This is awesome! Would love to see a version for EU too!
Comment on Is it worth investing if I can only contribute $50 a month?
subtext@lemmy.world 1 day ago
As much as I hate to send you to Reddit, the r/personalfinance flowchart is hard to beat for most people. I’d recommend you start there to make sure you’re not overlooking something like your emergency fund.
grandel@lemmy.ml 1 day ago
slazer2au@lemmy.world 22 hours ago
For the most part you can follow it. Pay down debts, save what you can, make a budget but it gets wonky when you hit 401K, IRA and healthcare
Problem is each country in the EU is different. What works for Germany may not work for the Netherlands or Denmark.
As an Aussie I substituted it’s and 401K with our pension equivalent called Superannuation. The healthcare is different in AU. Here in Europe it isn’t too different to AU, replace 401K and IRA are private pension or one offered through an employer.
IncogCyberspaceUser@lemmy.world 22 hours ago
I looked around a bit, and while I couldn’t find a drawn flowchart for the EU, r/EUpersonalfinance has a page on their wiki inspired by(links to it too) the US flowchart and accompanying text. I hate to plug reddit as well, but here is the link.
pezhore@infosec.pub 1 day ago
Link is broken for me over on infosec.pub.
altima_neo@lemmy.zip 1 day ago
Link is broken for me when I try opening it in a new tab. Something is up with imgur.
bamboo@lemmy.blahaj.zone 1 day ago
Is there a reason to focus on 401k (beyond the employer match) before HSA? Isn’t HSA more tax savings advantageous, even if just limited to health care expenses?
subtext@lemmy.world 21 hours ago
I’m not certain why they have HSA after 401k and IRA, but some possible things I can think of:
- HSAs can be harder to take advantage of of the triple tax benefit if you’re retiring early (that is, still younger and healthier)
- HSAs probably have worse investment options than an IRA
- Allowing the user to optimize their Roth vs Traditional mix
Again, I don’t really know because you’re right about the HSA triple tax advantage making it seem better than IRA or 401k, but I’m sure there was a reason given if you care to trawl the subreddit.
Fumbles@lemmy.world 1 day ago
Not really if you exclude the employer match from consideration.
ComradeMiao@lemmy.dbzer0.com 1 day ago
Can’t retire on it I guess
Mr_Blott@feddit.uk 1 day ago
*Utterly irrelevant for most people
Sorted that for you. What the hell is 401k, Roth, medical debt?
utopiah@lemmy.world 4 hours ago
Hey… hey there, I’d let you know that there are 340M Americans and 8.2B people in the World so… that’s like 4% OK… it’s… definitely “most people” because we are number 1 OK! USA, USA… /s
vzq@lemmy.world 1 day ago
Financial advice will always be intrinsically linked to fiscal advice, and that will vary with jurisdiction. Where I live we have no 401k or medical debt, but we have other debt and investment instruments with preferential tax treatment.
The main line of the flow chart is sound.