Thanks for the question! I wish I could give you a simple answer, but this is the sort of thing you should discuss with a financial planner, because there are so many variables that depend on your own situation.
Additionally, there are a couple financial planning issues that you want to consider before you invest:
Do you have a manageble amount of debt? If you have large amounts of debt, or are carrying any month-to-month credit card debt or consumer loans, you might consider paying this off before investing.
Do you have an emergency fund? I would suggest building up 3-6 months worth of emergency savings in your bank account even before investing.
Do you have adequate health and life insurance?
If you feel like these items are adequately addressed, you should go to a qualified financial planner and talk to them up setting up a personalized investment plan that meets your goals.
Please let me know if I can help in any way.
Chris Winkelmann, MBA, CFP®
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