So I save $3,000 per month. My goal is one million in savings/investments. To reach $1,000,000 that's 333 months or 27 years of working to reach one million. I've currently accumulated $24,000 in my savings.
What should I put it in that will keep up / beat inflation that is the safest (read mostly OK unless the world goes to shit)?
Should I go for growth stocks, or perhaps start looking into a nice rounded dividend portfolio?
Buy financials mate it's FREE money
>>1342869
If you're in Canada. I'll be your financial adviser.
>>1342869
Just take blue stocks, rely on dividends. Sell only if it looks there will be another recession.
So dont step in right now.
And dont listen to all these morons who want you to make money on day trades and cryptocurrencies. Long term hold always beats the market.
You should open a Roth IRA and max it out 5500 each year with a dividend fund that reinvests the paid dividends so you get all the tax savings of not having to pay for those dividends for the next 20-30 years. The rest should be a balance of growth funds/ SP500 index/ and some midcaps and smallcaps and emerging markets. Set 10% aside to gamble on your own risky stock picks if you want.
15 years from now look to purchase a rental income property with a 15 year mortgage, hopefully youve saved enough where you could just pay it off within 5.
Dont get married or have kids or you wont get there.
>>1342930
Geez. this. You didn't state a time frame for when you want to hit the million mark. So enjoy a greater spending budget and just max your Roth IRA and you'll be good. Or you could take the difference of 5500 and invest in something else.
>>1342930
>Dont get married or have kids or you wont get there.
Oh look, the typical tactic of the (((jüde))). Dont have white kids goy, just import more third worlders.
>>1342869
Look into index funds. Vanguard is an excellent example.
You're investment is safe until the entire market implodes, and you get growth and dividends.
Bitcoin
>>1342869
Real estate
>>1342869
*Buy $10,000 in EE Series US Saving Bonds per year for 20 years.
*Hold each one for 20 years (the treasury does a one time adjustment and they double in value at this time)
*Do this for 20 years and then start cashing out 1 each year. You will receive 20k per year for the next 20 years. ($400,000)
This means if you are 30 yrs old now, you can have 20k of supplemental income per year for 20 years starting at age 50.
Invest $5,500 per year in a Traditional Savings IRA that is insured or guaranteed. You should get around 1.5% interest per year if you look hard enough. Doing this not only gives you 1.5% interest, but also reduces your yearly taxes. Effectively giving you a higher interest rate. Do this for 20 years and you end up with around $115,000 + tax savings you get each year putting you at closer to $125,000
Now we are at $525,000 in 20 years by putting $15,500 per year in government insured investments.
The other $20,500 per year you save, even with shit tier 1% interest gets you $425,000 within 20 years
In total that's 50k shy of 1 million in 20 years (Sort of as you still need to pull those EE bonds out one at a time for 20 more years, but the money is there).
That's all federally insured and as safe as it gets... and might not even be real because I just thought it up just now and didn't really test it out.
>>1342930
Only issue is the Roth IRA doesn't let you reduce your AGI each year, only a Traditional does that. Then again, you can't touch the traditional until your dead or can roll it over.
>>1342869
Here's a sure thing, OP
Low risk high reward if you sell before things get out of hand
>>1340798
>>1342930
Married for almost two years, she's just landed a job as a project architect, so our savings will most likely bump up to around 4-4.5k a month. No plan on kids (for now)
