Hello, I am 22 years old with a mediocre paying job (45 – 50k a year) while currently enrolled in college. Over the last year I have worked on consolidating and eliminating as much debt as possible as this seems to be the most obvious first step in financial well being.
I have worked myself down from 35k debt in car/credit card/ student loan debt to 18k, with more student debt on the horizon. I have been dipping my toes in investing for the last year or so and have concluded I cannot dedicate time to researching and DD, and have ultimately decided to choose the route of a set and forget DCA plan.
With that said, I have a toddler as well as normal living costs that do not allow me to invest much. My main priority at the moment is securing an education for a higher paying job.
My question is this, what do you guys suggest is a smart investment strategy for someone who can only afford to invest 200$ a month? I know it isn't a significant contribution, but if anything it's a way I can learn as I do.
I currently have a taxable account and a Roth IRA through fidelity. My current monthly investments have been 60$ in VOO, 10$ in QQQM, and 10$ in VTI biweekly through the taxable account, and 20$ biweekly in SPY in the Roth account.
Any suggestions on if I should be doing this differently? Any advice on how I should set aside money in an investment account for my son? I apologize for my ignorance, and thank you for the help.
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