Do you save up in the previous year?
I'm considering maxing out in the beginning of the year next year, but then I'll have to hold off from further investing for at least half a year to restore my savings to their current level.
Hello everyone, last time I posted here I got some really good advice, so I figure I might get more of that here.
Last year in July, I bought a condo. The unit itself is decent, as is the building, and I can basically walk to the commuter rail station and supermarket. However, I've gone from having 0 debt and clearing $1900/month to having ~$230k mortgage, living paycheck to paycheck and only clearing $900/month. In addition, this year my municipal government has decided to increase property tax, and my doctor has recommended I undergo quality of life treatments to improve my health. Which is why I'm considering biting the bullet by going back to renting and selling my unit as soon as it hits the 1 year mark.
Having said that, there are other factors that I'm taking into consideration.
End of year 2026: some of my higher ranking coworkers are set to retire. I plan to apply for their roles, and if I am selected that would raise my pay by roughly ~$400/month.
July 2027 (next year): if I hold on to my condo until then, I'd be able to sell with 0 capital gains tax.
Early 2028: my municipal government is building a light rail station directly outside my condo building, and that station is scheduled to open in early 2028. I figure that would significantly raise my condo value, if I'll still be holding it until then.
So I'm of two minds right now. Should I hold or should I sell? Looking for perspectives of others here, thank you!
Hello,
So I have $10k in certificate of deposit due to conclude in July. I'm considering whether to use up $7.5k of that $10k for my Roth IRA and get it over with for this year or build up my Roth IRA using my leftover pay after necessities each month for the rest of the year.
Like.... math-wise I know maxing out the IRA as soon as possible is preferred. But having an extra liquid $10k in my high-yield savings account is not a bad deal either, especially since I've also started applying for new jobs as well. (NOTE: My current job is decent, but having been there for as long as I have, I feel like I am capable of doing more, at a higher pay). Worst case scenario, I get a new job, that job doesn't work out, I have extra 10k to tide me over.
Looking for perspectives from r/rothIRA here. Thanks in advance!