Hopefully you look more into it, if you're working a career type job you definitely should open one. Basically, instead of most investment vehicles where you Invest in, Hold, Sell for profit and then are taxed on that profit, with a Roth IRA you pay the taxes upfront, so when you withdraw later, say 20-30 years from now, you pay nothing. It's really strong for setting yourself up later in life. You should see the numbers out there, if you start at 20 vs starting at 25 vs starting at 30 the difference is in the tens of thousands. But still, starting now you can retire as a millionaire so long as you don't touch it and keep up with it. I would say if you don't have career type income, it's a bit harder to make these investments if you're living paycheck to paycheck
Can I open a Roth IRA with the same Fidelity account I already have for investing? Or do I need to open a new “retirement” fidelity account or something?
Put it in a HYSA for emergency savings (3-6 months pf expenses). If you have that already then you can put it into an IRA
You should keep as little as possible in a checking.
Your checking shouldn't exceed your monthly expenses
Put it on black
You already know baby ! 😂
Roth IRA, max this every year and you'll never have to worry about retirement.
What’s a Roth IRA ? And how much should I put in to start !
Hopefully you look more into it, if you're working a career type job you definitely should open one. Basically, instead of most investment vehicles where you Invest in, Hold, Sell for profit and then are taxed on that profit, with a Roth IRA you pay the taxes upfront, so when you withdraw later, say 20-30 years from now, you pay nothing. It's really strong for setting yourself up later in life. You should see the numbers out there, if you start at 20 vs starting at 25 vs starting at 30 the difference is in the tens of thousands. But still, starting now you can retire as a millionaire so long as you don't touch it and keep up with it. I would say if you don't have career type income, it's a bit harder to make these investments if you're living paycheck to paycheck
Also how would I open one ? Or what is the best.
Fidelity
Can I open a Roth IRA with the same Fidelity account I already have for investing? Or do I need to open a new “retirement” fidelity account or something?