Dad Does Money

Just your average dad learning how to do money and sharing along the way. Oh and golf, I also enjoy golf.

[The Money Cruncher, CPA @money_cruncher]

Friendly reminder:

Please invest within your Roth IRA.

Contributing money ≠ investing. Otherwise, it will just sit in a MMF…

[Dad Does Money @DadDoesMoney]

Even if you can’t max out a ROTH IRA, over 40 years with a conservative 7% return rate using a target date retirement fund:

$100/mo = $263,000 with only $48k of your dollars invested

The best part, this money will be TAX FREE income in retirement.

A little goes a long way.

[Dad Does Money @DadDoesMoney]

@theficouple Great perspective. Consistency and discipline are key! @theficouple

[Dad Does Money @DadDoesMoney]

If a big expense comes up causing your emergency fund to be depleted significantly, do you:

A. Stop investing and 100% fund the savings over time
B. Pull from investments to fund the savings
C. Continue investing and saving at normal rate
D. Other strategy (drop comment)

[Dad Does Money @DadDoesMoney]

@MarioNawfal Correlation does not mean causation.

[The Money Cruncher, CPA @money_cruncher]

Just fyi:

Roth IRA contributions can be withdrawn at any time without any taxes or penalties.

Say you contributed $7,000 for 2024, $6,500 for 2023, and $6,000 for 2022.

You can pull that $19,500 if needed at any time.

[Dad Does Money @DadDoesMoney]

@theficouple Love this. You’ll never regret time spent with your loved ones or investing in your health.

[Dad Does Money @DadDoesMoney]

@theficouple My wife and I live simple and this is plenty to take care of needs, invest and enjoy life. Might be a little higher of a number now but the point stands imo

[Dad Does Money @DadDoesMoney]

One thing my investment and savings journey has taught me is that patience is key. Consistency is the most important factor to reach that exit velocity of portfolio growth.

[Dad Does Money @DadDoesMoney]

Looking for advice and/or resources to learn how to get started with dividend investing. Feel free to DM me with some of your strategies, thanks in advance!

[Dad Does Money @DadDoesMoney]

@DividendDad1 Keep up the great work!

[Dad Does Money @DadDoesMoney]

My top goals at the moment:

1. 3 months expenses saved in HYSA for emergency cash
2. Max out employer match for 401k
3. Pay down car loan (considered high interest debt)
4. Contribute to and hopefully max ROTH IRA

Tell me some of your short and long term goals in the comments!

[Jeremy Schneider @perfinclub]

Where’s the best place to invest $10,000?

[Dad Does Money @DadDoesMoney]

@theficouple Some absolute gold right here, regardless of age!

[Dad Does Money @DadDoesMoney]

What recommendations do you have for learning the ways of personal finance? Right now, my “go to’s” are @moneyguyshow and @DaveRamsey

Any sources (podcasts, books, channels, etc.) are welcome!

[Matt Harbaugh | Personal Finance | Investing 📈 @slowwealthmatt]

How to Pay Off Your Debt

Debt Avalanche vs. Debt Snowball

🧵

[Dad Does Money @DadDoesMoney]

Curious, what are you doing today to secure your financial future? Hoping to add some ideas for the financial tool belt

[Dad Does Money @DadDoesMoney]

@DaveRamsey So cool! What I aspire to do for my family and myself. Love the work you guys do!

[Dad Does Money @DadDoesMoney]

Recently opened a ROTH IRA and started contributing weekly to invest in low cost index funds. Super excited about automating where my money goes to eliminate the behavior factor.