- October 27, 2023
- Posted by: legaleseblogger
- Category: Related News
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Exploring Financial Priorities: Seeking Insights from the Community
Heading: Introduction
Hello everyone! I hope you’re all doing well. Today, I wanted to reach out and gather some valuable insights regarding financial planning. I am a 27-year-old female (27F), fortunate enough to own a townhome and a newer car, both financed at an incredibly low interest rate of less than 3%. Recently, my financial goal has been focused on building up my savings account and reducing unnecessary expenditures each month. However, I find myself struggling to envision the purpose behind accumulating this money. While I understand that saving for significant life events such as a wedding, children, or a larger house is a plausible approach, I am genuinely intrigued to learn about the experiences and decisions of individuals who have found themselves in a similar situation. To provide some context, I currently live with my partner, whom I have been with for over a year. Although we have not made any concrete plans regarding marriage or shared finances, I believe it would still be beneficial to gather different perspectives.
Heading: The Potential of AI Legalese Decoder
With the rise of technological advancements, various tools and resources have emerged to help individuals navigate through various circumstances. One such tool that could greatly benefit those in a similar situation is the AI Legalese Decoder. This innovative technology simplifies complex legal jargon, making it easier to understand the terms and conditions of financial contracts, mortgages, or any legal documents related to significant life events. By leveraging the AI Legalese Decoder, it becomes simpler for individuals to comprehend and make informed decisions about their financial choices. This ensures that you are equipped with the necessary knowledge to make the most suitable decisions regarding financial planning, savings, and any potential financial commitments associated with future aspirations like marriage, children, or purchasing a larger house.
Heading: Real-life Examples and Insights
Now, let’s hear from you! If you have been in a similar situation or have made significant financial decisions in your life, I would greatly appreciate any advice or experiences you could share. How did you combat the challenge of envisioning the purpose behind your savings? Were there specific financial goals you set for yourself? Additionally, if any of you have utilized tools such as the AI Legalese Decoder, I would be intrigued to learn about your experiences and the value it brought to your decision-making process.
Please feel free to share your stories, tips, or any other thoughts related to financial planning and saving for major life events. Your insights could greatly assist me in shaping my own financial path and make informed choices that align with my aspirations and circumstances. Thank you all in advance for your input, and I look forward to engaging in this discussion together!
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## AI Legalese Decoder: Breaking Down Complex Legal Language
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****** just grabbed a
If you own a house, youÔÇÖre going to be paying for repairs and maintenance. Always.
Are you contributing to your retirement accounts? That should be your highest priority right now, while you’re young and have time for your investments to compound.
I read the book Psychology of Money by Morgan Housel and he had a good point. This isn’t his exact quote, but there’s nothing wrong with saving for savings sake.
Something will always come up. You’ll eventually want something big, maybe a car or continuing education or a really fun trip with your loved ones. It’s never a bad thing to have a little extra for the next thing that you are excited for in life.
Wishing you the best!
You’re 10 years younger than me so you definitely have more time but I’m chasing freedom here and save 40% of my take home after 529 savings towards retirement: 401k, ROTH IRA, and the rest towards brokerage account. “What else should I be saving for” is never a question I ask, it’s “how can I make more money so I can save more?” ƒÿå it’s refreshing to hear someone with a very different view of life. I need to chill.
Maintenance, emergency fund, med insurance copays, vacations, retirement… the sky’s the limit!
As someone who is currently waiting for the ac repair man repairs, and they always come in groups.
Saw in a comment your only putting total 10% into retirement. That should be at minimum 15%. IÔÇÖm personally doing 25% with match. Otherwise, I save towards vacations and outdoor gear (ski pass & gear, paddle board, bike, etc..)
A second house!
But ideally you want to invest at least 15% gross income into retirement (preferably 25%+ if you might consider early retirement.)
IÔÇÖd go check out r/personalfinance if you want some reading material. They have a good wiki and flowchart.
Pay the car off. Work pays for my truck but IÔÇÖd kill to not have that bill every month.
Save for your next goal.. if you have 50k and your next goal is 100k? You save for that goal. Otherwise, save for retirement or to be able to stop working.
After emergency fund, short term goals ( quarter trips) and retirement?
Early retirement/financial independence. I want to travel more and do extended overlanding trips. Figure out what early retirement looks like to you and push for that. Plenty of tools online that can help you budget those goals and seeing the retirement age drop from 60s to 50s and soon 40s is a great motivator to keep saving.
We have a ÔÇ£long-termÔÇØ savings account
that is in addition to our emergency fund. It is for things like home upgrades, furniture, vacations, etc.. We also have an account we make small car payments to every month even though we donÔÇÖt have one. It is a way to save toward our next vehicle. We find the more that we do systematic savings, the less we spend week to week On every day, life and our savings accounts really ramp up quickly
An extremely early retirement. Then IÔÇÖll just work as a librarian some place thatÔÇÖll give me 6 weeks vacation.
If kids are in your future, then college funds will be as well.
I started saving for an early retirement. Two more years and IÔÇÖll be retired at 57.
An other house a better house
You should be saving for your retirement and emergencies.
Improvements and maintenance to townhome. Single family home assuming you want that. Wedding/honeymoon if applicable. Vacations/trips/experiences. Next car. Are you investing at least 10-15% for retirement?
Ally has savings buckets. They help visualize what you might be saving for. Emergency fund, car repairs, interior home repairs, vacation, wedding, honeymoon, etc
Fast forward 30 years and imagine your daily lifestyle.
Aim to max out your retirement accounts. This will benefit you 2 ways. First and short term, it will lower your taxable income. Second and long term, it will give you more time in the market which will set you up for more money when you retire.
Retirement, emergency funds (3-6 months salary), vacation plans
Emergency fund, retirement. If you are planning to have kids, start saving now lol! Congratulations on getting home though! Very impressive at your age in this market! And be sure to enjoy your money too!
Work on maxing ROTH IRA and 401k then invest in a taxable brokerage.
New/replacement appliances, HVAC, roof, siding, windows
Was quoted 6k for deck repair where they were just gonna replace a few boards sand and paint.
I did it with my uncle for $900 and 2 days of labor.
I’m saving up for when I have to replace my AC after getting it serviced I have accepted the fact that it’s got one summer left in her maybe less.
Time.
I used to save and invest so I can pay people to do menial, time-consuming work that I hate to do, or buy vacuum robot or housekeeper etc, you got the idea.
Then I saved and learned to invest until I have enough to live off of the yield without working, thus I don’t need to trade my time for money anymore. But after I reached that, I realized new goal just keep unlocking for me and now I’m trying to do same but including my parents’, spouse’s and future kid’s expenses as well.
I am not rushing to reach that new goal, trying to enjoy the moment as is. But I imagine when/if I reach that, new goals would keep popping out.
Consider saving for long-term financial goals like retirement, emergency fund, investments, and experiences or travel.
And Prioritize building a strong financial foundation and investing for your future, even if you don’t have immediate plans for a wedding, kids, or a larger house
Retirement, home repairs and emergencies. Also nice things like a vacation youÔÇÖd like to take.
Edit – If you get married, keep your retirement and savings accounts separate and document whatÔÇÖs in them when you get married. If things donÔÇÖt work out, that makes it easier to demonstrate what is and isnÔÇÖt a marital asset.
Are you maximizing your retirement savings? At 27, saving now will give that money time to compound, meaning your “Golden Years” will be a lot more, well, Golden! You may not think about it at 27, but trust me: the older you get, the more you’ll appreciate putting that money away – assuming you retire at 65, you could live another thirty years.
Plus, money put into retirement accounts gives you tax advantages now, since you don’t have to pay taxeds on it until you withdraw it, except in the case of ROTH IRA’s.
Retirement, vacations, next vehicle, lake house, boat
You do like everybody else. You work forever and only look digits going higher on your accounts, never cash in and winner is the one who has most when they die.
Travel, renovations on the house, really nice gifts for family, certificates/higher education or just investing it into a low-fee index fund.