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IMO you are Wrong and this is why ... You want to be more aggresive with a long term inverstment do to the fact that if you take a big hit you havemore than enough time to make up. If you want to be aggresive in a short tem investment and you take a big hit it will be impossible to make it up.Originally Posted by JordanFiend85
Originally Posted by Dirtylicious
I don't see how setting yourself up early so that you don't have to worry about retirement is a "bad idea"
but hell..that's just me.
He's 18...He can afford to wait on an IRA (401K-Roth IRA, or Roth401K) for a few more years. He would be better off with a more aggressive strategy.
Also to add to your 1st statement, you can also pull money from your ROTH IRA at anytime, just as long as is the money he has put into it, not the moneygained.
For the ones that asked the ROTH IRA IMO is better because you are putting money in after it being tax, therefore at 59 you will have no penalties or tax topay on either the money invested or the money earn.
Traditional IRA will not tax you up front however you will have to pay taxes on everthing once you are ready to pull out.
Also, for those that just have money in their savings and hate taking risk I suggest Money Market accounts or 6mo-1yr cd's.
P. S. If I had to take advice from someone that posted in this thread it will most def be Dirty. The man is on point on everything and seems very knowledgeble.In addition he is giving you advice not for the moment but for your future. It's a shame what I see everyday, old people still working because they cantget and SS check until age of 66. Man invest now, the yonger the better. I can max out my ROTH IRA now (5k) a year till im 59 (30 now) and I still wont makehalf of what you can make if you start investing now till you 50 at a moddest 1500 a year.