This is something I didn't do early on and feel some level of regret around it. Again this is my personal opinion and you'll need to research / customize for your needs.
I've used Eric Tyson's "Personal finance for dummies" and "Investing for dummies". Both are excellent resources.
Basically:
1. Invest in your 401k and max it out if possible. The advice I've seen is use the Roth 401k instead of 401k. That way withdrawals in retirement are tax free.
2. Move money and invest actively (mostly mutual funds but keep some for speculation as well).
3. Look at a source that can provide additional income passively. E.g. Dividend shares, Real-Estate, etc.
4. If you plan to have kids research 529 plans. Some states provide a tax deduction on the 529 investment. You can setup a 529 even if you don't have children now and add in the beneficiaries later.
5. Estate planning - setup a trust. Makes it really easy to transfer money to heirs and other beneficiaries.
6. If you buy a house (and plan to have children) buy one in a good/excellent school district even if they're a little expensive. The houses hold value and appreciate much better.
It's a rather convoluted topic and finding good financial advisors is hard. I'd welcome suggestions and corrections.
I've used Eric Tyson's "Personal finance for dummies" and "Investing for dummies". Both are excellent resources.
Basically:
1. Invest in your 401k and max it out if possible. The advice I've seen is use the Roth 401k instead of 401k. That way withdrawals in retirement are tax free.
2. Move money and invest actively (mostly mutual funds but keep some for speculation as well).
3. Look at a source that can provide additional income passively. E.g. Dividend shares, Real-Estate, etc.
4. If you plan to have kids research 529 plans. Some states provide a tax deduction on the 529 investment. You can setup a 529 even if you don't have children now and add in the beneficiaries later.
5. Estate planning - setup a trust. Makes it really easy to transfer money to heirs and other beneficiaries.
6. If you buy a house (and plan to have children) buy one in a good/excellent school district even if they're a little expensive. The houses hold value and appreciate much better.
It's a rather convoluted topic and finding good financial advisors is hard. I'd welcome suggestions and corrections.