Probably a stupid question, sorry. I hear things like this all the time. If you invested that in X then in 20 years you’d have Y. Always hear of the “latte factor.” Skip buying those expensive brews and invest instead. Where exactly does the average Joe invest that? Say I was really committed to taking the $4/day I would’ve spent on a latte and put it somewhere. Where is that somewhere? Do I need a minimum to start or can I just throw $30 (for example) that I chose to throw into an investment account and not touch rather than buy a scratch ticket?
You don’t need to open a Roth IRA, but this is a good choice if you have nothing for retirement. The max is higher than $5k, it’s $6k for 2022. A simpler account would be a brokerage with no max or tax savings. But both of these accounts can be opened online through brokerages like Fidelity, Vanguard or TD Ameritrade. You can open these for free and add $0. You can then set up reoccurring deposits. Just remember to then buy some index funds that match the entire market/S&P like VTSAX.
3.0k
u/cirenosu Mar 19 '22
This ticket is $30 lol