Personal-Finance Notes for New Faculty in the U.S.理财小贴士
A plain-language starter guide for early-career professors — especially those who moved here from abroad — on saving, retirement accounts, housing, and investing.——写给入职美国高校的青椒
First written November 2020 · Updated June 20262020年11月初稿 · 2026年6月更新
I'm not a securities or finance professional, and nothing here is investment, tax, or legal advice. These are one person's notes, written to demystify the basics that U.S. institutions often fail to explain to new faculty — especially those who arrived from abroad. Some facts or figures may be wrong or out of date, so verify anything before acting, and make your own decisions. Any companies, products, or platforms named here are illustrative examples, not endorsements.
This semester's teaching is finished, so I finally have some time for writing that isn't research. I've made scattered notes on personal finance for graduate students and junior faculty before, and since friends keep asking me the same questions, I decided to gather it into one short piece.
A caveat first: my field isn't finance or accounting, so these are simply my personal takeaways. But most of it is common sense — in places, the settled view of both academics and practitioners — so I think it's worth setting down.
None of this will make you rich quickly. It's just a reminder that, while you pour yourself into your career, your finances deserve attention too. One thing I've noticed: those of us working in the U.S. as postdocs or junior faculty tend to be all-in on our jobs, yet many give almost no thought to money — and over time, that neglect is costly.
The piece has five parts: general principles of saving and investing; retirement accounts and a few tax matters; a short section on buying a home in the U.S.; and, for beginners, how to put idle cash to work in liquid assets.
Who this is (and isn't) for
- It may also be of some use to ordinary salaried workers without especially high incomes.
- It's less relevant to current PhD students, whose income is limited and whose future location is uncertain.
- A caveat: if you'll be in the U.S. for a while but may leave in a few years, much of this planning changes — for instance, whether to lock money into retirement accounts, since early withdrawals are penalized. Bogleheads has a helpful guide: Non-US investor's guide to navigating US tax traps.
- It's also of limited use to high earners such as software engineers or lawyers: most already manage money well, and they often have equity, bonuses, and other income that academics don't.
- And it certainly doesn't apply if your family is independently wealthy.
1. Saving & investing: the basics
Begin with one idea: building wealth is the process of shifting from labor income (your salary) toward capital income (the returns on what you own).
In the U.S., junior faculty generally sit in the top 10–15% of the income distribution, just outside the top 1%. Research on American incomes shows that since the 1980s this group's earnings have grown noticeably faster than those of the bottom 90% — in large part because they earned returns on capital through investing, sharing in the gains of globalization. (Still nowhere near the top 1%, of course.)
So for those of us just starting out, the single most important habit — beyond ordinary spending — is to save, and then invest what we save. Because investment returns compound, over the long run the decisions to save at all, and to invest those savings, make an enormous difference to the wealth a person or household accumulates.
It helps to distinguish good debt from bad. In short: a mortgage is good debt, and credit-card debt is bad debt. The first carries a low rate and is backed by an asset with stable long-term returns (a house); the second carries a high rate and has nothing behind it (you've already spent it).
On credit cards, the pandemic changed my thinking considerably. Keep it simple: a single cash-back card is enough — for example, Citi Double Cash (2% on everything).
For most households, investments fall into two categories: real estate, and liquid assets such as stocks and bonds.
Beyond the cost of a home, most of a junior professor's savings is allocated across three buckets: cash (for a down payment and emergencies); stocks, bonds, or other investments (such as crypto and gold); and retirement accounts (mainly for the tax advantages).
Cash is the most liquid, but large U.S. banks pay almost nothing on savings accounts. Consider a higher-yield online bank such as Ally Bank or Wealthfront — as long as the account is FDIC-insured, it's safe.
Bonds are low risk and low return: a long-run average of roughly 3–5%, about the same as inflation.
Stocks offer higher average returns than bonds, with higher risk; in the U.S., the long-run average is around 7–10% before inflation.
Cryptocurrencies such as Bitcoin and Ethereum are extremely volatile, and their long-run returns remain contested; if you buy, do your own homework, and timing matters. Gold serves mainly as a hedge, and its long-run return is likewise debated.
The mainstream academic view is that people should hold both stocks and bonds according to their own tolerance for risk. That said, if your human capital (your salary) is high and stable, you can probably withstand large swings in your portfolio over a year or two — even three — and should therefore tilt more toward equities, whose long-run returns are higher, while holding some bonds to balance the portfolio.
2. Retirement accounts & (legitimate) tax efficiency
Why discuss retirement accounts? Mainly for tax reasons. A retirement account isn't itself an investment product — it's just a basket. What you may put in the basket is sometimes restricted by your employer, sometimes not.
In brief, U.S. retirement and tax-advantaged accounts come in several types:
| Type | How it works | Pros | Cons |
|---|---|---|---|
| 401k, 403b, 457b | Contributions are pre-tax in the year you make them; withdrawals in retirement are taxed at your rate then. | 1. If your income drops in retirement, your rate is lower. 2. Contributions go in before tax, so your invested principal is larger up front. 3. Employers sometimes match part of it — effectively extra, untaxed salary. | 1. Investment choices are fairly limited, mostly index-fund ETFs (not necessarily a bad thing). 2. The higher your returns — or your retirement income — the more tax you pay in retirement. |
| Roth 401k, Roth 457b | Contributed after-tax; withdrawals in retirement are completely tax-free. | The higher your investment returns, the bigger the tax benefit. | 1. Same as 401k point 1 (limited choices). 2. You pay tax up front when contributing. |
| Traditional IRA | Like a 401k — contributions pre-tax, withdrawals taxed at your future rate. | Same as 401k points 1 & 2, plus essentially no restriction on investment choices. | Same as 401k point 2. |
| Roth IRA | Same as Roth 401k. | Same as Roth 401k, plus essentially no restriction on investment choices. | Same as Roth 401k point 2 — you pay tax when contributing. |
| HSA (Health Savings Account) | Contributions are pre-tax that year, and investment gains are tax-free. | Combines the advantages of a Traditional IRA and a Roth IRA. | You must enroll in a high-deductible health plan. |
| 529 (college savings plan) | Like a Roth IRA. | Similar to a Roth IRA. | Spending must go to a child's education; some schools count it as financial aid. |
What distinguishes a 401k, a Roth 401k, and an IRA? The first two run through your employer — the employer is encouraging you to save — so the menu of investments is small and conservative. A 403b (or Roth 403b) works like a 401k but is offered by non-profits.
The "2055 target fund" you may see is built for people retiring around 2055: as you approach retirement age, it gradually shifts more of the money into bonds to reduce risk.
IRAs are independent of your employer — here you're disciplining yourself to save. An HSA generally rides on employer-provided health insurance, and a 529 you arrange entirely on your own.
Other limits
- Traditional and Roth IRA combined can't exceed an annual cap ($7,500 in 2026).
Note: if your modified adjusted gross income (MAGI) is above about $168,000 (single) or $252,000 (married filing jointly) in 2026, you can't contribute directly to a Roth IRA — but you can contribute to a Traditional IRA, pay any tax, and then move it to a Roth IRA (a few clicks on your brokerage's site, or a phone call). This is the backdoor Roth IRA conversion. It's a quirk of the tax code, but it's entirely reasonable, fair, and legal — nothing to feel uneasy about. - 401k, 403b, and Roth 401k combined can't exceed an annual cap ($24,500 in 2026).
- If you still have room, you can join your employer's after-tax retirement savings plan, such as a Roth 403b. That contribution, plus the employer match, plus the 401k-type contributions above, can't exceed a single ceiling ($72,000 in 2026). Separately, some schools or firms let you immediately convert a 403b to Roth — the so-called Mega-Roth — though most schools I know of don't allow it.
- A 457b is an extra retirement account designed for government and non-profit employees, with its own cap; most schools don't offer a Roth option. Unlike a 401k, early withdrawals from a 457b carry no penalty (though you still owe tax). It's another way, on top of a 401k/403b, to lower your taxable income for the year.
- You can open the same type of retirement account at multiple brokerages, as long as your total annual contribution stays under the cap.
A few personal opinions (for what they're worth)
- Because academics retire late, a Roth IRA tends to beat a Traditional IRA — so max it out every year. Since the gains are tax-free, you can use this bucket for higher-long-run-return holdings, or for bonds and high-dividend stocks.
- For 401k/403b/457b and their Roth versions, contribute what you can afford — but be sure to capture the employer match (some public universities offer none). Split pre-tax versus after-tax to suit your situation. I personally prefer the after-tax (Roth) option, though your school may not offer it.
- Because university health insurance is usually both cheap and good, it's generally not worth risking high medical bills just to capture the small savings of an HSA.
- A 529 is excellent — but only if you have a child.
Here is an example of maxing out every retirement plan. In 2026, a single filer can contribute a combined $104,000 across these accounts ($79,500 without a 457b). That is substantial. In the example, the 2026 tax-deferred portion is $24,500 + $10,000 + $24,500 = $59,000, which never appears in your annual taxable income.
| Account | Pre- / after-tax | Who contributes | 2026 contribution | 2026 limit |
|---|---|---|---|---|
| Traditional IRA | Pre-tax | You | $0 | ≤ $7,500 |
| Roth IRA | After-tax | You | $7,500 | |
| 401k / 403b | Pre-tax | You | $24,500 | ≤ $24,500 |
| Roth 401k / 403b | After-tax | You | $0 | |
| 401k Match | Pre-tax | Employer (example) | $10,000 | ≤ 72,000 − 24,500 = $47,500 |
| After-tax 401k / 403b | After-tax | You | $37,500 | |
| 457b (GOV/NGO) | Pre-tax | You | $24,500 | ≤ $24,500 |
| Total | You + employer | $104,000 |
* To give After-tax 401k/403b contributions Roth-like treatment, you need an in-plan conversion (call your brokerage to set it up).
That example is on the high side, and most schools don't offer a 457b. Here is a more common, modest target — about $45,000 a year, with no 457b (2026 limits):
| Account | Pre- / after-tax | Who contributes | 2026 contribution | 2026 limit |
|---|---|---|---|---|
| Roth IRA | After-tax | You | $7,500 | ≤ $7,500 |
| 401k / 403b | Pre-tax | You | $20,000 | ≤ $24,500 |
| 401k Match | Pre-tax | Employer (example) | $10,000 | ≤ 72,000 − 24,500 = $47,500 |
| After-tax 401k / 403b (optional) | After-tax | You | $7,500 | |
| Total | You + employer | $45,000 |
No 457b (most schools don't offer one). Skip the optional after-tax contribution and the total is about $37,500 — still a lot. Beyond these retirement accounts, you may also invest additional savings in a regular taxable brokerage account.
3. Your home & investment property
I've written before that, once your job in the U.S. is settled, you should consider buying a home. There are four main financial reasons:
- An owner-occupied home carries meaningful tax benefits in the U.S.
- Before 2021, interest rates were very low, and in many places buying beat renting — though whether that holds requires careful math; the New York Times buy-vs-rent calculator is a good place to start.
- Buying requires a down payment and monthly payments; once the down payment is spent and the payment is fixed, you can plan the rest of your investments clearly.
- A mortgage payment is a form of forced saving; for those without a saving habit, buying hedges the behavioral risk of never setting money aside.
If you haven't bought yet, weigh the local market against your own circumstances. Several factors favor buying: the local market holds its value well (a university town, say) and the price-to-rent ratio is still low; your mortgage-interest deduction is large; you plan to hold for the long term (5–7 years or more); you can lock in a low rate; your employer offers a homebuying incentive; and the home's space will be fully used (no rooms sitting empty for years). Otherwise, renting tends to win. Weighing all of these together, a first home is often better bought than rented.
For an investment property, several expenses can offset the tax on rental income: (1) interest (if you haven't reached the deduction limit); (2) improvements, such as new furniture or appliances for tenants; (3) agent and management fees; and (4) depreciation. The largest are (1) and (4), which together usually offset most of the rental income.
A few reminders
- Like the stock market, real estate moves in clear cycles — but unlike stocks, those cycles are long and don't vanish overnight. Buying near the bottom of the cycle is a shortcut to building wealth. This matters more for investment property; those of us who simply need somewhere to live often can't afford to wait, and the wait may never pay off.
- Although the U.S. housing market has been strong in recent years, over the long run — after taxes and fees — real-estate returns run around 3%, well below the stock market. With leverage (say, 20% down, or 5× leverage), long-run returns can exceed 10% a year; reduce the leverage and the return falls accordingly. That's why, a few years after buying, once a home has appreciated, owners often refinance to take some cash out and maintain their leverage and long-run return.
- The other side of leverage is risk. The advantage of real estate, though, is that there's no margin call — a falling price doesn't force you to repay in full. As long as your cash flow covers the monthly payment, short-term price declines don't really affect you. So the key question when buying is whether your cash flow can sustain the payments.
- Real estate carries high transaction costs — each sale loses roughly 5–7% of the property's value — so it should be held for the long term.
- If you plan to sell one property and buy another, arrange a Section 1031 exchange in advance (look it up when the time comes) to defer capital-gains tax.
4. Stocks, bonds & other liquid assets
This is probably what most people care about — and also what there's least to say about. First, because I'm not a professional; second, because almost all the research shows that, for most people and over the long run, picking stocks loses to buying index funds. (This is the U.S. case, where the index rises over time.)
My own views have shifted. At first I believed the research completely and put everything into index funds — regularly buying a basket of stocks such as the S&P 500 (SPY) or the Nasdaq (QQQ).
Later I absorbed some value-investing ideas and began buying a few long-term holdings I had conviction in. Later still, unable to resist temptation, I bought some fashionable tech stocks on little more than rumor…
A good friend of mine trades derivatives professionally on Wall Street. He told me that investing is binary: either you spend no time on it (dollar-cost-average), or you spend a great deal of time studying it seriously — and even then, success depends on your ability, temperament, and luck. I think he's right.
For any beginner interested in the market, I recommend J. L. Collins's talk at Google, The Simple Path to Wealth. His advice is to dollar-cost-average into index funds — buying them yourself, or through a reputable platform such as Wealthfront or Betterment.
I know that even though the research backs him up, most people will deviate from this advice — because most of us believe we're a little smarter, a little sharper, a little better informed about some corner of the market than everyone else. That's human nature, and a run of short-term gains only hardens the conviction.
Bonds, at the moment, are not much different from cash. Gold and Bitcoin both require careful study — there are many moving parts, and Bitcoin in particular has a pronounced cycle. Treat all of this as no more than a starting point.
Tax matters for investing
As with an investment property, once you realize a gain in the market you owe capital-gains tax for that year. Sell within a year of buying and it's a short-term gain: added directly to your ordinary income and taxed together, usually at a higher rate. Hold for more than a year and it's a long-term gain: 15% for most people, and 20% for individuals with taxable income above $545,500 or households above $613,700 (2026; high earners typically use other means to reduce the bill). Unrealized gains aren't taxed at all — another reason holding for the long term is tax-efficient.
5. In closing: a starter checklist
I've covered a lot of ground, so what should you actually do? Setting aside home-buying, where circumstances vary too much, here are the steps that are hard to get wrong:
- Open a high-yield savings account and move most of your cash there from the big banks (keep a little for ATM withdrawals). I'd suggest Ally Bank (which requires a green card) or Wealthfront, both around 3.5% a year as of mid-2026. I prefer the latter, which also offers a robo-advisor investment account (more below). Deposits are FDIC-insured up to $8 million through partner banks — effectively risk-free. If you may leave the U.S. within a few years, skip ahead to step 4.
- Set up your 401k / 403b / 457b. Contribute what you can each month, but be sure to capture the full employer match, if one is offered.
- Open a Roth IRA — at the same brokerage as your 401k (Fidelity, Charles Schwab, TIAA, and so on) or elsewhere — and try to contribute the full $7,500 ($625 a month).
- Open a taxable investment account for a fixed share of your after-tax income each month. Use any brokerage, or one of the robo-advisors mentioned above (Wealthfront, Betterment), which suit beginners: they buy a diversified mix of funds automatically, based on your risk tolerance.
- You can also buy individual stocks in a brokerage account. On that, remember Buffett's two rules: first, don't lose money; second, don't forget the first rule. To lose as little as possible, ask two questions before buying: over the long run, is this a good company? And is the price a good one? Neither is easy to answer. The first turns on your understanding of the company and its industry; the second, on valuation and market conditions, is closer to a coin toss. A useful rule of thumb: if a company looks cheap even on a rough, back-of-the-envelope estimate, it probably is.
I'm not taking commission from them; I'm just speaking as a user after 10 years: A robo-advisor's chief advantage is low fees. Wealthfront manages the first $5,000 free, then charges 0.25% a year (that's $2.50 per $1,000); its tax-loss-harvesting feature is effective enough to often earn back the fee. Actively managed funds, by contrast, typically charge 1–1.5% a year or more.
The core idea, though, isn't any particular platform — it's diversified allocation and long-term discipline; a robo-advisor is simply one way to implement it. A caution: past returns don't predict future ones; mind reversion to the mean, and know that you can lose money.
There are other approaches, of course — and other forms of speculation — but they're harder for ordinary investors, and after all that effort you may still underperform the index. For beginners, I wouldn't recommend short-selling or trading derivatives, even though the internet is full of people who made fast money with such high-risk bets.
That's all for now — I hope it's useful, and I'll add to it as more comes to mind.
A note on this version
This piece was adapted from an essay I first wrote in 2020, with figures updated in June 2026. Two screenshots of my personal accounts and several referral links from the original have been left out; any companies or platforms named here are illustrative examples, not endorsements.
本文作者并非证券从业人士，文中的观点与事实都可能有误。写作目的在于普及常识，而非提供投资、税务或法律建议；请读者自行甄别、独立判断。文中提到的任何公司、产品或平台均为举例说明，并非推荐或代言。
这学期的课教完了，终于可以有一些工作以外的输出。我此前在网上零散地写过一些关于研究生和青椒理财的内容，但因为不成体系，每次有朋友问起都要重复一遍，于是趁这个机会整理成这篇短文。
先说明一句：我的专业并非金融或会计，这些只是个人体会。但其中大多是常识，有些甚至是学界与业界的共识，分享出来也无妨。
这些建议并不能帮你迅速致富，只是提醒你：在专注职业发展的同时，也要重视财务配置。我的一个观察是，我们这些在美国工作的博后或青椒，往往在工作上非常投入，却很少花心思打理财务；长期来看，这会带来不小的损失。
全文分五个部分：先谈理财与投资的一般性常识，再谈退休帐户与若干税务问题，然后是在美国购房的相关常识，最后谈谈新手如何将闲钱配置到流动性资产上。
适用与不适用人群
- 对收入并非特别高的一般工薪族，或许也有一定参考价值。
- 对在读博士生则不太适用，主要因为博士生收入有限、未来的工作地点也不确定。
- 需要提醒的是，如果你未来一段时间在美国工作，但几年后可能离开，许多财务规划都要相应调整。例如，是否在退休帐户中存钱就值得重新斟酌，因为提前取出会有罚金。这方面可参考下面这个页面：Bogleheads — Non-US investor's guide to navigating US tax traps。
- 对高收入的专业人士（如程序员、律师），参考价值也不大：一来他们多数已经很会理财，二来他们通常有期权、分红等收入来源，与青椒情况不同。
- 当然，对家境特别优渥的人也不适用。
一、关于理财、投资的一般性常识
先厘清一件事：财富积累的过程，是从工资性收入向财产性收入转变的过程。
在美国，青椒的收入大致属于除前1%以外的前10%（或前15%）阶层。对美国收入分配的研究表明，自上世纪80年代以来，这一群体的收入增长明显快于其余90%的人；其中一个重要原因，是他们通过投资获得了资本要素的回报，分享了全球化的红利。当然，与前1%相比仍相去甚远。
1979–2022年累计工资增长。来源：美国经济政策研究所（EPI）— epi.org。
因此，对刚入职的年轻人而言，在正常开支之外，最重要的就是存钱，并把存下的钱用于投资。由于投资具有复利效应，长期来看，是否存钱、是否把储蓄用于投资，对个人或家庭的财富积累影响巨大。
要区分好债务与坏债务。简而言之，房贷是好债务，信用卡债是坏债务：前者利率低，对应有长期稳定回报的资产（房子）；后者利率高，且没有对应的资产（已经消费掉了）。
关于信用卡，疫情之后我的看法有不少变化。化繁为简，办一张有返现的信用卡即可，如Citi Double Cash（所有消费返2%）。
对大多数家庭来说，投资标的不外乎两类：房产，以及股票、债券等流动资产。
除购房支出外，青椒的储蓄大多在以下几类资产间配置：（1）现金（用于购房首付与应急）；（2）股票、债券或其他投资（如加密货币与黄金）；（3）退休帐户（主要因为税务优惠）。
现金的流动性最好，但美国大银行的存款帐户（saving account）利率几乎为零。可以考虑利率较高的网上银行，如Ally Bank、Wealthfront；只要有FDIC（联邦存款保险公司）担保，都是安全的。
债券风险低、收益也低，长期平均收益约3–5%（与通胀相当）。
股票相对债券平均收益更高，风险也更高；在美国，股票的长期平均收益在7–10%之间（未扣除通胀）。
比特币、以太坊等加密货币波动极大，长期收益尚有争议；是否买入需自行研究，且需要择时。黄金具有避险功能。最近几年，由于地缘政治和投资者对美国债务的忧虑，黄金进入了长牛，不过它的长期收益同样存在争议。
名义回报，未扣除成本与税费。来源：A. Damodaran（NYU Stern：股票、债券、国库券、黄金）与 R. Shiller（房地产），1928–2024 — stern.nyu.edu。
学界的主流观点是，人们应根据自身的风险偏好，同时配置股票与债券。不过，如果你的人力资本回报（工资收入）较高且稳定，能够容忍投资收益在一两年甚至两三年间的大幅波动，就应更多地参与股市——因为股票的长期回报更高——同时配置部分债券以平衡组合。
二、退休帐户与合理避税
为什么要讲退休帐户？主要出于税务考虑。退休帐户本身并不是投资产品，而只是一个个"篮子"；篮子里能装什么，有时受雇主限制，有时则没有限制。
简而言之，美国的退休与避税帐户主要有以下几种：
| 类型 | 特点 | 优点 | 缺点 |
|---|---|---|---|
| 401k、403b、457b | 当年缴纳部分免税，退休后取出按当时收入缴税。 | 1. 如果退休后收入下降，则税率较低；2. 开始未扣税，投资本金较大；3. 有时雇主会匹配一部分，相当于额外的工资，还不用当年缴税。 | 1. 投资产品比较受限制，基本是指数基金ETF（我觉得未必是坏事）；2. 投资收益越高，或退休后收入越高，则退休后缴税越高。 |
| Roth 401k、Roth 457b | 当年缴税后投入，退休后取出完全免税。 | 投资收益越高，则税收优惠额越大。 | 1. 同401k第1点；2. 须在投入时缴税。 |
| Traditional IRA（传统个人退休帐户） | 同401k，当年缴纳部分免税，退休后取出按当时收入缴税。 | 同401k的第1、2点，并且投资产品基本没有限制。 | 同401k第2点。 |
| Roth IRA（Roth个人退休帐户） | 同Roth 401k。 | 同Roth 401k，并且投资产品基本没有限制。 | 同Roth 401k第2点，即须在投入时缴税。 |
| HSA 健康储蓄帐户 | 当年缴纳部分免税，投资收益免税。 | 同时结合了Traditional IRA和Roth IRA的优点。 | 必须购买高deductible的医疗保险。 |
| 529 大学储蓄计划 | 同Roth IRA。 | 类似Roth IRA。 | 支出必须用于孩子上学费用；被有些学校认为是financial aid。 |
401k、Roth 401k与IRA帐户有何区别？前者依托雇主——由雇主鼓励你存钱——因此投资产品少而稳健。403b（Roth 403b）与401k（Roth 401k）类似，适用于非营利机构。
你看到的"2055目标日期基金"，是为2055年前后退休的人准备的：随着你日益临近退休年龄，它会不断把更多资金配置到债券上，以降低风险。
IRA帐户与雇主无关，靠自己鞭策自己存钱；HSA一般依托雇主提供的医疗保险；529计划则需自行规划。
其他限制
- Traditional IRA和Roth IRA加在一起，每年不能超过一个限额（2026年是7,500美元）。
注意：个人调整后总收入（MAGI）超过约16.8万美元（单身）或25.2万美元（已婚合报）时（2026年），不能直接投入Roth IRA，但可以先投入Traditional IRA，完税后再转入Roth IRA（在券商网站上点几下即可，或致电客服）。这一操作称为backdoor Roth IRA conversion，属于税法上的"漏洞"，但合情、合理、合法，无需有任何心理负担。 - 401k、403b、Roth 401k加在一起，每年不能超过一个限额（2026年是24,500美元）。
- 若仍有余力，可参与雇主的after-tax retirement saving plan，例如Roth 403b。这部分投入，加上雇主匹配的部分，再加上前述401k等的投入，合计不能超过一个额度（2026年为72,000美元）。此外，有些学校或企业允许员工立即将403b转为Roth，俗称Mega-Roth；不过据我所知，大部分学校并不允许。
- 457b是专为政府与非营利机构雇员设计的额外退休帐户，有其限额，大部分学校不提供Roth选项。与401k不同，从457b提前提款没有罚金（但需缴税）。它是在401k/403b之外，另一种降低当年应税收入的手段。
- 你可以在多家券商开设同类性质的退休帐户，只要每年总投入不超过限额即可。
几点个人意见（仅供参考）
- 由于学界退休较晚，Roth IRA通常比Traditional IRA划算，每年应尽量投满。由于收益免税，这部分钱可用于配置长期收益较高的标的，也可买入债券或高股息股。
- 401k、403b、457b及其Roth版本量力而行，但务必拿满雇主的匹配额度（有些公立学校没有）。税前与税后投入的比例，可结合个人情况而定。我个人偏好税后（Roth）选项，但学校未必提供。
- 由于学校的医疗保险通常既便宜又好，一般不值得为了HSA节省的那点钱，而去承担生病时支付高额医疗费的风险。
- 529计划很好，但前提是你得有孩子。
下面是把各类退休计划全部投满的一个例子。2026年，单独报税者总计可在各类退休帐户中投入$104,000（若没有457b，则为$79,500），已相当可观。例子中，2026年tax deferral（递延纳税）的部分为 $24,500 + $10,000 + $24,500 = $59,000，这部分不会计入当年的应税收入。
| 帐户类型 | 投入为税前 / 税后 | 谁投入 | 2026年投入 | 2026年限额 |
|---|---|---|---|---|
| Traditional IRA | 税前 | 本人 | $0 | ≤ $7,500 |
| Roth IRA | 税后 | 本人 | $7,500 | |
| 401k / 403b | 税前 | 本人 | $24,500 | ≤ $24,500 |
| Roth 401k / 403b | 税后 | 本人 | $0 | |
| 401k Match | 税前 | 雇主匹配（例） | $10,000 | ≤ 72,000 − 24,500 = $47,500 |
| After-tax 401k / 403b | 税后 | 本人 | $37,500 | |
| 457b (GOV/NGO) | 税前 | 本人 | $24,500 | ≤ $24,500 |
| 总计 | 本人+雇主 | $104,000 |
* 注意：After-tax 401k/403b若要享受类似Roth 401k/403b的税收优惠，需要做in-plan conversion（致电券商设置）。
上面那个例子偏高，而且大部分学校并不提供457b。下面是一个更常见、也更接地气的目标——每年约$45,000，且不含457b（2026年限额）：
| 帐户类型 | 投入为税前 / 税后 | 谁投入 | 2026年投入 | 2026年限额 |
|---|---|---|---|---|
| Roth IRA | 税后 | 本人 | $7,500 | ≤ $7,500 |
| 401k / 403b | 税前 | 本人 | $20,000 | ≤ $24,500 |
| 401k Match | 税前 | 雇主匹配（例） | $10,000 | ≤ 72,000 − 24,500 = $47,500 |
| After-tax 401k / 403b（可选） | 税后 | 本人 | $7,500 | |
| 总计 | 本人+雇主 | $45,000 |
不含457b（大部分学校不提供）。若省去可选的after-tax投入，总计约为$37,500——也已相当可观。除这些退休账户外，多余的储蓄还可以投入普通的应税券商账户（taxable account）。
三、自住房和投资房
我曾写过，当你在美国的工作稳定下来后，应当考虑买房。财务上的原因主要有四点：
- 在美国，自住房有可观的税收优惠。
- 2021年以前利率很低，在许多地方购房比租房划算；2026年则未必——是否如此需仔细测算，可参考纽约时报的买房/租房计算器。
- 买房需要首付与月供；首付付清、月供确定之后，才能对其他投资作出清晰规划。
- 月供是一种强制储蓄；对没有储蓄习惯的人，买房可以规避"存不下钱"的行为风险。
若尚未买房，应结合当地房地产景气与个人情况来判断。以下因素有利于买房：当地房产较为保值（例如有大学），且房价租金比仍较低；本人在税务上的利息抵扣较大；计划长期持有（五至七年以上）；能够锁定低利率；雇主有购房激励；房产的使用价值能被充分利用（不会有房间长期空置）。反之，则租房更为有利。综合以上各项，通常来说，第一套房买往往比租划算。
关于投资房，以下几项支出可用于抵扣租金收入的税款：（1）利息支出（若尚未达到最大抵扣限额）；（2）改善性支出，如为租客购置新家具或电器；（3）中介与管理费用；（4）房屋折旧。其中（1）与（4）为大头，通常可抵扣租金收入的大部分。
几点提醒
- 与股市一样，房地产有明显的周期；但与股市不同，房地产周期较长，不会骤然消失。在周期底部买房，是积累财富的捷径。这一点对投资房更为重要；对仅有自住需求的普通人而言，我们往往等不起，也未必等得到。
- 尽管近几年美国房地产市场表现不错，但长期来看，扣除税费后，房地产投资的长期收益大约为3%，远低于股市。若使用杠杆（如20%首付，即5倍杠杆），长期收益可达年化10%以上；杠杆率下降，收益率也会随之下降。这也是为什么，买房数年、房产增值之后，人们常通过再贷款取出部分现金，以维持一定的杠杆率与长期收益率。
- 当然，杠杆的另一面是风险。不过房地产的好处在于没有margin call（追加保证金）——不会因房价下跌而要求你立即还清全款。只要现金流足以支撑月供，短期内房价跌多少都与你无关。因此，买房最关键的是测算自己的现金流。
- 房产交易成本很高，每笔交易约损失房产价值的5–7%，因此房地产应作为长期投资。
- 若计划卖出一套、再买入另一套，记得提前做Section 1031安排（需要时可自行检索），以避免被征收资本利得税。
四、股市、债券和其他流动资产
这部分大概是大家最关心的，却也最难一概而论。一来我并非专业人士；二来几乎所有学术研究都表明，对大多数人而言，长期来看选股不如买指数基金。当然，这是美国的情形——股指长期是上涨的。
仅为示意——实际回报逐年波动，也可能亏损。按 1928–2024 年的年均回报复利计算（A. Damodaran，NYU Stern — stern.nyu.edu）。
我自己的观点也几经变化。最初我完全相信学术研究的结论，把全部投资都放在指数基金上（即定期买入一篮子股票，如标普500指数SPY或纳斯达克指数QQQ）。
后来，我接触到一些价值投资的理念，开始买入几只自己看好的长线股；再后来，终究抵不住诱惑，仅凭一些传言便买入了若干热门科技股……大量研究表明，不管你的投资结果在短期看是对是错，长期来看，普通人很难打败指数基金。
我有一位好友在华尔街专门从事衍生品交易。他对我说，投资这件事往往是非此即彼的：要么完全不花时间（坚持定投），要么投入大量时间认真研究——而即便如此，成败还要看你的能力、性格与运气。我觉得很有道理。
对所有对股市感兴趣的新手，我都推荐J. L. Collins在谷歌的演讲：The Simple Path to Wealth。他的建议就是定投指数基金——可以自己买，也可以通过Wealthfront、Betterment等可靠的金融科技平台来实现。
我也明白，尽管研究都支持他的说法，大多数人仍会偏离这一建议——因为多数人都相信，自己比别人更聪明一点、更有眼光一点、对某个市场更了解一点。这是人之常情，而短期的盈利只会让人愈发深信不疑。
长期债券有价格波动的风险，而1-3年期的短期债券则和现金相差无几，也一般被认为是现金等价物。黄金与比特币都需仔细研究，影响因素众多，都有比较明显的周期，要自己做判断。
与投资相关的税务问题
与投资房产类似，在股市获利后，需在当年缴纳资本利得税。若买入与卖出间隔不足一年，算作短期投资，所得直接计入个人收入一并纳税，税率通常较高；若持有超过一年，则算作长期投资，对大多数人税率为15%，对应税收入超过约54.6万美元（单身）或61.4万美元（已婚合报）者为20%（2026年；这部分高收入人群通常另有避税办法）。浮盈无需纳税——因此长期持有在税务上也更为有利。
五、结语：一份上手清单
讲了这么多，具体该怎么做？买房因人而异、差异太大，这里略过；下面几条则基本不会出错：
- 开一个高息存款帐户，把存在各大银行的大部分现金转过去（留少部分用于ATM取现）。推荐Ally Bank（需要绿卡）或Wealthfront，年利率接近短期国债。存款通过多家合作银行由FDIC承保至八百万美元，基本没有风险。如果几年后考虑离开美国，可直接跳到第四步。
- **设置你的401k、403b、457b。**每月投入量力而行，但务必拿满雇主的匹配额度（如果有的话）。
- 开设Roth IRA帐户，可在你401k所在的券商开（如Fidelity、Charles Schwab、TIAA等），也可在其他机构开，尽量投满。
- 开设一个个人投资帐户，用于每月投入税后收入中固定的一部分。可在任意券商进行，也可使用robo-advisor（Wealthfront、Betterment）。robo-advisor较适合新手：它会根据你的风险偏好，自动买入多种基金。
- **当然，你也可以在券商帐户中买卖个股。**关于个股投资，请记住巴菲特的两条原则：第一，不要亏钱；第二，不要忘记第一条。要尽量不亏钱，买入前应问自己两个问题：长期来看，这是不是一家好公司？买入的价格是否划算？这两个问题都不易回答。前者取决于你对这家公司及其所在行业的理解；后者涉及估值与市场状况，很大程度上要看运气与时机。投资人段永平有一句话：若"毛估估"都觉得便宜，那才是真的便宜。
这里不是广告，是我使用10多年的体会：robo-advisor最大的好处是费用低，比如，Wealthfront管理的前5,000美元免费，超出部分每年收取0.25%的管理费（即每1,000美元收取2.5美元）；它的tax loss harvesting（税务亏损收割）功能相当强大，通常足以把管理费赚回来。
相比之下，主动管理型基金的费用一般在每年1–1.5%甚至更高。但核心理念并不在于某个具体平台，而在于分散化的资产配置与长期的投资纪律——robo-advisor只是实现手段之一。**需要提醒的是：**过去的收益并不代表未来，要警惕均值回归，也可能会亏钱。
当然，还有其他投资乃至投机的思路，只是对普通人而言更难；费了半天功夫，结果可能还不如直接买指数。对于新手，我不建议卖空，也不建议买卖衍生品——尽管网上充斥着借这类高风险操作短期暴富的人。
就先写到这里，希望对各位有所帮助。
关于本版本
本文整理自我2020年写的一篇短文，数据更新至2026年6月。为公开分享，原文中两张个人帐户截图与若干推介链接已略去；文中提到的公司或平台仅为举例，并非推荐。