This is one of theÂ veryÂ oftenÂ askedÂ questionsÂ onÂ bothÂ mimfÂ andÂ mifp.
BasedÂ onÂ commentsÂ on both newsgroups, hereÂ isÂ whatÂ seems to make most sense:
- ContributeÂ toÂ your 401 upto your employers match (employer match is free money)
- Invest in IRA upto the maximum limit (because IRA gives more options than 401)
- Invest in 401 upto the maximum limit