Dan Celia

Financial Issues

May 2018 – Q: My husband and I are 28 years old and have no debt. How do we begin investing our savings?

A: You’re doing a great job to stay out of debt and continue saving. A Roth IRA account is a great idea. If you both have earned income, you can each have a Roth IRA account where you could put as much as $5,500 (maximum) per year. You can open an IRA account at a discount brokerage firm such as E*TRADE, TD-Ameritrade, Fidelity, etc.

If you want to keep it as simple as possible and use mutual funds, I suggest you go to timothyplan.com. It’s a family of mutual funds that are all biblically responsible. Open an account, decide on which investments the money will go into, and then have a small amount of money automatically distributed every payday.

If your pay gets automatically deposited into your checking account, have $20 or so automatically sent to your IRA account each payday. This is great discipline. Don’t get hung up on how small the amount is – do whatever you can. Just build the discipline of saving for retirement. It will have a huge payoff in the long run.

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Dan Celia has been in financial management for more than 30 years. He works closely with AFA Foundation and can be heard six days a week on AFR Talk (afr.net).

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