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How am I ever gonna retire early? I really want to but I’ll be like 35 when I finish paying for college?
PLUS, life expenses and stuff, I really am willing to SAVE UP ALOT. I’m not sure my job will have a 401K so what should I do to be able to put A LOT of money aside and retire by the time i’m 50? IRA’s kind of suck they only allow 4,000 YEARLY. And I don’t wanna gamble my money away by investing in stocks which I know absolutely nothing about. Does this have no solution whatsoever?
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Well, of course it has a solution. The answer is “it depends”. It depends upon how much you want what when.
College debt, life, and then retirement.
How early do you want to retire and what do want to give up for it?
I suggest that you need a blended solution. You have three priorities to balance — college debt, life expenses, and retirement savings. One thing you’ll have to avoid like the plague is credit card debt.
My standard answer for success in the future is that you need a ruthless dedication to financial discipline (i.e., earn money, save, invest, and keep everything working for you; no lazy money), a good white collar job, a blue collar skill like plumbing, and one or more internet businesses.
Roth IRAs are fantastic. You can accumulate gains tax free.
I think you need to do debt repayment, retirement savings, then allocate whatever’s left. You can get extra work and bank the difference. It’s about tuning and discipline.
I’d suggest you use Vanguard low expense mutual funds or etfs to do you saving in. Don’t try to be too fancy. Focus on getting it into the accounts and left he market work over time.
I won’t be around to see how you make out, but stay flexible and discipline. Where ever I am (upstairs or down), I’ll be rooting for you.
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Update 2007-05=24 at 2200: Notified this was the best answer as chosen by the asker. Happy dance time!
Me, doing my happy dance. See the moves?