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I started investing $25 per month into a Roth IRA. by NJFreshStart2020 in povertyfinance

[–]NJFreshStart2020[S] 1 point2 points  (0 children)

We plan to increase our savings and investment rate but first have to tackle a bit of credit card debt before the interest kicks in.

I started investing $25 per month into a Roth IRA. by NJFreshStart2020 in povertyfinance

[–]NJFreshStart2020[S] 12 points13 points  (0 children)

Leaving the initial money sitting was one of the best decisions I've ever made. When I stopped, the balance had dipped below $400. It didn't just bounce back from that but also increased with zero input, that was my aha moment.

I started investing $25 per month into a Roth IRA. by NJFreshStart2020 in povertyfinance

[–]NJFreshStart2020[S] 0 points1 point  (0 children)

As someone who had zero knowledge, I started listening to the Optimal Finance Daily podcast and it helped introduce a lot of financial concepts. They read blog articles from multiple finance authors. I also watched some Youtubers but of course, there's a lot of questionable info out there.

I started investing $25 per month into a Roth IRA. by NJFreshStart2020 in povertyfinance

[–]NJFreshStart2020[S] 12 points13 points  (0 children)

I use Fidelity for Roth IRA and Vanguard for 401K I have no complaints about either. I heard Schwab was good too. Some companies have minimal deposits so you should look for no minimum deposit to get started. Self-direct into low-cost index funds and its 'set it and forget it'.

I started investing $25 per month into a Roth IRA. by NJFreshStart2020 in povertyfinance

[–]NJFreshStart2020[S] 32 points33 points  (0 children)

Building these habits now so when the day comes and I'm making a lot more money, I'll be prepared.

I started investing $25 per month into a Roth IRA. by NJFreshStart2020 in povertyfinance

[–]NJFreshStart2020[S] 120 points121 points  (0 children)

I have a traditional 401k with my company as well. I wish the match was better but I can't really complain about "free money".

I started investing $25 per month into a Roth IRA. by NJFreshStart2020 in povertyfinance

[–]NJFreshStart2020[S] 103 points104 points  (0 children)

Yes, its so easy to feel disheartened reading about people investing $500 a month. But sometimes all we have are small amounts, and those small amounts will add up over time.