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Opened Roth IRA at Vanguard and have questions

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  • Opened Roth IRA at Vanguard and have questions

    So I'm a recent college grad and wanted to prep for my future retirement. A few days ago, I opened a Roth IRA account at Vanguard to start my journey. I read that the Roth IRA was the best option for me since I'm an aspiring doctor. I wasn't able to open a mutual fund account at Vanguard because I don't have $3000 yet, but it's something I plan to do. So here are my questions:

    1. Am I on the right track so far for someone of this situation? I know I'll have to open a 401K, but I haven't been employed at a place where employers match and the only position I've held is student tutor. Are there any accounts I should open at this time for someone in my position?

    2. I plan to just buy a few shares of VTI once I accumulate funds, and will hold these for the long term and reinvest the dividends. Is there something else I should rather be doing to give me the best possible financial outcomes?

    3. What are some of the most useful WCI I should read at the moment? I've read about ETF vs mutual funds because those are what seems relevant to my situation at the moment, but any suggestions and advice is greatly appreciated. No one in my family or relatives know anything about retirement, so it's a bit scary to pursue myself, but I'm looking forward to any responses if I get any. Thanks a million for your time!!!

  • #2
    You can open a mutual fund at Vanguard with $1000, you just have to pick the right fund like a target retirement fund.

    I agree a Roth is the right track for someone anticipating being a doctor. But saving the money for tuition is also a reasonable thought.

    2. VTI is a reasonable choice. There are a lot of other reasonable choices. Which one will work out better in the long run requires a crystal ball, which I do not have.

    3. How about this one: https://www.whitecoatinvestor.com/150-portfolios-better-than-yours/

    Also, see this page:

    https://www.whitecoatinvestor.com/new-to-the-blog-start-here/
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

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    • #3
      Great that you are already thinking about saving for retirement and reading WCI. Try to read all the blog posts and forum content on WCI. If possible, try to also read some of the other wonderful FIRE blogs (Mr Money Mustache, Go Curry Cracker, Mad Fientist, Root of Good, Physician on FIRE, Millenial Revolution, Millenial Moolah) to name just a few. You don't have to agree with or do everything these bloggers recommend, but even if you use some of their information, you'll be doing great. I would never want to live on $25,000 a year and I won't ever be riding a bike as much as Mr Money Mustache, but I still learn a lot from his site. Read at least some of these sites before you commit to hundreds of thousands of dollars in student loans to become a doctor. Although I love being a physician, medicine is definitely a long journey to financial independence. It is very difficult for a doctor to become financially independent and FIRE in their thirties like some of these bloggers were able to do with various types of professions.

      Good luck and enjoy the journey!

      RocDoc

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