How should I balance discretionary investments with retirement investments?

As a recent college graduate at 22 years old, how should my investments be split between investments not for retirement, and those for retirement? I earn enough money to max out my employer's 401(k) match and Roth IRA.

Financial Planning, Retirement Savings, Investing
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June 2017

You are on the right track already by contributing the maximum 5500 to your Roth IRA and the maximum matched amount to your 401(k).  You can contribute additional money into your 401(k) which is not matched, including possible after-tax money, up to 25% of your salary.  Definitely do that if you can afford it--it sounds like you have little or no student loan debt which is excellent.  If you are married you can put another 5500 into a Roth IRA for your spouse, even if he/she is not working.  If you have money left over after all of that, which would be amazing, then put it into a regular brokerage account and make investments which you hold for at least one year and one day so the capital gains and dividends are taxed at the lowest rate--0% up to around 60/70 thousand in income and 15% afterward, unless you get promoted really fast in which case it could reach 18.8% or 23.8% for long-term capital gains and qualified dividends.

I would be very conservative now with your investments.  Don't buy U.S. equities or anything trendy with these near all-time highs; stick with whatever is unpopular.  If you lose half your money from taking risks then it may discourage you from prudently taking risks later on when prices are much lower.  Once all your co-workers are afraid to buy stocks, gradually accumulate them.

June 2017
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