Etrade Enroll

Am i saving too much for a 23 year old still in college?

I have 3 Roth IRA mutual funds through T. Rowe Price – $150 every 2 weeks between all 3 – a company matching 401k(100% match to 3% of paycheck then 50% match to 5% percent of paycheck) – I do 3% with a $1500 gross paycheck every 2 weeks, and I also have an etrade savings account – $50 every 2 weeks – that yields a little over 5%. Now I just enrolled in a college savings plan for my kids that I dont even have yet – $108 dollars a month – which equals out to $39000 over 30 years not including any interest or capital gains. I dealt with problems wit financial aid through my entire college career so I dont wanna deal wit it again. Is this too much for a 23 year old with a roughly $40000 annual salary??

I would say its definitely not harmful that you save so much per month and its good that you are thinking about your future and your non-existing kid(s) future already. The only think real dilemma you might have is because your investing a lot into Roth IRA and 401k you don’t really get to see the payoff for those investments until you retire in 30+ years. You can make the argument that there might be better investment opportunities that may be more short term and more liquidable if you do indeed might run into a situation where you need some cash on hand. Just something to think about but even if you continue as you are i think there is nothing wrong with it.

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