- November 8, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Overview and Challenges
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Hello, new here! Looking for some financial advice.
I am a 25-year-old who has only been working for about 3-4 months, making approximately 66k per year. I do not have any student loans and I am currently living with my parents, so I do not have any rent to pay, but I do have a car payment.
Retirement and Investments
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– I have recently started contributing 15% of my income to my 401k, which includes a 3% match, and have only been doing this for about a month.
– I have not been putting much into my Roth IRA and have only invested $350 in it. I am considering using a Robo account for better management.
Debt and Savings
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– I have recently paid off all my credit cards, except for one with a $700 balance.
– I am currently saving 30% of my paycheck.
– I am using 70% of my income for car expenses, travel allowance, phone, wifi, and daily spending biweekly.
Financial Struggles and Impulsive Spending
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I am feeling lost and unsure about where to put my money. I have never been good at saving, even during my summer jobs. I tend to be impulsive when it comes to buying food, clothes, and other wants, such as electronics. This is my first ‘big boy’ job, and while I am grateful for only working three days a week, I feel like I need advice as a beginner.
How AI Legalese Decoder Can Help
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AI Legalese Decoder can be immensely helpful in your situation. It can assist you in making sense of complicated financial jargon and help you understand the terms associated with various investment options, like Roth IRAs and 401k plans. The tool can also provide you with personalized financial tips and advice based on your specific situation, guiding you in making the best decisions for your money. Furthermore, it can help you create a budget and track your spending, addressing your impulsive buying habits and ensuring that you are saving enough for the future. By using AI Legalese Decoder, you can gain valuable insights and knowledge to improve your financial management skills and set yourself up for a more secure financial future.
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Original:
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Rewritten:
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All I know is that you should find time to max out your Roth IRA for a better return on your retire fund.
I think you’re doing great. Generally speaking, I’d suggest directing all extra money towards the car to get that paid off asap. Then, increase your Roth IRA contribution so you put in $6,500 per year (the max allowed) and invest in VTI or equivalent index fund. Also, learn the basics of budgeting so you can get better at saving money and controlling your financial destiny.
Have you set any financial goals? short-term/long-term etc? 🙂 It could help you focus and set a solid plan on **WHERE** and **HOW** to allocate your money.
You should look at maximizing your cash savings by contributing to high yield savings accounts.
Specifically for your emergency fund so you can have security when you move out. Take your estimated rent, a few hundred extra for bills and groceries and multiple that number by minimum 3, aim for 6-12. Then your next goal should be a balance between maximizing your 401k and adding to traditional brokerage accounts.
Stick to low cost market tracking ETFs donÔÇÖt get cute. Build the core of your wealth around it then you can pick stocks with excess funds.
Beef up your savings target while you live at home. If you can make this 50-60% for just a few years or however long youÔÇÖre with your parents, youÔÇÖll feel so confident when you get your own place. Pay and invest in yourself.
ThereÔÇÖs no exact science, get a solid emergency savings. Invest in your retirement especially if you max it out while you can afford to (if you can). Invest in traditional brokerage for longer term goals and figure out if you want to buy a home in the next few years or something like that and begin saving towards it.
YouÔÇÖre in a fortunate situation and doing the right thing. DonÔÇÖt make silly decisions just stick to basics!
Best of luck!!
Didn’t see an emergency fund – get 3-6 months living expense set aside.
Roth is better retirement money. Max that sucker.
AND get the match on 401k – it’s like free money … It is free money. But, I wouldn’t over contribute at the expense of short term goals:
If you’re planning to buy a home of your own or something, put more money in your high yield savings or money market account.
Sounds like you are doing really well. With 15% + 3% of your earnings going towards retirement you are in a good spot. I would recommend paying off the car early. Then making a plan to possibly get your own apartment or find some roommates.
Do you have access to an HSA? IÔÇÖd max that before funding an IRA; fund both if you can, but HSA is the best kept secret in retirement savings. (DonÔÇÖt touch it for current healthcare bills.)
If your parents or grandparents or siblings have any medical history of any hereditary illnesses and if you plan to get married at some point, then I suggest you lock in premiums by buying a term life insurance policy of at least $ 1 mn for 30-40 years. Premium should be around $60 per month if youÔÇÖre currently healthy