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@Social Work Hey guys! Attached is a job posting. The job (Social
Worker at Sheppard Pratt school) pays 34-41/hr which is 70-85k a year depending on experience. It’s a full time job. So benefits included (insurance, 401k, paid time off, sick days) And also bc it’s a social work position at a school, you get at least 4 supervision hours a month. This recruiter sent it to me. So if you’re interested please reach out to me or her. https://www.indeed.com/job/licensed-social-workercounselor-33455f2e7d917b37
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I like the way some Jewish families do it, allegedly.
Apparently they set up 4 jars kids to allocate their allowance.
1/4 to spend, 1/4 to save, 1/4 to invest (double at the end of week), 1/4 to donate to community.
I think this is the right starting point. The fundamental of investing is income management. Afterwards, you start to think for yourself on what you can or should do with the money saved/invested.
1) pay yourself first: make a budget and allocate a dedicated amount each month for investing
2) if you’re new to investing, ensure first that you have a safety fund set-up (3-6 months living costs)
3) think about your investment goal and based on that decide on your investment strategy (e.g. for long-term investing you can look into all-weather portfolio and set up a savings plan vs. you want to invest in Real estate vs. you want to actively trade)
4) only buy what you understand—> Check out “finanzfluss” on YouTube - nice basic videos regarding investing
5) regarding platforms: from personal experience Comdirekt is the best; smartbroker (BNP Paribas) is cheaper but customer service is horrible!!)
6) lastly: for Germany, as you get started with investing don’t forgot that you can also declare it in your tax return (“Sparerpauschbetrag”)
Look at bogleheads.com wiki pages. Look at the 3 fund portfolio, asset allocation and some of the other getting started articles. In addition, to OW1’s comments, live below your means, don’t think you know more than the market and keep it simple. When starting out, increasing your savings rate and improving your earnings capability has much more impact than how you choose to invest, focus on the important issues.