r/povertyfinance • u/k1ranell • 1d ago

Saved my first $5k at 26 pls clap šŸ„¹ Success/Cheers

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I also have some $820 in acorns and <$1500 in a rollover IRA I have yet to move to a ROTH but putting it off for tax/wuss reasons. However, I have $772 in CC debt. But a win is a win, I can pay it off with time šŸ˜

Gonna try to save $10k next year

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u/JuicePowerful679 1d ago

Bravo/a young person, when you have another $5,000 saved open yourself a Roth IRA. Protect your hard work and then start borrowing from yourself instead of the CC companies.

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u/Vivid_Promise9611 1d ago

Super new here, would the still increase your credit score?

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u/JuicePowerful679 1d ago

That I am not sure of, I didnā€™t mean to discourage the use of a credit card in generalā€¦.just pay it off as you go if you need to build credit and donā€™t maintain a balance with 25% interest