- November 24, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Financial Situation as a Self-Employed Individual**
As a self-employed individual earning between 20-25k per year, I am seeking guidance on how to effectively manage and save a portion of my income. With only two major bills amounting to $650 per month, I am fortunate to have a relatively manageable monthly expense. However, I am eager to maximize my savings and secure my financial future.
**Savings Goals and Strategy**
I am seeking clarity on what percentage of my income I should aim to save given my self-employed status. Additionally, I am unsure about the best type of savings account to utilize in order to optimize my savings potential. With approximately 10-15k in “disposable” income, I am looking for expert advice on how to strategically allocate and grow my savings.
**How AI Legalese Decoder can Help**
AI Legalese Decoder can be a valuable tool in this situation by offering specialized financial expertise tailored to the needs of self-employed individuals. By utilizing its advanced algorithms and data analysis, AI Legalese Decoder can provide personalized recommendations on savings goals and the most suitable types of savings accounts for self-employed individuals. Its innovative technology can help me make informed financial decisions and set achievable targets for maximizing my savings potential. With AI Legalese Decoder at my disposal, I can gain confidence in my financial strategy and secure a more stable financial future as a self-employed individual.
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****** just grabbed a
Your income is very low. I would suggest saving as much as you can unless youÔÇÖre not in the US
You should save as much as possible. There’s really no fixed percentage. Until you have enough assets where your assets are making you money, you should be saving as much as possible.
Follow the flowchart in the wiki (https://i.imgur.com/lSoUQr2.jpeg). It has all your answers.
Typical advice is to save 20%, but typical income is $50-100k, so that works out to 10-15K per year which is exactly what you say you have to save.
What will you spend it on if you dont save it all? If you want to support charities, further your education, help family, see a concert or visit another country youve always wanted to see Id say do those things. Its okay to spend some, save some. But if youre just thinking about blowing it on clothes, drinks and video games save!
Based on what you posted you are not paying for housing, which typically accounts for 30-50% of incomes depending on where you live. Look at the wiki and setup an emergency fund and then start a budget based on today and maybe project what a budget will look like in the future. With 10-15k disposable one 25k income I would personally look to have a years income in my emergency fund which is higher than normal, but with your income so low, and housing not part of your budget, I would inflate the emergency fund to account for that.
Those exercises should help you determine how much to save. The more the better but only to the point that you are not sacrificing life experiences to save money.
This post makes zero sense.
You make like $2k a month? Even if thatÔÇÖs take home (best case, given you didnÔÇÖt specify) youÔÇÖre at $650 plus :
– insurance ($100?)
– gas ($150?)
– groceries ($400?)
– pet supplies ($150)
So thatÔÇÖs got to come to close to $1500 per month.
Not sure in what world you think youÔÇÖre doing really well? Still living with parents IÔÇÖm guessing?
If all thatÔÇÖs true, you should budget $150 for fun money and saving the rest in high yield savings.
To answer your question:
* You should eventually be investing 20-25% of your income in retirement accounts. The flowchart in the wiki has all your answers.
Additional info:
* Short term: You may have an income problem.
* $10x40x52=$20,800
* $12x40x52=$24,960
I would highly recommend you market test for additional opportunities.
* Target pays $15+ where I am at
* I have seen help wanted signs for dishwashers for $16-$18 in my area
$15x40x52=$31,200
$18x40x52=$37,440
Mid term:
* What can you do to boost income via a career?
* [Onetonline.org](https://Onetonline.org) you can view different professions, tasks, skills, education, and salary information
* Phlebotomists $~38,500
* Teacher ~$61,000
* Registered Nurse ~$81,000
* Dental Hygienists ~$81,000
* Electrician ~$60,000
* Bookkeeping/Accounting Clerk ~$46,000
* Accountant/Auditors $~78,000
Some of these careers you can pivot to a small business with your increased education if that’s your desire. With that kind of income, you can much more easily put together an emergency fund and invest for retirement.
These numbers donÔÇÖt make sense. YouÔÇÖre paying your taxes right?
At that income you are dirt poor. I don’t see how you could possibly have disposable income. Save every penny you can and try to find a way to increase your income. What is your housing situation? Is someone else is paying for your housing or letting you live with them? To achieve financial independence, you should start preparing now to pay for your own housing. You can prepare by creating a budget that includes rent, and save that much more until you have to pay for it. If your situation allows it, you can save a lot if money for your future in this way until you decide to strike out on your own.
See our flowchart for what to do with the savings.
Despite all this it sounds like you are making some responsible choices. Good luck on your financial journey.
Depends what your goals are.
If you want to retire young or do a large purchase (i.e., a house) in the future, the answer is almost always “as much as possible”.
Don’t save, invest into acquiring a skill so you can get your pay up. Saving/investing at this income is like trying to lose weight by subbing chocolate cake with chocolate pudding
Don’t save, invest into acquiring a skill so you can get your pay up. Saving/investing at this income is like trying to lose weight by subbing chocolate cake with chocolate pudding
> I’m self employed and make between 20-25k a year.
youÔÇÖre underpaid and should go on strike
Open an IRA, invest 15% in the market, donÔÇÖt touch it 🙂
Save 10-20% into a HYSA until you get a 3 month emergency fund. After you get enough, put money in an investment account. Inflation eats away the purchasing power of money in a savings account over time.
I would pay your bills – give yourself a reasonable allowance to have some fun and/or cover your hobbies, and save all the rest – including a Roth IRA.
Depends what your goals are.
If you want to retire young or do a large purchase (i.e., a house) in the future, the answer is almost always “as much as possible”.