Contribute more into the Roth IRA??

Question

I opened up a Roth IRA in 2003, and have been contributing the max amount since this year. I recently just bought a house, and have more bills than before, but still on top of things with no revolving debt except the mortgage.

I want to invest more in my Roth, so the power of compounding will benefit immensely in the future. The thing is I am only 23, and am looking to buy a motorcycle and going on several trips. Living life is by far most important, but "Happiness does not buy you money" - Warren E. Buffett.

What yall think?

Answer 1

There is another saying. "You are young only once." I wish that I had done more interesting things when I was young. I am trying to make up for it now.

Life you will find is a bunch of decisions. You will have to decide time and time again which course to take. Sometimes you will wind up making the right decision and sometimes you will not.

If I had those decisions to make all over again, I would definitely have chosen more travel and less money. I would not however choose a motorcycle. I have seen too many motorcycle accidents. One of the worst was where are rider ran his motorcycle into a barbed wire fence. It took EMS 30 minutes to untangle him. What a mess he was.

Answer 2

You started out great Roth, house ! Do not go off track !!! I would only forgo putting money in your Roth if you want to use money to buy a wheel chair after you buy the motorcycle ! Can the motorcyle and buy another house for investment or start to build a mutual fund portfolio. Learn to be happy with out things ! Buy a bicycle, safer cheaper and you will live longer from the health benefits.

Answer 3

i think of you're actually not getting your question spoke back as a results of fact it somewhat is totally perplexing on the grounds which you look to have a pair of misconceptions. First, in case you report a joint return, you basically have one tax bracket and it somewhat relies on your mixed earnings. 2d, a contribution to a Roth IRA isn't tax deductible like a contribution to a typical IRA or (as a results of fact it is likewise pre-tax funds) a 401-ok or comparable plan. So the tax bracket is beside the point. each and all of the tax advantages of a Roth are at distribution time in that if achieved ideal, each and all of the earning are tax unfastened and penalty unfastened. it somewhat is to not say you ought to not do the Roth basically as a results of fact it is not deductible. Any financial adviser will inform you that a mix of pre-tax funds (IRA and 401-ok) and after-tax funds (Roth) investment is the final. basically what that mixture is relies upon on your tax situation (bracket, and so on.)

Answer 4

You can save for a cycle and continue your investment as well. MAKE IT HAPPEN... ONLY YOU can do it for your future. Starting young is soooooooooooo much better than waiting till you are 45 and then realize that DANG I should of saved more!!

NEVER neglect saving! You can keep that up and possibly cut back somewhere else to put money away for that cycle. If a cycle is what you want, YOU can make that happen but do not stop your investing!

Answer 5

in my 20's i had bought a few cycles and atv's, that is one of my biggest regrets in my life, i had to put off buying my house until i turned 30, and had to sell for a loss my toys i had, i never really had put money away for retirement because i was spending on junk, i missed out on probably the most important savings years, and another one or two doubling periods for my funds ,

maybe get a cheap cycle and have fun, but dont put it on credit for sure, i still want another cycle or atv, but i am not going to go into debt for anything like that ever again

Answer 6

keep putting in the maxium evrey year no matter what youre supposed to save or invest at least 10 percent of your income earned evrey year, keep going sounds like youre on the right track

Answer 7

money is the pursuit of all happiness for me,