New baby boy. S&P has new highs. Portfolio increase.
I'm asking my dad for advice... Roth or Traditional?
When it comes to retirement, I need a lot more help. My dad knows, since he retired at age 55 (or earlier... can't remember). In any case, I'm hoping to be financially secure by age 45. How much would that be? We'll have to see. My dad said once he hit $1M mark, he would be ready to retire. I'm sure he's got a lot more than that.
We lost nearly $30k last year due to bad investments. So that set us back. Greed is a big part of human psychology. Contentment, regular savings, and hard work are the keys for a happy life. I saw the greed in everyone's eyes... including my own when it came to the $500+ million lotto jackpot. People were salivating over it. I did not buy a ticket, but secretly probably wanted to.
In any case, I knew that I didn't even know how to manage $100k. How in the world could I manage something 5000 times that amount? I need to be faithful and learn how to manage the smaller things, then I will be ready to manage larger accounts. So $1M here I come. But first, be content with the $100k, and nearing the $200k.
Finished taxes yesterday. Got a refund. A much larger one since I will be funding my traditional IRA rather than my roth. Did the future calculations and it's not worth putting my money in ROTH...