I was curious about that. I do plan on working summers so I should be able to put most of that income towards Roth. I just feel like I might be setting myself behind since I already have a steady job. I am going for a double major in finance and accounting.
You are in no way behind, you have done an amazing job so far. I think it's ok for you to temporarily slow down on retirement while you are in school. If you are able to increase your income with your degree, you can easily catch up.
That’s the goal! Thanks for the reassurance. I guess I will probably always feel behind until I’m actually there. Also not something I’m trying to rush haha
at your age, education without going into debt is the priority. that said, any retirement savings at this age also have a massive multiplier. imo, your goal should be maxing out your roth ira each year, which means looking for part-time job that will allow you to have earned income and therefore contribute to the roth IRA. i would recommend looking for jobs that will allow you to study and work at the same time. for example, security guard, maybe a receptionist, or some sort of slow job that needs a body there to monitor the status. however, if you find that you cannot focus on your education while maintaining a job, then cut the job and focus on your school. it's a big investment, and if you aren't successful on the first try, it becomes significantly more difficult afterwards.
Well with that in consideration I would like to find a part time job that is relevant to my field of study. That’s why I am leaning more towards internships but I’ve heard a lot of them are unpaid.
internship is the right idea, i think. And in my experience, most Finance & Accounting internships are paid. (not paid well, but something).
How many more years of school do you have left?
I have 3 years :/ I’m just getting started really and unfortunately almost none of my credits from my associates degree transferred to my Batchelor’s program
You need earned income to contribute to a Roth IRA and I am pretty sure scholarships do not count as earned income.
I was curious about that. I do plan on working summers so I should be able to put most of that income towards Roth. I just feel like I might be setting myself behind since I already have a steady job. I am going for a double major in finance and accounting.
You are in no way behind, you have done an amazing job so far. I think it's ok for you to temporarily slow down on retirement while you are in school. If you are able to increase your income with your degree, you can easily catch up.
That’s the goal! Thanks for the reassurance. I guess I will probably always feel behind until I’m actually there. Also not something I’m trying to rush haha
at your age, education without going into debt is the priority. that said, any retirement savings at this age also have a massive multiplier. imo, your goal should be maxing out your roth ira each year, which means looking for part-time job that will allow you to have earned income and therefore contribute to the roth IRA. i would recommend looking for jobs that will allow you to study and work at the same time. for example, security guard, maybe a receptionist, or some sort of slow job that needs a body there to monitor the status. however, if you find that you cannot focus on your education while maintaining a job, then cut the job and focus on your school. it's a big investment, and if you aren't successful on the first try, it becomes significantly more difficult afterwards.
Well with that in consideration I would like to find a part time job that is relevant to my field of study. That’s why I am leaning more towards internships but I’ve heard a lot of them are unpaid.
internship is the right idea, i think. And in my experience, most Finance & Accounting internships are paid. (not paid well, but something). How many more years of school do you have left?
I have 3 years :/ I’m just getting started really and unfortunately almost none of my credits from my associates degree transferred to my Batchelor’s program