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Am I investing my money properly?
Here are some basic information about me:
-I'm 24 and living in the Bay Area
-Just got a job paying $42,000 a year with a 3% increase each year
-I signed up for ROTH 401k and will contribute 5%
-About $25,000 in emergency funds
-I just started contributing $3,000 to my ROTH IRA
-I decided to go with Vanguard for my ROTH IRA and only have the 2050 Target Retirement Fund in my portfolio.
-I have no debt except my $4,000 student loans which I plan to pay off very soon
-I already have a commuter car and I still live with my parents (I pay a small rent fee)
Now here's the dilemma... am I making the right financial moves setting myself for retirement? I just started all this financial stuff about 2 months ago and I'm still fairly new to all of this. I'm the kind of person who likes to "set it and forget it" his money into a account, but I'm planning to increase my contributions to my ROTH IRA and 401k in the near future (like 9% and $4,000).
Will be okay right now and in the future if I continue with this trend or am I setting myself up for failure? I heard it's better to diversify my portfolio, but is it necessary?
-I'm 24 and living in the Bay Area
-Just got a job paying $42,000 a year with a 3% increase each year
-I signed up for ROTH 401k and will contribute 5%
-About $25,000 in emergency funds
-I just started contributing $3,000 to my ROTH IRA
-I decided to go with Vanguard for my ROTH IRA and only have the 2050 Target Retirement Fund in my portfolio.
-I have no debt except my $4,000 student loans which I plan to pay off very soon
-I already have a commuter car and I still live with my parents (I pay a small rent fee)
Now here's the dilemma... am I making the right financial moves setting myself for retirement? I just started all this financial stuff about 2 months ago and I'm still fairly new to all of this. I'm the kind of person who likes to "set it and forget it" his money into a account, but I'm planning to increase my contributions to my ROTH IRA and 401k in the near future (like 9% and $4,000).
Will be okay right now and in the future if I continue with this trend or am I setting myself up for failure? I heard it's better to diversify my portfolio, but is it necessary?
