What else can I do to continue wisely investing during my 20s?
I'm 23 years old and I want to get started investing early. I invest $200 per month into a Roth IRA, $200 a month in a manged mutual fund, and contribute 8 percent to my 401(k) with the employer matching 4 percent. I make $70,000 a year. It seems as if I'm ahead of the game, but what else can I do to continue investing wisely during my 20s?
Congratulations on having a solid financial plan at such a young age. Consider opening a brokerage account and investing in low-cost, no transaction free, Exchange Traded Fund (ETF) at an established online brokerage such as Charles Schwab and TD Ameritrade. Managed mutual funds tend to be less tax-efficient and more expensive to own than comparable ETFs.