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this post was submitted on 14 Apr 2024
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Multiple times, people here on Lemmy have assumed I have a 401(k), as if it's something everyone has, and it always amuses me.
It probably is something you should have after a certain age. If not a work supplied 401k, then at least your own managed Roth IRA. And if you're still on the younger side, it's perfectly understandable not to have a 401k yet.
From where should I have gotten the money to invest in it?
If you work for a company that has a 401k then you need to sign up for it. If the company has a match percentage then that is the absolute minimum you should contribute. And when you are younger you should set it up as a Roth so you pay taxes on it now.
This isn't a thing you should do at a certain age. The younger you start the better. The money just comes out of your paycheck, same as taxes.
I do not work for a company that offers such a thing. And I never have.
This is what I'm saying about assumptions.
You can sign up for a Roth IRA then, there's no need for anything from your employer to get one. As far as I recall there's no minimum amount of money you need to put in at start.
I don't know why you're being down voted. I swear, some people would rather complain than make the smallest effort to help themselves. It's good advice.
Even very small contributions to a retirement account can make a big difference in old age.
This is really good advice. There’s no minimum, but there is an annual maximum of $7K.
If your employer doesn't offer a 401k or similar plan, the IRA limits are actually higher.
With what money?
If you’re absolutely scraping by, where you can’t even spare a few bucks a week on something like this, then yeah, maybe you just can’t do it. But if you can spare even a tiny amount, then it’s wise to do that small amount starting as early in life as possible.
The money your earn for working.
Yes, all the underpaid people having to choose between food and rent just need to bot spend money on either so they can invest it.
Yes, great insight!
You don't need anyone to invest the money for you. You can get a free account, with free trades, and then just buy index funds.
Even 5 dollars a day can put you close to millionaire over a 40 years.
I love that you assume people who can't afford both rent and food have 5 bucks a day just laying around.
I responded specifically to the claim that you need to hire a bot to do it for you. I made no assumptions about anything.
While I feel for people who really can't save anything because their situation is so dire. But that's not true for plenty of people and this idea that it's too expensive to save is just an excuse to never do so.
No, you replied to my post about people who can't afford both rent and food, whoch was preceeded by comments about how everyone has a job with a 401k whiach was proceeded by a comment about not having any extra money to invest after loving expenses.
Surr, most people should invest, but we were originally talking about how not everyone can do that and nobody listened because they assumed everyone has easy access to retirement investment options through their jobs and extra money to do so.
Go back and read the actual posts.
I responded to you obnoxiously claiming that you have to pay something (in your case, a bot) to do it for you.
I explicitly started my post with "you don't have to most someone to do it" to make it clear what my argument is about.
I'm sorry it wasn't clear. I'll try to do better in the future. Could you give me a pointer?
Provide the quote where I said that.
My bad. I translated that as you saying you "just need a bot to spend" but now see it was just a typo, and the meaning still should have been clear to me.
Seems weird that you focused on that and not the proceeding part about not being able to afford both rent and food. Why would a bot even be able to solve a situation where they can't afford things in the first place?
I apparently fixed it since I see "just need to not spend" and don't remember fixing it. Probably a delay in federation.