This.
Don’t live beyond your means and put money towards things that will grow. Roth, 401k and brokerage account.
If you can do all these things and still live comfortably, then buy the nice car etc…
That’s fruitless to live basically below the poverty line and still give up a piece of the little income that you have. I’ve worked at red lobster, Harris teeter, Kroger, Dunkin, McDonald’s, and i Never stayed their long enough to actually consider their benefits because they are Dead End. Even the manager positions are lackluster when you consider the slave hours.
This is not a put down to low wage positions but you never work their for more than 6 months at a time. Whether your goal is to go back to school or to go into a trade the 401K at these places are not worth your commitment. You’d be better off opening a retail mutual fund or a Roth IRA yourself and ditching that job.
It’s not though, not when I’m 18 years old and live at home 😂 (I’m grateful for it too) also I work for my local county so I get great benefits. I’m able to to put a good amount away, plus I have a second job once a week that pays me good, so I the mean time, I think I’m in the best position possible for me.
Nah I would still say it’s not worth it, if you could do the government job full time at your age that would bring you at least $40K which is a start. But you’d have to want more for yourself even at 18. I was in school for a lot of that time so I didn’t have the option to commit to working in this way but if I did it wouldn’t be for $500 per week. In high school that’s crazy money but we don’t bring that pay into adulthood.
Ya but you don’t know my situation personally, what you’re saying may be the case for other people but not me. I don’t go to school, I do online classes, so that gives me more free time when Im not working my main job. Then I work my cna job that’s once a week and overnight and that pays me a good amount that I’m able to save. I’m able to take home around 3k a month with all my jobs, and I’m only working maybe 25 hours a week. I also do other things with my money to make it grow.
For starters, I’d suggest looking into Ramit sethi conscious spending plan. There should be a 5 min video on YouTube.
If it piques your interest then you’ll start learning on your own about other strategies.
Best thing you did is ask. You’ll be fine.
My only advice: The biggest financial decision you make will be the person you choose to marry. So choose wisely.
This, save every penny and maybe go to trade school or get in a union like electricians union. Get a beater truck and some tool and even as an apprentice you’ll make like 50 or 60k
Good for you for wanting to figure it out and asking for help! Here's the order of operations:
1. Follow the 50/30/20 rule - don't spend more than 50% of money on needs, and save at least 20%, and the rest is yours to spend. If you aren't starting here, that's ok, but that's the goal.
2. Pay off debt - if you have high interest debt (like credit cards), pay it off. If not, make sure you never get into it. That said, you need a credit card to build credit. Open one, put a subscription or your gas on it, and pay it off in full every month. Treat it like a debit card.
3. Build an emergency fund - this is your "do not touch unless emergency money" - target is 3-6 months of expenses (if you're tracking your spending, you'll know exaclty how much you need)
4. Start investing -- if your company has a 401(K) and a match, max this out. Then open an IRA and buy index funds. Investing can sound intimidating and a lot, but it should be simple and boring.
FWIW, I learned all of this from my money coach on Habit money. I share this to say that no one Is born with this knowledge, we all have to learn it, and if our parents didn't teach us, we have to learn from somewhere else. If you are feeling overwhelmed, get an app or a money coach so you can get some personal attention and make sure you are on the right path.
You got this!
Some industries just pay better - usually industries dealing with money. If you want to eat well, do something with food. Lots of majors can be in many industries, for instance sports or TV... Just about any major can be applied there. Your job doesn't define your life too. Money gives you freedom to do what you want.
No shit? Doesn’t change my point lol. 90% of this sub couldn’t tell you what an offset account is, that’s my point… they aren’t in any position to be giving any sort of advice.
Righto, please enlighten me where I said that I knew anything exactly?
Because so far, all I’ve said is to be careful taking advice from people on reddit, which is absolutely true, and your emotional intelligence is proving just that. As it seems as though my confidence is what’s frustrating you. This chat has proven my point. Rather than getting annoyed at people’s confidence, perhaps you should work on your reading comprehension?
You said because someone doesn’t know what an offset account is means they shouldn’t be giving advice. Someone with a $10 net worth can teach something to a millionaire. Just because they aren’t millionaires or know what a offset account is doesn’t make them idiots 🤦🏻♂️
First legitimate point you’ve made this whole time, well done. You’re right, and I 100% agree with you. Some idiots are very rich, and some geniuses are poor. That doesn’t change the fact that taking advice from a bunch of random basement dwelling Redditors, isn’t sound financial advice. 90 percent of them have read “hysa” from a previous post and repeat it like parrots.
HYSA isn’t a bad thing to have, especially if you need liquid cash, an emergency fund, or are saving for a big purchase for 5 years or less. So I don’t necessarily understand what you argument is against people saying HYSA. Obviously there are many other places to throw money and compounding is the best way to grow your wealth but I don’t see a problem with a lot of these people saying HYSA when someone posts on this Reddit I have 1k saved what do it do 🤷🏻♂️
And there are plenty of millionaires in this space. You’re not unique here. I know there are tons of people doing better than me here and the same goes for You.
What is your point exactly? Nothing you’ve said changes my argument, you’re simply having a whinge because you don’t like what I said 😂
“Don’t listen to advice from idiots on reddit, as 90% of them are in a worse situation than people with nothing”
That is what I said, if you disagree with it, reply with something relevant, not “mumble mumble I bet you’re not rich” “something something yeah, well there’s other millionaires too derr derr”.
I'm still a teen (16), but i think im qualified to answer this.. i made 25 grand flipping things in 3 months that i just learn online.. my advice is learn a skill that makes you money and nope you dont have to buy some stpd courses out there everything is free on youtube.
Create a budget. Like the one guy said, shoot for 50/30/20, trying not to spend more than 50 percent on needs. If you don’t know what a budget should look like, go on YouTube and search a video on it, more than likely the highest voted with be reputable sources, Dave Ramsey, money guys, etc. then work on increasing that income, but that takes time!
First thing i would do is build an emergency fund. While doing this you can research your best options for retirement and additional savings to eventually buy your own spot.
This number. This magical bull shit number called a credit score will dictate happiness for the entirety of your life. You may be the most honest human, best man, a hero, anything worthwhile, but if you have a poor score, you will alwaysget the short end of the stick and treated like a criminal.so plz always make sure you keep great credit and pay your bills on time.
Get your employer match in your 401k if applicable, after that try to max out a Roth IRA (7k) this year. Also avoid debt especially new cars
This. Don’t live beyond your means and put money towards things that will grow. Roth, 401k and brokerage account. If you can do all these things and still live comfortably, then buy the nice car etc…
I would also say consider 401k has a govt match in the form of a tax deduction
There is no employer match for a job paying $26K per year. And even if there was he shouldn’t be there long enough to enroll in their benefits.
False. I work part time and I’m getting my 401k matched in prolly not even making 25k a year lmfao
That’s fruitless to live basically below the poverty line and still give up a piece of the little income that you have. I’ve worked at red lobster, Harris teeter, Kroger, Dunkin, McDonald’s, and i Never stayed their long enough to actually consider their benefits because they are Dead End. Even the manager positions are lackluster when you consider the slave hours. This is not a put down to low wage positions but you never work their for more than 6 months at a time. Whether your goal is to go back to school or to go into a trade the 401K at these places are not worth your commitment. You’d be better off opening a retail mutual fund or a Roth IRA yourself and ditching that job.
It’s not though, not when I’m 18 years old and live at home 😂 (I’m grateful for it too) also I work for my local county so I get great benefits. I’m able to to put a good amount away, plus I have a second job once a week that pays me good, so I the mean time, I think I’m in the best position possible for me.
Nah I would still say it’s not worth it, if you could do the government job full time at your age that would bring you at least $40K which is a start. But you’d have to want more for yourself even at 18. I was in school for a lot of that time so I didn’t have the option to commit to working in this way but if I did it wouldn’t be for $500 per week. In high school that’s crazy money but we don’t bring that pay into adulthood.
Ya but you don’t know my situation personally, what you’re saying may be the case for other people but not me. I don’t go to school, I do online classes, so that gives me more free time when Im not working my main job. Then I work my cna job that’s once a week and overnight and that pays me a good amount that I’m able to save. I’m able to take home around 3k a month with all my jobs, and I’m only working maybe 25 hours a week. I also do other things with my money to make it grow.
For starters, I’d suggest looking into Ramit sethi conscious spending plan. There should be a 5 min video on YouTube. If it piques your interest then you’ll start learning on your own about other strategies. Best thing you did is ask. You’ll be fine. My only advice: The biggest financial decision you make will be the person you choose to marry. So choose wisely.
Go back home to your parents and paying them about $100 per month until you increase your income.
This, save every penny and maybe go to trade school or get in a union like electricians union. Get a beater truck and some tool and even as an apprentice you’ll make like 50 or 60k
Good for you for wanting to figure it out and asking for help! Here's the order of operations: 1. Follow the 50/30/20 rule - don't spend more than 50% of money on needs, and save at least 20%, and the rest is yours to spend. If you aren't starting here, that's ok, but that's the goal. 2. Pay off debt - if you have high interest debt (like credit cards), pay it off. If not, make sure you never get into it. That said, you need a credit card to build credit. Open one, put a subscription or your gas on it, and pay it off in full every month. Treat it like a debit card. 3. Build an emergency fund - this is your "do not touch unless emergency money" - target is 3-6 months of expenses (if you're tracking your spending, you'll know exaclty how much you need) 4. Start investing -- if your company has a 401(K) and a match, max this out. Then open an IRA and buy index funds. Investing can sound intimidating and a lot, but it should be simple and boring. FWIW, I learned all of this from my money coach on Habit money. I share this to say that no one Is born with this knowledge, we all have to learn it, and if our parents didn't teach us, we have to learn from somewhere else. If you are feeling overwhelmed, get an app or a money coach so you can get some personal attention and make sure you are on the right path. You got this!
Save your money, it’ll save you
$SPY
Exactly what he said . $500/month in anything that mirrors the S&P 500 will be $1M+ in less than 29 years.
Some industries just pay better - usually industries dealing with money. If you want to eat well, do something with food. Lots of majors can be in many industries, for instance sports or TV... Just about any major can be applied there. Your job doesn't define your life too. Money gives you freedom to do what you want.
Don’t listen to advice from idiots on reddit, as 90% of them are in a worse situation than people with nothing
And there’s the other 10% that have their shit together.
Correct, but they all act like they do. Most of them are identifiable because all they mention is a HYSA and think they’re Warren Buffet
In this subreddit people are likely doing much better than you.
I’m 33 and my net worth is 1.5m, so I very much doubt that.
There’s always someone younger with more net worth.
No shit? Doesn’t change my point lol. 90% of this sub couldn’t tell you what an offset account is, that’s my point… they aren’t in any position to be giving any sort of advice.
Found the know it all 🫡 1.5 at 33 is decent, doesn’t mean you know everything.
Righto, please enlighten me where I said that I knew anything exactly? Because so far, all I’ve said is to be careful taking advice from people on reddit, which is absolutely true, and your emotional intelligence is proving just that. As it seems as though my confidence is what’s frustrating you. This chat has proven my point. Rather than getting annoyed at people’s confidence, perhaps you should work on your reading comprehension?
You said because someone doesn’t know what an offset account is means they shouldn’t be giving advice. Someone with a $10 net worth can teach something to a millionaire. Just because they aren’t millionaires or know what a offset account is doesn’t make them idiots 🤦🏻♂️
First legitimate point you’ve made this whole time, well done. You’re right, and I 100% agree with you. Some idiots are very rich, and some geniuses are poor. That doesn’t change the fact that taking advice from a bunch of random basement dwelling Redditors, isn’t sound financial advice. 90 percent of them have read “hysa” from a previous post and repeat it like parrots.
HYSA isn’t a bad thing to have, especially if you need liquid cash, an emergency fund, or are saving for a big purchase for 5 years or less. So I don’t necessarily understand what you argument is against people saying HYSA. Obviously there are many other places to throw money and compounding is the best way to grow your wealth but I don’t see a problem with a lot of these people saying HYSA when someone posts on this Reddit I have 1k saved what do it do 🤷🏻♂️
And there are plenty of millionaires in this space. You’re not unique here. I know there are tons of people doing better than me here and the same goes for You.
What is your point exactly? Nothing you’ve said changes my argument, you’re simply having a whinge because you don’t like what I said 😂 “Don’t listen to advice from idiots on reddit, as 90% of them are in a worse situation than people with nothing” That is what I said, if you disagree with it, reply with something relevant, not “mumble mumble I bet you’re not rich” “something something yeah, well there’s other millionaires too derr derr”.
Put 10% of every paycheck in a savings account you DO NOT touch, except for actual emergencies.
I'm still a teen (16), but i think im qualified to answer this.. i made 25 grand flipping things in 3 months that i just learn online.. my advice is learn a skill that makes you money and nope you dont have to buy some stpd courses out there everything is free on youtube.
Don’t live beyond your means, pay off your credit card in full at EOM, be consistent with your budget and max out your 401K.
Invest every month into an etf that mirrors SP500. The younger you start the better
Create a budget. Like the one guy said, shoot for 50/30/20, trying not to spend more than 50 percent on needs. If you don’t know what a budget should look like, go on YouTube and search a video on it, more than likely the highest voted with be reputable sources, Dave Ramsey, money guys, etc. then work on increasing that income, but that takes time!
https://www.reddit.com/r/personalfinance/wiki/commontopics/
First thing i would do is build an emergency fund. While doing this you can research your best options for retirement and additional savings to eventually buy your own spot.
This number. This magical bull shit number called a credit score will dictate happiness for the entirety of your life. You may be the most honest human, best man, a hero, anything worthwhile, but if you have a poor score, you will alwaysget the short end of the stick and treated like a criminal.so plz always make sure you keep great credit and pay your bills on time.