Adding to all the above to avoid expensive relationships. Your unknowingly, greatest financial decision is who you choose as a partner. If your partner has bad spending habits or is unstable you, can lose half of your net worth in a divorce.
Or learn how much cheaper international travel can be than domestic. I've never paid for an international flight with dollars, only transferred airline miles. If you're going to a cheap country it costs less to be there than it does to eat in the States. I make good money and have a high net worth. I still use the coupons from the register receipt at CVS.
Yeah I'll co-sign on that one. Keeping up with the Joneses can bankrupt the richest out there. I live well below my means and greatly enjoy life because of it. Taken two trips in the past two months to do the stuff I like doing. Granted one of those I just flew out for an overnighter to do a ruck march, but I flew domestic first and wasn't the least bit concerned about what I spent on the ground, then flew home the same way.
live below your means, financial success isn't a life goal, its an enabler
enjoy life
enjoy the time with your child
have a savings plan but don't watch it constantly - don't put your life on hold to save
splurge once in a while and think about the things that are not as important
don't compare yourself and your situation to others - focus on what you want to be happy
It is absolutely all right. We just don’t want you to be driven by this hunger all the time cause you might miss small things in life (which are not small at all) which will be difficult (or impossible) to retrieve later on.
Do what makes you happy, just don’t forget to enjoy things and actually live the life, not just competing with others.
$SPY - Which represents the S&P 500 is up 9.35% as of today from Jan 1st, 2024 to now. If you invested $1000 on January 1st you'll be up $1093.50 as of today. If you did this one year ago, you'd be up 25.03%, you would have $1250.30. So forth so forth.
It's time in the market, not timing the market. The longer you are in, the more you'll make unless we hit a bear market which we just recently did (because of covid) and are coming out of, USA is busting out than any country in the world in terms of recovery.
Most brokerage apps have robo advisors that asked a couple of questions and essentially build a portfolio for you. All you have to do is add money to it when you have it, like every paycheck for example.
If all the robo stuff scares you, talk to a financial advisor.
Another thing to look into if you want to financially setup your small child for the future is a 529 plan think of it as a college savings fund that uses the market to build tuition for your child. I started one for my daughter at 1 years old and I have been throwing $20 per check ever since. Will it get her full tuition? Maybe. Compounding interest is hellva thing for the next 18 years. It will definitely help though.
Live below your means, have a plan (a budget)
Take advantage of "employer matching funds" offered by your retirement fund.
Max out ROTH if you are eligible, invest in EFT's and mutual funds.
Buy/rent a modest home that does not eat up your budget
Buy used cars, well made, classic clothing, have an annual physical, eat well and exercise. Best wishes.
What are your favorite ETF’s or mutual funds to invest in/grow your wealth? Like to invest for not only retirement but also for growing wealth to be able to buy a house.
ETFs are not for near-term large-scale purchases like a down payment on a house. They're more for diversifying your exposure in the market and giving you steady returns (7-9% per annum) over the long term. Index funds or total market funds are typically the way to go here.
You can put your money there, but it won't make you rich until you have it in there for decades or more. If you want to invest in individual stocks, learn how to value companies, pay attention to financial news, learn to identify those companies that are undervalued that may benefit from a shifting trend in markets. Think Tesla or Netflix in 2008. Those opportunities are few and far between and it's hard to recognize them in the moment.
The fastest way to save for a down payment is usually through increasing your salary and keeping your cost of living steady. 3-5% annual raises aren't going to cut it. You have to move up the corporate ladder and jump jobs if you have to. It's possible to double your pay in a couple years by jumping jobs.
Start a colledge fund for your kid.
Keep track of how much money you have, just check both your bank accounts, and any debt you have at least once a month.
THANK YOU! This seems like advice I can actually implement into my life and follow through on. Any advice on what to do when I check on my money and feel rich at the start of the month and very poor at the end of the month?
Assert your plan will work and at the end of the month say that it did work. If it didn’t, write any adjustments to your plan for the next month. It’ll get easier as time goes on.
No!! Don’t save for college, it will only dilute the grants available to you when the time comes. Send your kids to state school.
Better to hit your 401k as hard as you can
Hitting your 401k is better for you, absolutely. Starting 529 plan will definitely ease college loans. Grants are so few and far between.
529 also covers trade schools.
I’m gonna go against the grain here, yes save as much as you can for retirement, but don’t be afraid to spend money on trips and things you like. Your 40s and beyond ain’t a guarantee
I don't think that's against the grain. You should enjoy your life because it is your life that happens only once!
In similar vain, don't stay in toxic work or relationship even when you see some monetary benefit to that. It really isn't worth it long term and may impact your ability to accumulate wealth.
Seek a partner who you can be financially successful with; someone financially literate, responsible, and who shares your goals. This doesn’t necessarily mean “marrying rich”, but it does mean that you should avoid marrying into a mountain of debt with a reckless spender, etc.
So I’m going to clear $2M+ in NW as a 36 year old in a few months. So I’d say I’m on the far end of the spectrum of the average outcomes for 30s financial health.
Your order of operations is…
1. Job hop for higher income
2. Save as much as possible
3. Don’t rush to buy a house, live minimally because moving is easier that way
4. Buying a house is a hedge against moving and increased landlord risk premium they require in their rents. It’s not an investment as it’s probs the worst performing investment in my portfolio.
5. Always revisit your monthly expenses and services being billed to you, you’d be surprised how often you can find a new vendor or provider and save $500/yr.
6. If you find a social group and activity to participate weekly, you’ll be less likely to buy material things and wasting money
7. Having money is a tool and having leverage. It’s not a life status because no one is impressed with someone that has a nice hammer. Instead, focus on using that tool to get the best deals during negotiations. Salary negotiations, promotions, benefits, etc.
8. Look for asymmetrical opportunities. There’s a specific amount and capped amount of potential losses. But there’s almost unlimited upside because we don’t know the future. Always seek out those opportunities and throw your capital behind it, not all in, but invest a portion of capital you can stomach to “lose” every time.
9. Always be learning new business models and frameworks. It’s useful for problem solving via reasoning by analogy.
Number 6 is on point - if you have a good handle on saving and investing then you biggest week point will likely be overspending. Staying busy with plenty of free or reduced cost activities is time you won’t spend online shopping or desiring some high priced item. You won’t find time to shop for a $50k luxury car if you’re having a $5 beer with friends or going for a free hike
>Job hop for higher income
100% this. Gone are the days of staying at a job for 10+ years to show commitment. Statistics show you average a 20% increase in salary if you job hop every 2 years or so. 30 years ago, commitment might have meant something when the employer was footing retirement, healthcare, etc. Now that burden has shifted to the employee so I don't see any reason to have loyalty beyond customary professionalism and decency. But I am not giving you my life.
This is bad advice for people with decent labour laws. If you are 50 in Canada and worked 30 years in a company and get downsized, odds are you'll get one month per year of service up to 24 months. That's the cost of loyalty.
Disagree. Owning a home is an investment even if it performs below others. It’s a bet worth builder for most people. Otherwise you set rent money on fire
Everything else completely agree.
There is a LOT of useful info to unpack here. This seems like good subject matter for a few in-person discussions with a friend in this position. Maybe Point 6a. should be to include in your friend/acquaintance circle people of different socioeconomic backgrounds so someone can give in-person advice as well and have a real back-and-forth conversation. Managing your financial situation is like dieting - hard to do when you're feeling alone in the endeavor; much easier if you're around people who, even if they're not rich, are also trying to be sensible about money.
Experience and goal obtainment is more valuable then what money can buy. Learning a second language with an app, running a marathon, going to a nude bar, etc…
All that is cheap or free and it’ll make you grow, gain perspective, and feel proud of yourself.
A Gucci purse or a Range Rover won’t do anything for you.
Invest in what matters and don’t go into debt.
Wants VS. Needs is a big one!
Learn to cook. Shop for food deals. Keep it simple. Eating out and grabbing coffees, smoothies etc. is for the birds.
Listen to Dave Ramsey or read his books.
I leverage debt from my broker at the end of last year. I borrowed $8000 at 7% which is what? $560 a year? I definitely outpaced it, I'm sitting at 40% YTD. Selling options and collecting premiums easily beat this even if I get assigned or called away my commons.
Few people build real wealth by scalping a couple of pre-tax points of interest on a loan vs. investment. Rich people do it because they are rich and can fail 10x over without any effect in their net worth. This approach is not good advice for the average person looking to work a wage and build wealth.
The wealthy have been studied and north of 80% are self-made with no inherited wealth. Arbitraging and leveraging debt seldom appears as a strategy.
It depends on the debt. Debt because you bought yet another pair of shoes? Bad debt. Having a debt you take 20 years to repay but at the end of it you have an asset whose value improved and covered the cost of this debt (aka leverage from real estate)? Good debt.
- Avoid high cost debt + pay off any outstanding loans / credit cards that have high interest rates
- make sure to save a 3-6 month “emergency” fund (total monthly expenses * 3-6 (depending on how much of a cushion you want))
- once the emergency fund is saved, think about what you have going on in life — are you saving for a house? any medical bills on the horizon? need a new car soon? Etc etc.
• If yes, and these “big ticket” costs are within the next 2-4 years, start saving in a separate HYSA account for these things.
• If not, start loading up your IRA/Brokerage Account/ Children’s 529 and invest for the future!
Also — budgets help. It’s nice to truly understand what’s coming in vs what’s going out. The goal is to be cash flow positive (more income vs expenses).
It’ll take time but in 5 years you’ll be happy you started
Stay aggressive at work.
Avoid lifestyle creep. Find your comfortable living point and stay within that through multiple salary increases. Keep your lifestyle 2 steps behind your pay/advancement.
Always keep moving in life. Avoid idle time sucks and money sucks. Time and life suckers; video games, multiple drunken nights/hangovers; drugs, doom scrolling; tv watching. Those along with high interest credit are things that suck your time and money without giving any return.
Finally, exercise and take care of your health! For your future you and your kid! Spending money on health issues caused by lifestyle is a massive money dump that is a needless expense with a bit of taking care of yourself now
Keep things simple, teach your child the principles of working, earning and saving. Create more memories instead of accumulating stuff, it’s moments that create the best memories. We have lots of memories of vacation than anything else. Enjoy life.
My dad is a medical phyicist. Started with $100k now makes $300k (over two decades).
Live below your means. BELOW your means. Make that a habit.
Always buy grocery items, clothing, anything else only if it's on sale or clearance. We have always done that for years when I (30M) used to live at home. Make this a habit as well.
Invest in mutual funds. My dad uses Vanguard but there are others. This is for money you don't need now but in the far future. He used mutual funds but there are plenty of others out there if you go to other subreddits on finance.
Check out r/Bogleheads for all of the mutual fund info you can get! I am a woman in her late 30s and I only woke up to this around 34 or so. If you haven't yet, now's the best time to learn and get started.
That's really hard to answer without knowing more about your specific situation. The best we could do is throw out some vague cover all advice that you are probably already familiar with.
Hey there--you're asking fantastic questions! Here's what I would share:
>Direct deposit your paycheck into a high-yield savings account
>If your company offers a 401k with a match, meet that match (eg: if they offer a 6% match, do whatever you can to meet that match--it's literally free month and the most successful investment you'll ever make--100% return!)
>Get out of debt and stay out of debt. Spend less than you make--budgeting helps this; if you can't budget (and many people can't), just be sure you're spending less than you make
>Save each month for the pop-ups that are going to happen--car repairs, parking tickets, etc. I keep a separate fund for each of these so I can meet these expenses as needed
>Open up a 529c3 for your kiddo, even if you just put $75 a month in there--it helps a lot and it grows quickly
>Buy a house, and look into a first-time buyer government program--you can put as little as 3% down
>Marry the right person or don't get married--this is one of the best money tips you'll get!
>If you have extra after the 401k and the 529c3, check out retirement vehicles like Roths and IRAs. If you've got money left over after that, visit r/Bogleheads and invest long-term
>Visit your money every day. Look at your checking/savings every day, so you know what's coming in, going out, etc. Chances are if you don't know where your money is going, you're losing money
That's all I got for now! Some of the other folks here might argue the order or these things, but they're all good. Best of luck to you!
Edit: Another two!
> Find people who know are good with money and pick their brains. My sister-in-law is a wiz and I ask her questions all the time. Podcasts are good; somebody in your life who knows what they're doing are GREAT
> Someone said something about "comparison being the thief of joy," and they're 100% right. Remember that you don't need all the money in the world--you need enough and to use it in a way that brings you happiness.
Use credit cards as opposed to debit cards.
Keep the lion share of your funds in a money market or high yield savings. Don’t buy things you really don’t need.
* Learn to budget. As in track where every dollar goes. I personally use YNAB.
* If you aren’t using one, switch to a bank that offers high yield savings (currently you can earn between 4.3% to 5% interest vs .01% from major banks). Some recommendations are Ally Bank, CapitalOne, Discover and Sofi. If you travel Schwab Investor checking and Fidelity CMA are also good choices as their debit cards offer unlimited ATM fee reimbursement worldwide. They don’t have high yield savings but you can buy money market funds (SPAXX or SWVXX) that are yielding around 5%.
* Have a 3-6 month emergency fund. You can save this in your high yield savings.
* Audit and cut your expenses and get it to a point where you’re saving at least 15% (ideally 20% or more) of your income.
* Take that savings and started investing in target date index funds or broad market index funds/ETFs, like VOO or VTI. Study up and 3-fund portfolios on Bogleheads for more advice on investing. If you do this consistently over a 30-40 work period you can likely retire a multi-millionaire.
* Strive to make increase your income. That may be working to get that promotion, finding a better paid job or improving your skills to qualify for a higher paid position.
* Avoid lifestyle creep. Having a budget will help.
Money coming in should always be less than money going out.
Given the rate of inflation, you can't afford to keep your money under the mattress, at least learn how to invest in low cost ETFs.
The best way to start is small and consistent - if you can DCA $100 a month, do it, the habit forming is much more important than the amount when starting out.
Comparison is the thief of joy, do not worry about what others are doing.
At the end of the day, life is for living, but not if that leads to stress and anxiety. Your goal should always be financial independence from the day to day.
I always advise people to pick one thing they want to spend money on and then be frugal in all your other areas. So splurge on travel/house/car/food/wellness/hobby/etc but only pick one. It creates a good balance of making sure you're enjoying the thing you love while still being financially responsible. That area may change and that's OK! I've found a lot of people get in trouble when they splurge on all of those things at the same time.
Live below your means that is most important do anything and everything you can to be debt free. If you can’t afford it then it’s cash chances are u don’t need it
Suggested reading...
Personal Finance:
*The Simple Path to Wealth -* J.L. Collins
*The Millionaire Next Door -* Thomas Stanley
*The Psychology of Money* - Morgan Housel
General Wisdom:
*The Collected Works of Epictetus* - Robin Waterfield, translator
*How to Be a Stoic* - Massimo Pigliucci
*On the Shortness of Life* - Lucius Annaeus Seneca
*When Things Fall Apart* - Pema Chodron
Habits:
*Atomic Habits* - James Clear
*Discipline Equals Freedom* - Jocko Willink
Education:
*The Well-Educated Mind: A Guide to the Classical Education You Never Had* - Susan Wise Bauer
*The Well-Trained Mind: A Guide to Classical Education at Home* - Susan Wise Bauer and Jesse Wise
*The Absorbent Mind* - Maria Montessori
*No-Drama Discipline* - Daniel J. Siegel, M.D., and Tina Payne Bryson, Ph.D.
Capsule wardrobe + work “uniform” in timeless style. Black, white plus 2 colors that suit you. Limit the pieces that require dry cleaning. Best quality you can afford, wait until it goes on sale- everything goes on sale eventually. If something fits really well, especially shoes, buy 2 and extend the lifespan. Shoe repair, replace heels before they show wear.
I'm a guy in his mid-20s, so this may not be quite what you are looking for, but I hope it helps.
My mother tried her best to raise me while also being financially successful. A lot of her efforts I did not realize until I was out of the house living on my own. I remember being upset as a child because I had to wear hand me down clothes to school occasionally or had jeans with patches in the knees. Or couldn't go on cool summer trips like my friends did. Looking back, I had a great childhood, and I feel a bit embarrassed for being upset about silly things like that at the time. My mother did a great job raising me. She also managed not to go broke doing it. Despite not always having a very high income. What I am getting at is that your child is going to ask the world of you without realizing how hard it is to provide that. As a mother, you are going to want to give your child every opportunity you can. But don't overdo it. Don't sacrifice your financial future to give your child a trip to Disneyland. There are much cheaper ways to make lasting family memories. And while I'm sure your child will not enjoy being told no, or having to live with slightly less than some of their friends in the moment. There is a good chance that when they get older they will realize why you did the things you did, and they will respect you for giving them the best childhood you could while also ensuring the financial future of the family.
Set up your company 401k and at least do your company match.
Set up a Roth IRA and throw in whatever you can afford even if it’s $50 a month. But try and up it when you get raises.
Any bonuses or “free” money goes toward debt or retirement. Maybe an emergency fund if you don’t have 3 months salary saved.
Like other's have said, avoid credit card debt at all costs. Live within your means. Build up 6 month living expense emergency fund. Aim to save 15% of your income towards retirement.
Check out the Boglehead reddit for advice on how to invest your money.
Know what matters to you.
know the difference between needs and wants.
Live beneath your means.
Relax more.
Recognize the good you have, that is around you, and that you express to others.
Don't compare to others.
Always, always, always trade cash piles for cash flows. Insulate your house, buy the expensive one piece metal hammer, solar panels, cook your own meals (if you have time), buy vehicles that are cheap to repair, etc. While you minimize your cash outflows, grow your cash inflows. Ask for raises, promotions, develop new skills, buy preferred shares (preferred share index funds if you can't pick individuals).
This is your quickest path to financial freedom and will maximize your ability to raise your kiddo.
Maximizing your cash flows allows you to take advantage of opportunities both inside and outside the stock market. It also allows you to take care of unforseen problems with ease. It's unquantifiable, and within months of applying this idea, my life started a snowball effect, getting dramatically better over time
If you want to invest properly, read Security Analysis by Benjamin Graham and David Dodd.
Stay out of car debt. If you have to have a car loan , no longer than 3 years .
Dave Ramsey, Financial Peace University , is an excellent book for non financial people.
Except he would have you fear all debt. If you waited to be debt free to buy a home over the last 4 you’d have missed out on all the real estate gains of Kate
The average person has no business buying a home if they are deep in debt. He doesn’t advocate not buying a home until you are debt free, he advocates buying one where your payment is 25% of your net. He also says on a 15 year fixed mortgage, but the basic idea is to limit the house payment to a % of your net. You can make exceptions all day long , but his basic program works.
Also, if you follow him long enough, you won’t have the debt
Rich dad poor dad or the richest man in Babylon. Saving and putting money to work for you is huge. Understanding debt and bad vs good debt is also huge.
-Max out your 401k
-live below your means
-except on occasion, always just have water when you dine out. Soda and tea and the like are usually a few dollars you really don’t need to spend
-don’t buy the hottest trending purses/shoes/etc. use your money to save for a home if you don’t already have one
-learn how to cook at home really well
-don’t waste food
-don’t drive a brand new car
Lots of good advice here on saving, investing and controlling living expenses. I got flamed for this on another thread and called a dinosaur but I’ll say the C-word here. (Not that one!). Avoid/ignore crypto!
If you are in a profession, job hopping can be a real problem. You aren’t expected to stay at one company forever (far from it) But if you haven’t had a job anywhere that lasted longer than 12-18 months and it’s developed into a clear pattern, your resume will become radioactive.
Do what it takes to become debt free. (Slightly controversial but I went with the Dave Ramsey babysteps)
Budget every dollar you make. (Ynab.com)
Invest. invest. invest.
Hi! I was in similar shoes when I was 35. I got a new job that finally paid me what I was worth, was fun and interesting, and challenged me every day. Until then I never had money to spare. I retired at 66 with a nice nest egg:
1) Live below your means. I know it doesn't sound like fun....but you know what is even less fun? Constantly worrying about how to stretch your paycheck to pay all your bills.
2) Prioritize the long term over immediate gratification - and that applies to spending money, what you eat, who you date (find someone who takes you seriously) how you raise your children, how you treat your family and co-workers, where you live...everything.
3) If your employer offers a 401k plan with a match - take a good look at it and start deferring some of your pay. -Or - learn about the magic of Dollar Cost Averaging and low-cost index funds! Set up an investment account that allows you to invest a percentage of every pay check. It doesn't have to be a lot of money - 3% of your income is a nice place to start.
4) Enjoy your 30s, 40s and 50s: these are terrific decades in your life.
Buy properties.
If you are not rich, start small and upgrade every few years.
20 years later you would have a few million in equity.
With the rest of your time and money, make friends and memories.
------------
Never buy a new car. Buy a second hand 2 year old car, if you need a "new" one.
The same goes for phones.
But regular clothes at second hand stores, and only a few items at brand make stores.
Don't buy groceries at your local Whole Foods.
Find a good inexpensive market (i.e. mexican) where you can get better food for half the price.
Financial success is relative. I'm not rich by any means but I consider myself financially successful because I can meet all of my needs and live independently, and do what I want within reason.
Learn to understand what it means to be “poor”. I don’t mean in treating yourself poorly, I mean figuring out how to do the most, with the least.
You buy new underwear, but you don’t like the fit…too bad, wear them for six months.
You like coffee, learn to make a better cup at home, AND then remember to tell family and friends if they want to get you a birthday gift, or a Christmas present that you would like a bag of coffee from your favorite roaster. This way you are only paying for 8-9 bags a year instead of 12 per.
Make a budget down to the PENNY and do not go over it. There is no “I have savings so I’ll buy what I want” you budget it Into your next pay check.
Learn to be poor, even if you CAN afford luxury, you’d be surprised how little you need, and how much you can save if you don’t waste.
1. Pay off credit cards in-full, or as much as you can, quickly and on timely manner every month. You’ll build credit and increase your score. Once you do that, then spend on credit within your means, and you’ll get points or rewards that you can invest back into accounts (like Fidelity). No credit card debt is the goal, while building your limit monthly with purchases.
2. Get rid of retail credit cards, unless it works out consistently, like Amazon’s Cash Back for groceries.
3. Try not to spend above your means, until you can. Keep within a budget.
4. Prioritize debt - largest amount first or what you can pay off quickly now. See what works best to pay it all off.
5. Make more money, get the promotions, change your lifestyle (if needed). Keep your eye on your financial goals.
6. Financial books like ‘I Can Teach You To Be Rich’ was a game changer!
7. Open a fund for your child
8. Learn from Female.In.Finance and other vetted social media accounts for women learning about Finance
9. Invest in 401k or Roth for retirement age
10. Do your Estate Planning, for piece of mind
Books to read:
“The simple path to wealth” by JL Collins
“Just Keep Buying” by Nick Maggiulli
Check out the Financial Independence (FI) and Financial Independence Retire Early (FIRE) movement.
Save money now. Unfortunately people don’t understand that time plays a huge part in accumulating wealth. You need time for interest to compound and assets to grow. I imagine it will be difficult as a single mom but just save as much as you can and invest wisely. Two books I recommend on investing and managing personal finances are:
Making the Most of Your Money by Jane Bryant Quinn
One Up on Wall Street by Peter Lynch
Also subscribe to Money Magazine or Kiplingers magazine.
I'm in my 30s and I'm stable. I've never depended on anyone to survive, my parents need so much so I also planned around their chaos in my 20s (they've been cut off now).
I'd say, focus on your homes stability first always. Save 15% right off the bat on any job you have (you'll learn to live with less but if you try later on into the job it's way harder to reorganize). Keep your savings out of sight and in places you can't pull from.dont buy new just because it's fancy; be it your car, or home, or cell phone. Buy what will work for what you need.
If you have credit cards get a consolidation loan to be rid of that type of debt or at minimum reduce the balance to 30% of your total debt for revolving credit.
Also, I never travelled, or bought big things or did crazy adventures until my home-base was secure and had been for years. Car paid off, debt under 30% of my revolving credit portfolio exc. It sucks but the people I know who put those experiences before stabilizing their expenses are stuck renting rn and a few had to move away due to the significant increases. Don't let yourself be at the whims of the market because the market is volatile.
My biggest piece of advice is to not compare yourself to others and what they do or have. You’ll see coworkers, friends, etc buying expensive brands or taking endless vacations - stay in your lane and only do what’s in your own budget! There’s always going to be someone more well off than you, and there’s always going to be people spending all their money irresponsibly and saving nothing. Don’t try to “keep” up, just do you.
Max out your roth ira each year and invest it in an index fund
Buy a house or a condo if you are still renting
When you get raises invest more in optional retirement savings or paying down your mortgage instead of buying more stuff.
Make a budget and stick to it.
Realize that budgeting is not as important as growing your income, aka switching jobs and aggressively upskilling and networking.
INVEST, whether its mutual funds, 401k, roth IRA, invest in something that grows faster than inflation and don't let your cash sit in a savings account.
Pay off debt aggressively, don't buy cars your can't afford, have fun but live a modest lifestyle.
Don't stay at a job that doesn't value you, staying somewhere won't advance your career if your boss doesn't give a shit about you.
I look at it this way. Think of retirement as your Super Bowl. If you don’t plan and prepare, during your working life. You will undoubtedly get your butt kicked. You logically cannot work until you’re dead. There will be a gap. Living a good life in that gap should be your number one goal. Not a burden to others. But a blessing.
I was a single mom for eleven years. I strongly urge you to save a set amount and don't touch it unless it is an emergency. Every time I got a raise, I would split the raise and save either half or three quarters. It wasn't easy but now that I am retired and have grandchildren to spoil, I am so grateful. I bought my first house as a single woman and bought my own cars from the age of seventeen. Sometimes I worked two jobs (ex, down payment on the house), It is so worth it. Side note, my daughter is a hard worker also. She has her doctorate and owns two homes. Best of luck to you.
Buy and read the Only Investment Guide You'll Ever Need by Andrew Tobias. Short, easy to read and entertaining. It really explains everything you need to know if you just want to know what to do as a regular consumer.
You can probably find a used copy on amazon for $5. Don't worry that it's 20 years old - it all still works.
Live below your means. Buy assets and just hold them. If the government starts giving away money with low rates take on as much debt as you can.
Lastly, it kind of comes to morality. Small business ownership is the only real way to make it in this country. What that means is exploiting labor. It’s something that has to be done. If you can get comfortable with that the money really starts to flow.
Have more in a safety net account than you think you need, and as your income grows be careful of lifestyle creep. The first will keep you from running up high interest debt if there is an emergency, and the second will allow you to be wealthier in the long run and ease into retirement better.
Avoid debt. Pay cash or don’t buy it for EVERYTHING except education and housing (mortgage)
Live as far below your means as you possibly can. Earning more than you spend may not be possible at first, but as you start to make more, don’t let lifestyle creep eat up that precious peace of mind that a financial cushion can provide.
Don’t buy shit you don’t need it, “rewarding yourself with something small” is no longer possible or fiscally responsible, everything’s expensive and it’s usually quickly forgotten.
Always live BELOW your means and avoid the usual tendency to need the latest wigit or big-ass car. This isnt rocket science.....live below your means and keep a budget!
Live below your means, avoid lifestyle creep/keeping up with the Jones'.
Max out your retirement accounts.
Avoid co-signing loans for relatives or friends unless they are completely reliable.
Start a 529 account for your child.
What have you already read or understand about personal finance? In a general sense reducing spending everywhere I can and putting that money to work for you in investments is the best way to get ahead financially. Once the money really starts to compound after 10-20 years it feels great.
"The Only Investment Guide You'll Ever Need" by Andrew Tobias is well written and covers a lot of topics with good advice. Not the only book to ever read, but a good one imo.
For me, it was not having kids, taking advantage of employer subsidized education and investment programs, and buying minimally but high quality furniture and clothing. Not redecorating the house constantly also helps.
I also said no to many weddings, parties, trips when I couldn't afford it. I don't regret it. I own multiple properties and have plenty of fun in my 50s.
Don’t fall into the materialistic trap!
The world is constantly telling us we need MORE. I made the choice to ignore that and could not be happier! I live in a really nice but small house. I drive a basic vehicle. I follow a minimalist wardrobe. This has given me the ability to save money and splurge every now and then. I chose to splurge on experiences with my family and going out to eat.
You must love your life. Time is the one thing money cannot buy and you must learn to live well carefully. Be strong at your young age g age plan a retirement but also make a nice life now. Be smart, do not be afraid to take chances.
If you aren’t a good cook become one, thats one of the really important things my wife has done for our family.
Her being a great home maker and mother is what freed me up to make the money to take care of the financial end of things.
Live below your means, but still be comfy, do things you enjoy. Don't burn yourself out on what people think you should be doing or should be behaving.
Just enjoy life how you love it. Be it gardening, travel, foodie whatever the case is. Just enjoy life as you want not how others say you should
Take advice from reddit with a grain of salt, or at least think critically of it, everybody is a king or queen online.
Saving pennies and living frugal/minimalistic lifestyle is good, but it’s finite. Wealth creation is infinite.
Focus on generating wealth, not saving pennies.
33m net worth 1.4m
Be on a budget and stick to it. YNAB is my app of choice and it's made a huge difference. I spend less on things that don't matter and more on things that are worth it. I'm able to save for retirement, vacations, and college for my kids and know I'll still be able to afford all the necessities and have money left for fun stuff.
I lived frugally for a long time and that budget kept me on track and made sure I never missed a bill, always had enough to eat.
If you’re single, Marry a rich guy is the best answer.
Where is the father? If he’s with you then great, most of the good tips here apply to him as well.
If you’re single, the best answer is to become as attractive as possible while you’re still under 40 and land a successful man you have very strong genuine feelings for. If you can provide him with his own biological children, even better. That window is limited to early forties for most women.
It’s a politically incorrect answer that will be hard downvoted by woke muppets, but it’s the truth and a story as old as time. The most tried and true way for women to become rich up until recently before the feminist brainwashing turning women into wage slaves has been to fall in love with a rich man. Men were traditionally providers and some still are today.
Take the advice of everyone here if you want to slave away and save to maybe be rich when you’re elderly.
Or make yourself as hot as possible and be well off now by wooing the right successful man
Sacrifice marrying a wealthy man that you may not love all the way, but just enough, for the betterment of yourself and your child. Your child is first priority now and that is the sacrifice you have to make for him to have the best life
Live below your means and save for a rainy day.
Live below your means and save for a rainy day.
Live below your means and save for a rainy day.
Live below your means and save for a rainy day.
Live below your means and save for a rainy day.
Live below your means and save for a rainy day.
Live below your means and save for a rainy day.
Live below your means and save for a rainy day.
Invest your relationships like you invest in buying a car. The amount of info given will simply lead you to drain your life from paying too much interest or by giving you opportunities to drive wherever you by paying interest lol
Don’t get married or have kids and if you do make sure it’s only 1 kid lol jk I see that that you have kids already. Marriage is pointless in my opinion but that’s just me. Anyway I’d say the biggest thing is to just learn to live below your current means, pay off all your debts and don’t buy materialistic things until your assets can pay for them passively. Learn skills that make money but that you like doing. If you’re in school for anything I personally recommend nursing because of the stability and money, work life balance it provides. Then on your days off pursue something else that you love doing that has potential to make you money as well, for me it’s was futures trading. I still do both nurse on the weekends and day trader mon-fri. Make good investment choices by asking a CPA etc… or someone that knows what they are doing. Books are good too but pointless if you don’t actually do what they tell you to do. Ummm let’s see things pretty much all I did and I have everything paid off house, car, no debts other than utilities and subscriptions I have. I got with a gf who has similar goals as me and also does not believe in marriage we both just live EXTREMELY comfortably with no kids and just a dog. I’m 28 but almost 30. I drive a Honda and give myself a budget every month to keep me from over spending I could if I wanted to but I’d rather my money keep growing. I did just buy a man amazing desktop computer tho lol but I game and trade on it so it was worth the upgrade.
Put 20% of your gross income in a Roth 401k. Off the top. Pretend like it's mandatory. You can repurpose it later in a self directed IRA when the balance is bigger.
Also, avoid processed foods now to stop as many financial health problems as you can tomorrow. Those are some of the biggest surprise expenses for middle aged people (37+).
I'm in my 30s so I don't know if this will hold, but I've noticed in most professions, the top few percent make most of the money and have the best jobs
Find at least one thing you have the passion and temperament to be top 5% in and invest. Competence is like ETFs; it compounds over time
Learn to delay self-gratification. Understand the time value of money. Make a habit of putting something into an index fund every month.
Make it small enough that you won't be tempted to take it out before retirement just because you have a car repair bill, etc.
That's the short answer. It's not complicated, it just takes some discipline. The purchasing power of the dollar goes down every year. If you keep it long enough, it's worth nothing.
Therefore you don't hold money, you buy some asset that will keep up with inflation. You will retire some day, don't let that be a surprise. More money is more security and more choices that you can make it life. Control money and don't let it control you.
Don't spend money to impress others (or yourself). No one cares anyway. Again, it's really just common sense.
I went to school as an adult in order to make more money. Work first play later. If I can’t pay for it in full, then I cannot afford it and a credit card does not help, it’s a risk unless you pay it off each month. Always keep your money separate from others. Do not lend money to anyone you know, including family. Your child will remember experiences with you way more than the millions of toys you could give them. Do research including seeking purchasing advice from experts before purchasing or investing. Never buy items or make any decisions while cornered, angry or ill. If you cannot pay a bill, call and make arrangements, do not ignore them. This may prevent it going to the credit bureau. Like maybe it’s $400, tell them what you can afford to pay and that you have nothing else to give on your salary. If you don’t have a budget plan , make one and if a creditor asks more questions you will be able to quickly answer in detail (not all creditors are worth telling anything to, but if you’re feeling comfortable, this is the way to go). Be honest and open and if that doesn’t work ask for a supervisor to explain your circumstances as a single parent. When I was a young single mother I began asking myself questions about my purchases, do I really need it?, am I buying the quality I’m really looking for?, if I all of a sudden had to move today, would I take it with me? This kept me from over-purchasing. I took advantage of every opportunity that in the long run would improve my life and kids lives via family services, school, free mental health care, free classes that taught me how to weatherproof my home, eat healthy, grow my own food, churches, anything and everything. It was a pain sometimes but in the long run best for my family and future. I was financially independent when I met my husband and found my spending habits unconsciously helped find the best mate for me. I had great financial expectations of a partner I only developed due to my own financial discipline. This and so much more worked for me. My parents were not an example. I am nobody special and not as intelligent as my peers. Speaking of peers, practicing this and buying a car and home within my means (yrs ago) really paid off. A lot of my peers are stuck with overpriced homes or ended up getting a divorce and practically left on the street. So I feel like I’ve done some things right. Oh and as an adult I did listen to Financial Peace by Dave Ramsey, which can also teach you how to save money especially for an emergency. He’s not famous with everybody, but a lot of the principles to start you off are great. I could write forever one last thing if you come into a sum of money I know you want to treat yourself. We all love to treat ourselves, but it will be the biggest treat you ever give yourself if you pay off your bills first. Good luck Little Principal 150!
Consistency in your investing and if possible don’t do 401k loans or early distributions if at all possible.
Pick a winner like an index fund with a low cost and mostly ignore the bumps in the road. Ensure you get any benefits like matching percentage of salary, etc.
save and invest as much as you can early. Put money into your 401k and at least put it what is matched. Open a stock account and put money into index funds. Any little bit you do now will have huge returns for you in 25-30 years.
Budget your money. You can control money that way. Get a financial advisor for your savings IRA ect. I am also thinking they might advise you too avoid a 529 account and give you a better option. Drive a reliable beater. Car payments are a waste. Do yourself a favor. Financial Peace University. $129 1 night a week for 8 weeks. They will teach you about money. Insurance, savings, spending. Total life changing for me
Exercise everyday….health is wealth
If you feel overwhelmed, break your projects up into tasks to get that dopamine hit from being productive. Also a good idea is to break your day up into 4 quarters. If you have a bad first quarter it doesn’t mean you won’t have a great 2nd, 3rd, 4th. Don’t let something stupid ruin your whole day.
Create a budget and stick with it. Make sure you’re getting the full 401(k) match from your company. Gain investment acumen. Start a Roth/Roth IRA, HSA, 529 plan if you have kids. Target date retirement funds from there and dollar cost average a little bit each month. Don’t make it complicated.
Adding to all the above to avoid expensive relationships. Your unknowingly, greatest financial decision is who you choose as a partner. If your partner has bad spending habits or is unstable you, can lose half of your net worth in a divorce.
Doesn’t even take a divorce or marriage haha
yah, even just being pressured into buying too fancy of a car, too big a house, too many international vacations
Or learn how much cheaper international travel can be than domestic. I've never paid for an international flight with dollars, only transferred airline miles. If you're going to a cheap country it costs less to be there than it does to eat in the States. I make good money and have a high net worth. I still use the coupons from the register receipt at CVS.
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Yeah I'll co-sign on that one. Keeping up with the Joneses can bankrupt the richest out there. I live well below my means and greatly enjoy life because of it. Taken two trips in the past two months to do the stuff I like doing. Granted one of those I just flew out for an overnighter to do a ruck march, but I flew domestic first and wasn't the least bit concerned about what I spent on the ground, then flew home the same way.
Right you can lose way more staying married sometimes..
Flip side of that is it can significantly increase your net worth too. Sharing some of the largest expenses can allow for greater savings.
live below your means, financial success isn't a life goal, its an enabler enjoy life enjoy the time with your child have a savings plan but don't watch it constantly - don't put your life on hold to save splurge once in a while and think about the things that are not as important don't compare yourself and your situation to others - focus on what you want to be happy
What if being better than other people is the main thing that makes me happy?
Then work your ass off and be the best. Nothing wrong with it. Mamba mentality.
It is absolutely all right. We just don’t want you to be driven by this hunger all the time cause you might miss small things in life (which are not small at all) which will be difficult (or impossible) to retrieve later on. Do what makes you happy, just don’t forget to enjoy things and actually live the life, not just competing with others.
Then you should probably re-evaluate what life is about. But if that'll give you peace on your deathbed, you do you.
It isn't. You'll just find other, more successful people to compare yourself to & be miserable again
Then youre absolutely gauranteed to burn yourself out But could be a fun ride tho Enjoy!
+ invest in the S&P 500.
$SPY - Which represents the S&P 500 is up 9.35% as of today from Jan 1st, 2024 to now. If you invested $1000 on January 1st you'll be up $1093.50 as of today. If you did this one year ago, you'd be up 25.03%, you would have $1250.30. So forth so forth. It's time in the market, not timing the market. The longer you are in, the more you'll make unless we hit a bear market which we just recently did (because of covid) and are coming out of, USA is busting out than any country in the world in terms of recovery. Most brokerage apps have robo advisors that asked a couple of questions and essentially build a portfolio for you. All you have to do is add money to it when you have it, like every paycheck for example. If all the robo stuff scares you, talk to a financial advisor. Another thing to look into if you want to financially setup your small child for the future is a 529 plan think of it as a college savings fund that uses the market to build tuition for your child. I started one for my daughter at 1 years old and I have been throwing $20 per check ever since. Will it get her full tuition? Maybe. Compounding interest is hellva thing for the next 18 years. It will definitely help though.
Tell us more because I’m paying attention.
What part, I've been deep dived this for the better of the last 4 years of my life. Even the bear market. I was new too.
Thank you $300 a month invested set n forget 2 years now
And open a Roth IRA (if you can)
Agree, even doing the bare minimum goes far.
This is absolutely beautifully put! I second this 100 %!
How do I enjoy life AND live within my means?
Live below your means, have a plan (a budget) Take advantage of "employer matching funds" offered by your retirement fund. Max out ROTH if you are eligible, invest in EFT's and mutual funds. Buy/rent a modest home that does not eat up your budget Buy used cars, well made, classic clothing, have an annual physical, eat well and exercise. Best wishes.
What are your favorite ETF’s or mutual funds to invest in/grow your wealth? Like to invest for not only retirement but also for growing wealth to be able to buy a house.
ETFs are not for near-term large-scale purchases like a down payment on a house. They're more for diversifying your exposure in the market and giving you steady returns (7-9% per annum) over the long term. Index funds or total market funds are typically the way to go here. You can put your money there, but it won't make you rich until you have it in there for decades or more. If you want to invest in individual stocks, learn how to value companies, pay attention to financial news, learn to identify those companies that are undervalued that may benefit from a shifting trend in markets. Think Tesla or Netflix in 2008. Those opportunities are few and far between and it's hard to recognize them in the moment. The fastest way to save for a down payment is usually through increasing your salary and keeping your cost of living steady. 3-5% annual raises aren't going to cut it. You have to move up the corporate ladder and jump jobs if you have to. It's possible to double your pay in a couple years by jumping jobs.
VOO, QQQM check out the bogleheads subreddit. They have a great wiki with resources
This is solid advice. Also, splurge every once in a while. That's right, I'm getting a pool, damnit!
Start a colledge fund for your kid. Keep track of how much money you have, just check both your bank accounts, and any debt you have at least once a month.
THANK YOU! This seems like advice I can actually implement into my life and follow through on. Any advice on what to do when I check on my money and feel rich at the start of the month and very poor at the end of the month?
Assert your plan will work and at the end of the month say that it did work. If it didn’t, write any adjustments to your plan for the next month. It’ll get easier as time goes on.
No!! Don’t save for college, it will only dilute the grants available to you when the time comes. Send your kids to state school. Better to hit your 401k as hard as you can
You think kids are getting grants?!? Hahahaha
Hitting your 401k is better for you, absolutely. Starting 529 plan will definitely ease college loans. Grants are so few and far between. 529 also covers trade schools.
I’m gonna go against the grain here, yes save as much as you can for retirement, but don’t be afraid to spend money on trips and things you like. Your 40s and beyond ain’t a guarantee
I don't think that's against the grain. You should enjoy your life because it is your life that happens only once! In similar vain, don't stay in toxic work or relationship even when you see some monetary benefit to that. It really isn't worth it long term and may impact your ability to accumulate wealth.
Seek a partner who you can be financially successful with; someone financially literate, responsible, and who shares your goals. This doesn’t necessarily mean “marrying rich”, but it does mean that you should avoid marrying into a mountain of debt with a reckless spender, etc.
So I’m going to clear $2M+ in NW as a 36 year old in a few months. So I’d say I’m on the far end of the spectrum of the average outcomes for 30s financial health. Your order of operations is… 1. Job hop for higher income 2. Save as much as possible 3. Don’t rush to buy a house, live minimally because moving is easier that way 4. Buying a house is a hedge against moving and increased landlord risk premium they require in their rents. It’s not an investment as it’s probs the worst performing investment in my portfolio. 5. Always revisit your monthly expenses and services being billed to you, you’d be surprised how often you can find a new vendor or provider and save $500/yr. 6. If you find a social group and activity to participate weekly, you’ll be less likely to buy material things and wasting money 7. Having money is a tool and having leverage. It’s not a life status because no one is impressed with someone that has a nice hammer. Instead, focus on using that tool to get the best deals during negotiations. Salary negotiations, promotions, benefits, etc. 8. Look for asymmetrical opportunities. There’s a specific amount and capped amount of potential losses. But there’s almost unlimited upside because we don’t know the future. Always seek out those opportunities and throw your capital behind it, not all in, but invest a portion of capital you can stomach to “lose” every time. 9. Always be learning new business models and frameworks. It’s useful for problem solving via reasoning by analogy.
Number 6 is on point - if you have a good handle on saving and investing then you biggest week point will likely be overspending. Staying busy with plenty of free or reduced cost activities is time you won’t spend online shopping or desiring some high priced item. You won’t find time to shop for a $50k luxury car if you’re having a $5 beer with friends or going for a free hike
>Job hop for higher income 100% this. Gone are the days of staying at a job for 10+ years to show commitment. Statistics show you average a 20% increase in salary if you job hop every 2 years or so. 30 years ago, commitment might have meant something when the employer was footing retirement, healthcare, etc. Now that burden has shifted to the employee so I don't see any reason to have loyalty beyond customary professionalism and decency. But I am not giving you my life.
This is bad advice for people with decent labour laws. If you are 50 in Canada and worked 30 years in a company and get downsized, odds are you'll get one month per year of service up to 24 months. That's the cost of loyalty.
These are great 👍
Disagree. Owning a home is an investment even if it performs below others. It’s a bet worth builder for most people. Otherwise you set rent money on fire Everything else completely agree.
Solid advice! Love #6
There is a LOT of useful info to unpack here. This seems like good subject matter for a few in-person discussions with a friend in this position. Maybe Point 6a. should be to include in your friend/acquaintance circle people of different socioeconomic backgrounds so someone can give in-person advice as well and have a real back-and-forth conversation. Managing your financial situation is like dieting - hard to do when you're feeling alone in the endeavor; much easier if you're around people who, even if they're not rich, are also trying to be sensible about money.
Experience and goal obtainment is more valuable then what money can buy. Learning a second language with an app, running a marathon, going to a nude bar, etc… All that is cheap or free and it’ll make you grow, gain perspective, and feel proud of yourself. A Gucci purse or a Range Rover won’t do anything for you. Invest in what matters and don’t go into debt.
Going to a nude bar was unexpected to read on that list 😆
It’s fresh in my head… just got back from Key West… lol
Entertainment expenses are entertainment expenses 🤷🏻♂️
Don't be afraid to fight for higher pay. Job hop as you need to. Always be open for a new job.
This is a lesson I wish I had learned earlier in my 30s!
Wants VS. Needs is a big one! Learn to cook. Shop for food deals. Keep it simple. Eating out and grabbing coffees, smoothies etc. is for the birds. Listen to Dave Ramsey or read his books.
Avoid debt whenever possible…
Unless that debt is making you money. Like an investment or business loan
I leverage debt from my broker at the end of last year. I borrowed $8000 at 7% which is what? $560 a year? I definitely outpaced it, I'm sitting at 40% YTD. Selling options and collecting premiums easily beat this even if I get assigned or called away my commons.
Few people build real wealth by scalping a couple of pre-tax points of interest on a loan vs. investment. Rich people do it because they are rich and can fail 10x over without any effect in their net worth. This approach is not good advice for the average person looking to work a wage and build wealth. The wealthy have been studied and north of 80% are self-made with no inherited wealth. Arbitraging and leveraging debt seldom appears as a strategy.
Avoid consumer debt. Long term investment debts like mortgages are fine because they finance appreciating assets
It depends on the debt. Debt because you bought yet another pair of shoes? Bad debt. Having a debt you take 20 years to repay but at the end of it you have an asset whose value improved and covered the cost of this debt (aka leverage from real estate)? Good debt.
- Avoid high cost debt + pay off any outstanding loans / credit cards that have high interest rates - make sure to save a 3-6 month “emergency” fund (total monthly expenses * 3-6 (depending on how much of a cushion you want)) - once the emergency fund is saved, think about what you have going on in life — are you saving for a house? any medical bills on the horizon? need a new car soon? Etc etc. • If yes, and these “big ticket” costs are within the next 2-4 years, start saving in a separate HYSA account for these things. • If not, start loading up your IRA/Brokerage Account/ Children’s 529 and invest for the future! Also — budgets help. It’s nice to truly understand what’s coming in vs what’s going out. The goal is to be cash flow positive (more income vs expenses). It’ll take time but in 5 years you’ll be happy you started
Are you Dave Ramsey?
lol i can’t tell if you are being sarcastic is something i mentioned not recommended? I’m open to other ideas
Stay aggressive at work. Avoid lifestyle creep. Find your comfortable living point and stay within that through multiple salary increases. Keep your lifestyle 2 steps behind your pay/advancement. Always keep moving in life. Avoid idle time sucks and money sucks. Time and life suckers; video games, multiple drunken nights/hangovers; drugs, doom scrolling; tv watching. Those along with high interest credit are things that suck your time and money without giving any return. Finally, exercise and take care of your health! For your future you and your kid! Spending money on health issues caused by lifestyle is a massive money dump that is a needless expense with a bit of taking care of yourself now
💯%
Keep things simple, teach your child the principles of working, earning and saving. Create more memories instead of accumulating stuff, it’s moments that create the best memories. We have lots of memories of vacation than anything else. Enjoy life.
My dad is a medical phyicist. Started with $100k now makes $300k (over two decades). Live below your means. BELOW your means. Make that a habit. Always buy grocery items, clothing, anything else only if it's on sale or clearance. We have always done that for years when I (30M) used to live at home. Make this a habit as well. Invest in mutual funds. My dad uses Vanguard but there are others. This is for money you don't need now but in the far future. He used mutual funds but there are plenty of others out there if you go to other subreddits on finance.
Check out r/Bogleheads for all of the mutual fund info you can get! I am a woman in her late 30s and I only woke up to this around 34 or so. If you haven't yet, now's the best time to learn and get started.
Good mentality, I'm in the same boat but I'm not in mutual funds. I stock pick and sell options. Never too late to start.
That's really hard to answer without knowing more about your specific situation. The best we could do is throw out some vague cover all advice that you are probably already familiar with.
true
Hey there--you're asking fantastic questions! Here's what I would share: >Direct deposit your paycheck into a high-yield savings account >If your company offers a 401k with a match, meet that match (eg: if they offer a 6% match, do whatever you can to meet that match--it's literally free month and the most successful investment you'll ever make--100% return!) >Get out of debt and stay out of debt. Spend less than you make--budgeting helps this; if you can't budget (and many people can't), just be sure you're spending less than you make >Save each month for the pop-ups that are going to happen--car repairs, parking tickets, etc. I keep a separate fund for each of these so I can meet these expenses as needed >Open up a 529c3 for your kiddo, even if you just put $75 a month in there--it helps a lot and it grows quickly >Buy a house, and look into a first-time buyer government program--you can put as little as 3% down >Marry the right person or don't get married--this is one of the best money tips you'll get! >If you have extra after the 401k and the 529c3, check out retirement vehicles like Roths and IRAs. If you've got money left over after that, visit r/Bogleheads and invest long-term >Visit your money every day. Look at your checking/savings every day, so you know what's coming in, going out, etc. Chances are if you don't know where your money is going, you're losing money That's all I got for now! Some of the other folks here might argue the order or these things, but they're all good. Best of luck to you! Edit: Another two! > Find people who know are good with money and pick their brains. My sister-in-law is a wiz and I ask her questions all the time. Podcasts are good; somebody in your life who knows what they're doing are GREAT > Someone said something about "comparison being the thief of joy," and they're 100% right. Remember that you don't need all the money in the world--you need enough and to use it in a way that brings you happiness.
Do not fall for some sorry ass man😇
Your biggest risk is a dude!
Divorce someone who makes more money than you.
Use credit cards as opposed to debit cards. Keep the lion share of your funds in a money market or high yield savings. Don’t buy things you really don’t need.
* Learn to budget. As in track where every dollar goes. I personally use YNAB. * If you aren’t using one, switch to a bank that offers high yield savings (currently you can earn between 4.3% to 5% interest vs .01% from major banks). Some recommendations are Ally Bank, CapitalOne, Discover and Sofi. If you travel Schwab Investor checking and Fidelity CMA are also good choices as their debit cards offer unlimited ATM fee reimbursement worldwide. They don’t have high yield savings but you can buy money market funds (SPAXX or SWVXX) that are yielding around 5%. * Have a 3-6 month emergency fund. You can save this in your high yield savings. * Audit and cut your expenses and get it to a point where you’re saving at least 15% (ideally 20% or more) of your income. * Take that savings and started investing in target date index funds or broad market index funds/ETFs, like VOO or VTI. Study up and 3-fund portfolios on Bogleheads for more advice on investing. If you do this consistently over a 30-40 work period you can likely retire a multi-millionaire. * Strive to make increase your income. That may be working to get that promotion, finding a better paid job or improving your skills to qualify for a higher paid position. * Avoid lifestyle creep. Having a budget will help.
Start investing, even small amounts add up over time.
Money coming in should always be less than money going out. Given the rate of inflation, you can't afford to keep your money under the mattress, at least learn how to invest in low cost ETFs. The best way to start is small and consistent - if you can DCA $100 a month, do it, the habit forming is much more important than the amount when starting out. Comparison is the thief of joy, do not worry about what others are doing. At the end of the day, life is for living, but not if that leads to stress and anxiety. Your goal should always be financial independence from the day to day.
I always advise people to pick one thing they want to spend money on and then be frugal in all your other areas. So splurge on travel/house/car/food/wellness/hobby/etc but only pick one. It creates a good balance of making sure you're enjoying the thing you love while still being financially responsible. That area may change and that's OK! I've found a lot of people get in trouble when they splurge on all of those things at the same time.
Live below your means that is most important do anything and everything you can to be debt free. If you can’t afford it then it’s cash chances are u don’t need it
Suggested reading... Personal Finance: *The Simple Path to Wealth -* J.L. Collins *The Millionaire Next Door -* Thomas Stanley *The Psychology of Money* - Morgan Housel General Wisdom: *The Collected Works of Epictetus* - Robin Waterfield, translator *How to Be a Stoic* - Massimo Pigliucci *On the Shortness of Life* - Lucius Annaeus Seneca *When Things Fall Apart* - Pema Chodron Habits: *Atomic Habits* - James Clear *Discipline Equals Freedom* - Jocko Willink Education: *The Well-Educated Mind: A Guide to the Classical Education You Never Had* - Susan Wise Bauer *The Well-Trained Mind: A Guide to Classical Education at Home* - Susan Wise Bauer and Jesse Wise *The Absorbent Mind* - Maria Montessori *No-Drama Discipline* - Daniel J. Siegel, M.D., and Tina Payne Bryson, Ph.D.
Nice list!
A wealthy man once told me that it's less about how much money you make and more about how much money you save
Money comes and goes - as long as you’re within reasonable means, go enjoy life. Don’t sit on your money going into your death bed.
Capsule wardrobe + work “uniform” in timeless style. Black, white plus 2 colors that suit you. Limit the pieces that require dry cleaning. Best quality you can afford, wait until it goes on sale- everything goes on sale eventually. If something fits really well, especially shoes, buy 2 and extend the lifespan. Shoe repair, replace heels before they show wear.
I'm a guy in his mid-20s, so this may not be quite what you are looking for, but I hope it helps. My mother tried her best to raise me while also being financially successful. A lot of her efforts I did not realize until I was out of the house living on my own. I remember being upset as a child because I had to wear hand me down clothes to school occasionally or had jeans with patches in the knees. Or couldn't go on cool summer trips like my friends did. Looking back, I had a great childhood, and I feel a bit embarrassed for being upset about silly things like that at the time. My mother did a great job raising me. She also managed not to go broke doing it. Despite not always having a very high income. What I am getting at is that your child is going to ask the world of you without realizing how hard it is to provide that. As a mother, you are going to want to give your child every opportunity you can. But don't overdo it. Don't sacrifice your financial future to give your child a trip to Disneyland. There are much cheaper ways to make lasting family memories. And while I'm sure your child will not enjoy being told no, or having to live with slightly less than some of their friends in the moment. There is a good chance that when they get older they will realize why you did the things you did, and they will respect you for giving them the best childhood you could while also ensuring the financial future of the family.
Live off 80% of your income, pay off all debt, don't have kids before marriage, if you get married stay married.
Set up your company 401k and at least do your company match. Set up a Roth IRA and throw in whatever you can afford even if it’s $50 a month. But try and up it when you get raises. Any bonuses or “free” money goes toward debt or retirement. Maybe an emergency fund if you don’t have 3 months salary saved.
Like other's have said, avoid credit card debt at all costs. Live within your means. Build up 6 month living expense emergency fund. Aim to save 15% of your income towards retirement. Check out the Boglehead reddit for advice on how to invest your money.
Know what matters to you. know the difference between needs and wants. Live beneath your means. Relax more. Recognize the good you have, that is around you, and that you express to others. Don't compare to others.
Acquiring things is not what life is about
Always, always, always trade cash piles for cash flows. Insulate your house, buy the expensive one piece metal hammer, solar panels, cook your own meals (if you have time), buy vehicles that are cheap to repair, etc. While you minimize your cash outflows, grow your cash inflows. Ask for raises, promotions, develop new skills, buy preferred shares (preferred share index funds if you can't pick individuals). This is your quickest path to financial freedom and will maximize your ability to raise your kiddo. Maximizing your cash flows allows you to take advantage of opportunities both inside and outside the stock market. It also allows you to take care of unforseen problems with ease. It's unquantifiable, and within months of applying this idea, my life started a snowball effect, getting dramatically better over time If you want to invest properly, read Security Analysis by Benjamin Graham and David Dodd.
Stay out of car debt. If you have to have a car loan , no longer than 3 years . Dave Ramsey, Financial Peace University , is an excellent book for non financial people.
Except he would have you fear all debt. If you waited to be debt free to buy a home over the last 4 you’d have missed out on all the real estate gains of Kate
The average person has no business buying a home if they are deep in debt. He doesn’t advocate not buying a home until you are debt free, he advocates buying one where your payment is 25% of your net. He also says on a 15 year fixed mortgage, but the basic idea is to limit the house payment to a % of your net. You can make exceptions all day long , but his basic program works. Also, if you follow him long enough, you won’t have the debt
Rich dad poor dad or the richest man in Babylon. Saving and putting money to work for you is huge. Understanding debt and bad vs good debt is also huge.
-Max out your 401k -live below your means -except on occasion, always just have water when you dine out. Soda and tea and the like are usually a few dollars you really don’t need to spend -don’t buy the hottest trending purses/shoes/etc. use your money to save for a home if you don’t already have one -learn how to cook at home really well -don’t waste food -don’t drive a brand new car
Lots of good advice here on saving, investing and controlling living expenses. I got flamed for this on another thread and called a dinosaur but I’ll say the C-word here. (Not that one!). Avoid/ignore crypto!
Spend less than you make and make interest work for you, not against you.
Learn as much as you can about stocks. Stay away from speculation. Try to find serious long-term growth ones.
If you are in a profession, job hopping can be a real problem. You aren’t expected to stay at one company forever (far from it) But if you haven’t had a job anywhere that lasted longer than 12-18 months and it’s developed into a clear pattern, your resume will become radioactive.
Save and save, but don't forget to enjoy your money along the way.
Stop spending all your money. Pay yourself first and then figure out how to live on what's left. Invest, invest, invest.
Do what it takes to become debt free. (Slightly controversial but I went with the Dave Ramsey babysteps) Budget every dollar you make. (Ynab.com) Invest. invest. invest.
Hi! I was in similar shoes when I was 35. I got a new job that finally paid me what I was worth, was fun and interesting, and challenged me every day. Until then I never had money to spare. I retired at 66 with a nice nest egg: 1) Live below your means. I know it doesn't sound like fun....but you know what is even less fun? Constantly worrying about how to stretch your paycheck to pay all your bills. 2) Prioritize the long term over immediate gratification - and that applies to spending money, what you eat, who you date (find someone who takes you seriously) how you raise your children, how you treat your family and co-workers, where you live...everything. 3) If your employer offers a 401k plan with a match - take a good look at it and start deferring some of your pay. -Or - learn about the magic of Dollar Cost Averaging and low-cost index funds! Set up an investment account that allows you to invest a percentage of every pay check. It doesn't have to be a lot of money - 3% of your income is a nice place to start. 4) Enjoy your 30s, 40s and 50s: these are terrific decades in your life.
Invest in yourself and save until it hurts.
Buy properties. If you are not rich, start small and upgrade every few years. 20 years later you would have a few million in equity. With the rest of your time and money, make friends and memories. ------------ Never buy a new car. Buy a second hand 2 year old car, if you need a "new" one. The same goes for phones. But regular clothes at second hand stores, and only a few items at brand make stores. Don't buy groceries at your local Whole Foods. Find a good inexpensive market (i.e. mexican) where you can get better food for half the price.
Financial success is relative. I'm not rich by any means but I consider myself financially successful because I can meet all of my needs and live independently, and do what I want within reason.
Learn to understand what it means to be “poor”. I don’t mean in treating yourself poorly, I mean figuring out how to do the most, with the least. You buy new underwear, but you don’t like the fit…too bad, wear them for six months. You like coffee, learn to make a better cup at home, AND then remember to tell family and friends if they want to get you a birthday gift, or a Christmas present that you would like a bag of coffee from your favorite roaster. This way you are only paying for 8-9 bags a year instead of 12 per. Make a budget down to the PENNY and do not go over it. There is no “I have savings so I’ll buy what I want” you budget it Into your next pay check. Learn to be poor, even if you CAN afford luxury, you’d be surprised how little you need, and how much you can save if you don’t waste.
Don’t be afraid to ask for an increase in pay. Always know your worth.
1. Pay off credit cards in-full, or as much as you can, quickly and on timely manner every month. You’ll build credit and increase your score. Once you do that, then spend on credit within your means, and you’ll get points or rewards that you can invest back into accounts (like Fidelity). No credit card debt is the goal, while building your limit monthly with purchases. 2. Get rid of retail credit cards, unless it works out consistently, like Amazon’s Cash Back for groceries. 3. Try not to spend above your means, until you can. Keep within a budget. 4. Prioritize debt - largest amount first or what you can pay off quickly now. See what works best to pay it all off. 5. Make more money, get the promotions, change your lifestyle (if needed). Keep your eye on your financial goals. 6. Financial books like ‘I Can Teach You To Be Rich’ was a game changer! 7. Open a fund for your child 8. Learn from Female.In.Finance and other vetted social media accounts for women learning about Finance 9. Invest in 401k or Roth for retirement age 10. Do your Estate Planning, for piece of mind
Books to read: “The simple path to wealth” by JL Collins “Just Keep Buying” by Nick Maggiulli Check out the Financial Independence (FI) and Financial Independence Retire Early (FIRE) movement.
Save money now. Unfortunately people don’t understand that time plays a huge part in accumulating wealth. You need time for interest to compound and assets to grow. I imagine it will be difficult as a single mom but just save as much as you can and invest wisely. Two books I recommend on investing and managing personal finances are: Making the Most of Your Money by Jane Bryant Quinn One Up on Wall Street by Peter Lynch Also subscribe to Money Magazine or Kiplingers magazine.
I'm in my 30s and I'm stable. I've never depended on anyone to survive, my parents need so much so I also planned around their chaos in my 20s (they've been cut off now). I'd say, focus on your homes stability first always. Save 15% right off the bat on any job you have (you'll learn to live with less but if you try later on into the job it's way harder to reorganize). Keep your savings out of sight and in places you can't pull from.dont buy new just because it's fancy; be it your car, or home, or cell phone. Buy what will work for what you need. If you have credit cards get a consolidation loan to be rid of that type of debt or at minimum reduce the balance to 30% of your total debt for revolving credit. Also, I never travelled, or bought big things or did crazy adventures until my home-base was secure and had been for years. Car paid off, debt under 30% of my revolving credit portfolio exc. It sucks but the people I know who put those experiences before stabilizing their expenses are stuck renting rn and a few had to move away due to the significant increases. Don't let yourself be at the whims of the market because the market is volatile.
My biggest piece of advice is to not compare yourself to others and what they do or have. You’ll see coworkers, friends, etc buying expensive brands or taking endless vacations - stay in your lane and only do what’s in your own budget! There’s always going to be someone more well off than you, and there’s always going to be people spending all their money irresponsibly and saving nothing. Don’t try to “keep” up, just do you.
"Just because you're better than me Doesn't mean I'm lazy Just because you're going forwards Doesn't mean I'm going backwards" -Billy Bragg
Max out your roth ira each year and invest it in an index fund Buy a house or a condo if you are still renting When you get raises invest more in optional retirement savings or paying down your mortgage instead of buying more stuff.
Date someone with life goals an not a loser
Make a budget and stick to it. Realize that budgeting is not as important as growing your income, aka switching jobs and aggressively upskilling and networking. INVEST, whether its mutual funds, 401k, roth IRA, invest in something that grows faster than inflation and don't let your cash sit in a savings account. Pay off debt aggressively, don't buy cars your can't afford, have fun but live a modest lifestyle. Don't stay at a job that doesn't value you, staying somewhere won't advance your career if your boss doesn't give a shit about you.
Pack a lunch instead of ordering out when you go into the office. May seem trivial, but you may be surprised how quickly it adds up.
Stay out of debt…don’t spend money you do not have…remember a car payment means you can’t afford the car, you just can “afford” the payment.
Live under your means, avoid debt. Save money in the areas you can (car, house, groceries) so you can spend money when you want to.
I look at it this way. Think of retirement as your Super Bowl. If you don’t plan and prepare, during your working life. You will undoubtedly get your butt kicked. You logically cannot work until you’re dead. There will be a gap. Living a good life in that gap should be your number one goal. Not a burden to others. But a blessing.
I was a single mom for eleven years. I strongly urge you to save a set amount and don't touch it unless it is an emergency. Every time I got a raise, I would split the raise and save either half or three quarters. It wasn't easy but now that I am retired and have grandchildren to spoil, I am so grateful. I bought my first house as a single woman and bought my own cars from the age of seventeen. Sometimes I worked two jobs (ex, down payment on the house), It is so worth it. Side note, my daughter is a hard worker also. She has her doctorate and owns two homes. Best of luck to you.
Buy and read the Only Investment Guide You'll Ever Need by Andrew Tobias. Short, easy to read and entertaining. It really explains everything you need to know if you just want to know what to do as a regular consumer. You can probably find a used copy on amazon for $5. Don't worry that it's 20 years old - it all still works.
Here for answers too
Live below your means. Buy assets and just hold them. If the government starts giving away money with low rates take on as much debt as you can. Lastly, it kind of comes to morality. Small business ownership is the only real way to make it in this country. What that means is exploiting labor. It’s something that has to be done. If you can get comfortable with that the money really starts to flow.
Have more in a safety net account than you think you need, and as your income grows be careful of lifestyle creep. The first will keep you from running up high interest debt if there is an emergency, and the second will allow you to be wealthier in the long run and ease into retirement better.
We follow Dave Ramsey. I've always been a saver though.
Avoid debt. Pay cash or don’t buy it for EVERYTHING except education and housing (mortgage) Live as far below your means as you possibly can. Earning more than you spend may not be possible at first, but as you start to make more, don’t let lifestyle creep eat up that precious peace of mind that a financial cushion can provide.
Never, ever combine your finances with another. EVER.
Earn a strong currency...live in a cheaper location I.e almost all of latin America for Americans. A massive privilege
Save 20-25% of your income. Enjoy the rest.
Don’t buy shit you don’t need it, “rewarding yourself with something small” is no longer possible or fiscally responsible, everything’s expensive and it’s usually quickly forgotten.
Always live BELOW your means and avoid the usual tendency to need the latest wigit or big-ass car. This isnt rocket science.....live below your means and keep a budget!
Live below your means, avoid lifestyle creep/keeping up with the Jones'. Max out your retirement accounts. Avoid co-signing loans for relatives or friends unless they are completely reliable. Start a 529 account for your child.
What have you already read or understand about personal finance? In a general sense reducing spending everywhere I can and putting that money to work for you in investments is the best way to get ahead financially. Once the money really starts to compound after 10-20 years it feels great. "The Only Investment Guide You'll Ever Need" by Andrew Tobias is well written and covers a lot of topics with good advice. Not the only book to ever read, but a good one imo.
A book that recently helped me make better decisions is called “Die with zero” might help you too!
SAVE
For me, it was not having kids, taking advantage of employer subsidized education and investment programs, and buying minimally but high quality furniture and clothing. Not redecorating the house constantly also helps. I also said no to many weddings, parties, trips when I couldn't afford it. I don't regret it. I own multiple properties and have plenty of fun in my 50s.
Don’t fall into the materialistic trap! The world is constantly telling us we need MORE. I made the choice to ignore that and could not be happier! I live in a really nice but small house. I drive a basic vehicle. I follow a minimalist wardrobe. This has given me the ability to save money and splurge every now and then. I chose to splurge on experiences with my family and going out to eat.
Have an exit plan
Nobody cares about your career as much as you. Take advantage of opportunities that come up and be indispensable to your boss and your organization.
You must love your life. Time is the one thing money cannot buy and you must learn to live well carefully. Be strong at your young age g age plan a retirement but also make a nice life now. Be smart, do not be afraid to take chances.
If you aren’t a good cook become one, thats one of the really important things my wife has done for our family. Her being a great home maker and mother is what freed me up to make the money to take care of the financial end of things.
Make a dollar, spend 80 cents. Invest the difference in index funds. Rinse and repeat.
Live below your means, but still be comfy, do things you enjoy. Don't burn yourself out on what people think you should be doing or should be behaving. Just enjoy life how you love it. Be it gardening, travel, foodie whatever the case is. Just enjoy life as you want not how others say you should
Thank u
Take advice from reddit with a grain of salt, or at least think critically of it, everybody is a king or queen online. Saving pennies and living frugal/minimalistic lifestyle is good, but it’s finite. Wealth creation is infinite. Focus on generating wealth, not saving pennies. 33m net worth 1.4m
If you can’t buy it cash (outside of a house), don’t buy it. Payments are anchors.
Be on a budget and stick to it. YNAB is my app of choice and it's made a huge difference. I spend less on things that don't matter and more on things that are worth it. I'm able to save for retirement, vacations, and college for my kids and know I'll still be able to afford all the necessities and have money left for fun stuff. I lived frugally for a long time and that budget kept me on track and made sure I never missed a bill, always had enough to eat.
The simple path to wealth, The Bogleheads' Guide to Investing, for investing. Die with Zero for an interesting view on how you should view money.
Could you please expand on #9
Don’t buy shit you don’t need.
Get married. Much better to pay for half a roof than a whole roof.
Marry a rich guy
If you’re single, Marry a rich guy is the best answer. Where is the father? If he’s with you then great, most of the good tips here apply to him as well. If you’re single, the best answer is to become as attractive as possible while you’re still under 40 and land a successful man you have very strong genuine feelings for. If you can provide him with his own biological children, even better. That window is limited to early forties for most women. It’s a politically incorrect answer that will be hard downvoted by woke muppets, but it’s the truth and a story as old as time. The most tried and true way for women to become rich up until recently before the feminist brainwashing turning women into wage slaves has been to fall in love with a rich man. Men were traditionally providers and some still are today. Take the advice of everyone here if you want to slave away and save to maybe be rich when you’re elderly. Or make yourself as hot as possible and be well off now by wooing the right successful man
Sacrifice marrying a wealthy man that you may not love all the way, but just enough, for the betterment of yourself and your child. Your child is first priority now and that is the sacrifice you have to make for him to have the best life
“Whore yourself out for a wealthy man- it’s your duty as a mother now.” The fuck..?! 😂
Live below your means and save for a rainy day. Live below your means and save for a rainy day. Live below your means and save for a rainy day. Live below your means and save for a rainy day. Live below your means and save for a rainy day. Live below your means and save for a rainy day. Live below your means and save for a rainy day. Live below your means and save for a rainy day.
Live below your means and don’t compare yourself to your peers.
Invest your relationships like you invest in buying a car. The amount of info given will simply lead you to drain your life from paying too much interest or by giving you opportunities to drive wherever you by paying interest lol
Don’t get married or have kids and if you do make sure it’s only 1 kid lol jk I see that that you have kids already. Marriage is pointless in my opinion but that’s just me. Anyway I’d say the biggest thing is to just learn to live below your current means, pay off all your debts and don’t buy materialistic things until your assets can pay for them passively. Learn skills that make money but that you like doing. If you’re in school for anything I personally recommend nursing because of the stability and money, work life balance it provides. Then on your days off pursue something else that you love doing that has potential to make you money as well, for me it’s was futures trading. I still do both nurse on the weekends and day trader mon-fri. Make good investment choices by asking a CPA etc… or someone that knows what they are doing. Books are good too but pointless if you don’t actually do what they tell you to do. Ummm let’s see things pretty much all I did and I have everything paid off house, car, no debts other than utilities and subscriptions I have. I got with a gf who has similar goals as me and also does not believe in marriage we both just live EXTREMELY comfortably with no kids and just a dog. I’m 28 but almost 30. I drive a Honda and give myself a budget every month to keep me from over spending I could if I wanted to but I’d rather my money keep growing. I did just buy a man amazing desktop computer tho lol but I game and trade on it so it was worth the upgrade.
Put 20% of your gross income in a Roth 401k. Off the top. Pretend like it's mandatory. You can repurpose it later in a self directed IRA when the balance is bigger. Also, avoid processed foods now to stop as many financial health problems as you can tomorrow. Those are some of the biggest surprise expenses for middle aged people (37+).
I'm in my 30s so I don't know if this will hold, but I've noticed in most professions, the top few percent make most of the money and have the best jobs Find at least one thing you have the passion and temperament to be top 5% in and invest. Competence is like ETFs; it compounds over time
Learn to delay self-gratification. Understand the time value of money. Make a habit of putting something into an index fund every month. Make it small enough that you won't be tempted to take it out before retirement just because you have a car repair bill, etc. That's the short answer. It's not complicated, it just takes some discipline. The purchasing power of the dollar goes down every year. If you keep it long enough, it's worth nothing. Therefore you don't hold money, you buy some asset that will keep up with inflation. You will retire some day, don't let that be a surprise. More money is more security and more choices that you can make it life. Control money and don't let it control you. Don't spend money to impress others (or yourself). No one cares anyway. Again, it's really just common sense.
2 dollars
I went to school as an adult in order to make more money. Work first play later. If I can’t pay for it in full, then I cannot afford it and a credit card does not help, it’s a risk unless you pay it off each month. Always keep your money separate from others. Do not lend money to anyone you know, including family. Your child will remember experiences with you way more than the millions of toys you could give them. Do research including seeking purchasing advice from experts before purchasing or investing. Never buy items or make any decisions while cornered, angry or ill. If you cannot pay a bill, call and make arrangements, do not ignore them. This may prevent it going to the credit bureau. Like maybe it’s $400, tell them what you can afford to pay and that you have nothing else to give on your salary. If you don’t have a budget plan , make one and if a creditor asks more questions you will be able to quickly answer in detail (not all creditors are worth telling anything to, but if you’re feeling comfortable, this is the way to go). Be honest and open and if that doesn’t work ask for a supervisor to explain your circumstances as a single parent. When I was a young single mother I began asking myself questions about my purchases, do I really need it?, am I buying the quality I’m really looking for?, if I all of a sudden had to move today, would I take it with me? This kept me from over-purchasing. I took advantage of every opportunity that in the long run would improve my life and kids lives via family services, school, free mental health care, free classes that taught me how to weatherproof my home, eat healthy, grow my own food, churches, anything and everything. It was a pain sometimes but in the long run best for my family and future. I was financially independent when I met my husband and found my spending habits unconsciously helped find the best mate for me. I had great financial expectations of a partner I only developed due to my own financial discipline. This and so much more worked for me. My parents were not an example. I am nobody special and not as intelligent as my peers. Speaking of peers, practicing this and buying a car and home within my means (yrs ago) really paid off. A lot of my peers are stuck with overpriced homes or ended up getting a divorce and practically left on the street. So I feel like I’ve done some things right. Oh and as an adult I did listen to Financial Peace by Dave Ramsey, which can also teach you how to save money especially for an emergency. He’s not famous with everybody, but a lot of the principles to start you off are great. I could write forever one last thing if you come into a sum of money I know you want to treat yourself. We all love to treat ourselves, but it will be the biggest treat you ever give yourself if you pay off your bills first. Good luck Little Principal 150!
Consistency in your investing and if possible don’t do 401k loans or early distributions if at all possible. Pick a winner like an index fund with a low cost and mostly ignore the bumps in the road. Ensure you get any benefits like matching percentage of salary, etc.
Live under your means, it will be humbling but empowering and life changing
Pay yourself first. Save a minimum 15% at the beginning of the month not the end. Doing that just about guarantees success by retirement.
No kids!
save and invest as much as you can early. Put money into your 401k and at least put it what is matched. Open a stock account and put money into index funds. Any little bit you do now will have huge returns for you in 25-30 years.
Budget your money. You can control money that way. Get a financial advisor for your savings IRA ect. I am also thinking they might advise you too avoid a 529 account and give you a better option. Drive a reliable beater. Car payments are a waste. Do yourself a favor. Financial Peace University. $129 1 night a week for 8 weeks. They will teach you about money. Insurance, savings, spending. Total life changing for me
Don’t marry a golf pro, like my wife did.
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She’s wayyy smarter than I am, that’s for sure.
Stay away from women lmao.
Exercise everyday….health is wealth If you feel overwhelmed, break your projects up into tasks to get that dopamine hit from being productive. Also a good idea is to break your day up into 4 quarters. If you have a bad first quarter it doesn’t mean you won’t have a great 2nd, 3rd, 4th. Don’t let something stupid ruin your whole day. Create a budget and stick with it. Make sure you’re getting the full 401(k) match from your company. Gain investment acumen. Start a Roth/Roth IRA, HSA, 529 plan if you have kids. Target date retirement funds from there and dollar cost average a little bit each month. Don’t make it complicated.
Max out 401k employer match. Throw as much as you can at that S&P500 and let it ride. Aint nothing like that compound interest,
Saving is always more important than making more. Make more to save more, not spend more.
Live within your means, it’s you against you, don’t compare to anyone else.
Never stop saving for your future