I wanted to open up a Roth IRA but I’m scared WSBs will end up crashing the market and the market is at all time highs. I know it’s damn near impossible to time the market but I really have a feeling it’s going to crash.
Oh God, I feel like a real Lib saying this… but contributing to a retirement account also gets you a nice refundable tax credit when you file taxes .
It’s money back from the government regardless of whether you owe any taxes at all. Up to 50% of what you contribute if you’re in a low tax bracket (so +3K savings/yr will net you 1.5k refund even if you owe no taxes at all).
It’s one of the better tax breaks out there, so make sure you’re aware of this when you file.
check out reddit.com/r/investing side bar
does your employer have 401k or match? if they match you should max.
and yes, setup a Roth IRA. get the money in there you can figure out where to invest after. i like reneweable ETFs like PBW and CNRG
WSB isn’t going to crash the economy. honestly i’d be more scared about Tesla being shorted the shit out of by Michael Blurry for 3+ months now. more and more big companies are being shorted because more and more people think we are due for a 20% correction sometime this year. it also all depends on how much the fed keeps money printing and buying corporate debt. they indicated they are going to do this until 2021 ends.
Don’t try to time the market.
“What if You Only Invested at Market Peaks?” https://awealthofcommonsense.com/2014/02/worlds-worst-market-timer/
I’d hold off a few of weeks just to be safe lol
