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I am 22 and I am making $80k a year. Just bought a house for

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I am 22 and I am making $80k a year. Just bought a house for $180k and have a car loan of $24k of which I am paying around $435 a month. I have no student loans and am only paying for car and home insurance atm.

What is the smartest way to save money? I am contributing 5% to a roth 401k that is matched by my employer.

AFAIK, doing a roth 401k is a smart move at my age. Is that correct? What else should I be doing?

Also is this the right place to post this? I don't see a sticky anyway so just assuming it is. Sorry if it isn't.
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You are doing pretty much all the right things. I'm in same boat but I'm 25.

I'd say also hold money until the market generally sags a little and buy some blue chip stocks/stocks with dividends. You can pay attention to the news and when a giant falls 10% due to some event, buy in and watch it go back up.

I did this recently with LLY and it's up about 12% from when I bought in. Easy head start.

Then check in on it whenever you want. Have fun.
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>>1768083
sell your house and buy monero
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>>1768083
Equal-weighted S&P500 index fund, contribute whatever you can to it, every month, forever.

Make sure it's not a regular capital-weighted index fund, but equal-weighted.

Also, you should sell your house and car asap, put those funds into that same index fund. Find a shittier car and a cheaper house.
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>>1768108
Sorry I am new at this. Where would I setup an index fund?
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>$80k a year at 22
How?
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>>1768125
Software developer
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>>1768129
You're pretty young. Did you get a degree at an early age or did you just go straight to work?
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>>1768125
I have a Phd in math
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>>1768083
I would contribute 5% to a ROTH IRA, there is a cap at $5,500 per year, but if you do the math on that you'll have millions even with a modest return rate for retirement. 401Ks are good, but ROTH IRAs are better. I would highly recommend you do some research into them, they can be set up at just about any bank.
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>>1768130
Got a degree this summer ironically in another field(network engineering and security) and started at 58k the day after i graduated. Got a raise last week that will go into effect next month.

>>1768132
nice meme

>>1768135
I saw another anon post in a thread about that. I didn't know there was a difference. I'll look into it thanks.
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>>1768140
ROTH IRAs are post-tax. So you contribute out of pocket, whereas 401Ks come out of your paycheck pre-tax. When it comes time to redeem your ROTH since you've already paid taxes on the money you put in, it comes back out tax free. All your interest is Tax free as well. I started a ROTH when I was 20, and have managed about 6-8% per year on it since then. The biggest plus side to is that it's tax free. I'd continue with your 401k as well to take advantage of your employer match. Look into which plans the 401k is enrolled in, typically they auto-enroll you in a decent but high fee plan. You'll want to individually go through and look at fees vs. historic performance.
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