it's actually like to not have that. Kind of like someone who thinks people in their 20s can easily put away $500/month, they clearly don't understand how much the average person in their 20s makes.

If you set up an account at Vanguard, Fidelity, or the like, you can set up automatic deposit and/or deposit on demand through their app.

The former isn't happening, nor does it explain why you are complaining about an unrelated thing that also isn't happening. The latter is, in fact, explicitly unfair.

No, there actually isn't anybody else who felt the need to accuse others of blowing all their money on hookers and coke, living in crappy apartments, driving POS cars, and then expecting to be owed something. It's just you doing that.

Who said “easily?” I never said that. And if you read instead of skim, you’ll see where I indicate I was in my 20s during the Great Recession and by no means do I come from money. I know what someone in their 20s makes because I was just there not too long ago. I know it’s hard. But nice judgment based on “skimming” posts.

Plus a lot of 20 year olds are putting away much more than $500/month in college loan repayment, but yes. I can't speak for the doc, but I was speaking more from the standpoint of the general understanding of the power of compound interest with respect to how much more significant saving a bit now ends up being than saving a lot later. For many, it is not intuitive just how much money you'd have at retirement if you dropped 1k/yr in a Roth in your 20s and didn't touch it until you're 65.

You are aware that my comment was in response to someone who stereotypically defined what it means to be financially well-off, right? In that case, it was context and not subtext that seems to have evaded you. I was arguing one extreme stereotype to another to highlight how ignorant it is to assume all rich people drive Cadillacs and yearn for the human contact of a telemarketer. But I guess those types of stereotypes are ok, right?

To add to amoeba's response: Yes, it must be earned income. And at this point in your life a Roth may not be the best option for you, largely depending upon your current and anticipated income in the future. Your best bet may be a 401k, traditional IRA, etc. Do some Googling and see what may be your best options. Doing something is likely in your best financial interests--and the earlier in life you start, the more beneficial it will be.

If you still have questions, maybe ask them on the BFI page here or on a forum like Bogleheads.com.

The bolded is what I did and it worked quite well for me. You just need enough knowledge to select the best investment options available and the self-discipline to leave those funds alone.

Not related to this stupid topic:

Education on the pitfalls of addiction to young people really needs to improve. I was always told "drugs are bad, drinking in moderation is ok but not to excess" . But serious conversations need to be had with high schoolers and college students about the potential pitfalls of abuse and addiction. Also how your genetics can make you much more susceptible to addiction. **** is getting worse out there and while it's very possible I might not have listened, putting effort out there might make the difference for someone.

More important than realizing compound interest is a thing is earning enough to benefit from it. If you don’t save a dime until 35 but max out the $18,500 plus match every year you’ll be more than fine.

Allow for the possibility that your opinion might be wrong and that even if you're right, allow your opposition to retain some face.

Not to add to the derail, but I have a quick question for the financiallly responsible posters itt.....

Say I have $5k in cc Dept, I usually get a tax return of $6k and was just going to pay the balance off at the beginning of Feb. Should I do this, or start an IRA and get that tax deduction while paying the $5k off over 8 months?

Or should I just take a trip to Paris with my daughter?

Just ignore that I'm paying in way too much for taxes, gonna fix that soon....well that's what I say every year and never change my deduction.

Take a trip to Paris. YOLO.

Pay of the CC, unless you can get 18-24% on your $$$ somewhere else...

Pay off the CC and then cut it up. You shouldn’t have one if you can’t stop from carrying a balance.

This.

Paris, Texas. It's gorgeous and less rioty

Bitcoin imo

The whole value of the Roth is that

A) unless you are rich you likely can contribute to it at anytime starting around Age 14+ assuming you have a job of some kind (even one your parents fake)
B) it compounds and grows tax free
C) when you take the money out at 59+, the $$ is not taxed like a 401K or normal IRA

NATAMUS - yes start a Roth...you don't even have to max it out but for the reason above its better than a IRA long term imo.

14 is a lot later than it needs to be to maximize EV, if parents are going to be the ones funding it with a "fake" job. For example, I know of someone who has photos of his kids on his blog. He then pays them for being child models. That money then goes in to Roth when they're infants. If you do all of the above by the book, it's completely legal. No need to wait until the ripe old age of 14.

ah, i've heard of stuff like this with parents who have their own companies etc...just never met anyone who had actually done it that young. there is a guy I work with whose parents opened one for him at around 16 and have been filling it every year and now the guy at like age 31 or 32 has taken it over and set up monthly transfers into it.

I was being sarcastic about who to open the Roth for - but I will be opening a new one for myself this year after the solid advice

MLYLT,

My god pay off that CC dept and stop carrying a balance and don’t make excuses for carrying one.

Do your taxes right and stop making excuses for not.

Start saving this year for a trip with your daughter. Make it something fun where you guys pick somewhere to go and then start a savings account or even a jar to add change to. You can put in money the money for every pack of cigarettes you don’t buy.

By the fall you’ll have the money for the trip and you’ll have stopped smoking - teaching your daughter multiple valuable lessons while also affording a great bonding trip you can take together.

It's a bit of a stretch to say that's "completely legal" if it's obviously being done with the intent of getting around IRS rules (i.e. if the blog would have no reason to pay for child modeling otherwise and/or the rate being paid is ridiculously high and coincidentally exactly matches the Roth limit). Can you do it and most likely never be questioned about it? Sure. But in the event of an audit, claiming your infant is eligible for a Roth IRA because you posted their baby pictures on your personal blog is not likely to fly, unless you actually run a legit children's clothing blog or something.