Knipfty t1_iuf7803 wrote on October 30, 2022 at 9:32 PM

Build your cash up to 20k. You'll need some of that when you decide to move out on your own.

Then start investing 15% of your income into a Roth IRA. You are making about 45k per year, so 6,750 would be invested. If you still have more money to invest, then do that in a regular brokerage account. It will provide you with more financial flexibility. DO the 15% into Roths most of your adult life, and you will have plenty of money in retirement.

ArdenSix t1_iufypob wrote on October 31, 2022 at 12:53 AM

20k at his age is too much. At worst it might cost him 2k to secure an apartment and furnish it. Also, Roth is only doable up to the income maximum, he should be setting up a 401k first due to the higher contribution limit and no income cap. Roth as a bonus until they can't contribute anymore.