MountainStoneMist t1_j2902kk wrote on December 30, 2022 at 2:55 PM

Reply to comment by sadmedstudent2022 in How to balance savings and investing (TSP vs Roth IRA) by sadmedstudent2022

Yes, starting on January 1st, 2023 pay close attention to your Roth IRA contributions, you will be able to select which year you apply your contributions to.

It's definitely a worthy goal to max out both accounts only if you are on the correct step according to the money management tips of the prime directive:

https://www.reddit.com/r/personalfinance/wiki/commontopics/

I would go ahead only if you have paid off all high interest debt and have a fully funded emergency fund (lots of people skip this step but they end up regretting it because the minute they get into financial trouble they raid their investment accounts. Think of an emergency fund as insurance that helps protect your investment accounts).

>as well as some digital assets (only a bit please don't judge).

I wont judge, but you can't stop me from giving you the side eye.

sadmedstudent2022 OP t1_j29ed2g wrote on December 30, 2022 at 4:33 PM

I'll give this a read later, thank you! I was specifically wondering about emergency savings as well especially given that I have a house to take care of now. Luckily, no high interest debts or credit card debt at all here. just about 2k in student loans (once biden's forgiveness goes through).

haha I can respect a side eye :) its an asset class I personally believe in and want it to be a part of my portfolio