Need advice. I am a 30 year old that is trying to learn more about investing for retirement and savings. Currently have a 401k but know I need to do more. I make a little over 40k a year, have about $3,500 total in savings, and actively save about $300-$400 a month. What is the best way I can grow my savings? I want to invest for retirement but I also need to save short term for a home(currently renting),car, and planning to get married late next year( we are eloping) . Where should I start?

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You should start by finding a new job that pays at least double your current salary

likefunnyhelpful

Andrew Tate mindset

smart

Lot of stupid responses and glad to hear you’re taking control of your financial life. I would highly recommend the Mr. Money Moustache blog for all things saving and investing. The Boglehead community is a good place to start too.

likesmarthelpful

I would highly highly recommend taking this once in a lifetime opportunity of massively increasing wages and record low unemployment to snag a new job.

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Depends on skillset but a lot of entry level consulting positions start at least double OP’s salary. I realize at 30 that’s not really entry level but if it can be translated to consulting experience, companies are still hiring. Most people just want out of consulting because maintaining a good WLB can be difficult

helpful

High yield savings account for short term savings and long term investment either 401k Roth or throw money at s&p500

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So if your company offers a 401k Match, MAX that match (contribute to get the maximum from them). For example, at my company, if I contribute 5%, they put in 4%. That is an IMMEDIATE 80% return on investment.

As others have mentioned, lots of places hiring, so if you see a place to jump, take advantage of it. But I'd stay away from startups right now as VC money seems... not to be flowing as much.

Your goals should be:
-Max Employer Match 401k
-You want to have a buffer of cash saved. the ideal is 3-6 months of expenses (Things you NEED to pay to live + not go stir crazy). If you have access to cheap cash or a stable/in demand job, you can go for lower end. Keep this in CASH. Open a high yield savings account. You can find them for above 1.5% now. Not a ton, but something.

Definately set extra aside for wedding, but also once you match employer match, invest in a Roth IRA. If your job doesn't have a 401k match, start here.

You can contribute 6k a year to roth IRA at your income level, so try and max that out if possible. The /r/personalfinance subreddit has a great waterfall on priorities for investing.

For WHAT to invest in, I suggest you look at the "Boglehead" portfolio. Or broad market index funds. None of us are smart enough, statistically, to win at playing the market. I have my IRA in betterment because of this, but any set it and forget it will do. Pick what you want, and just contribute regularly. That will earn you more than almost any other strategy.

Congrats on the upcoming wedding :)

likehelpful

Doge coin

funny

Good for you. Here are some quick tips.
Save 3 to 6 month of expenses for an emergency fund in a High Yield Saving Account (Tmobile money, citizens bank, betterment are all good IMO). Contribute up to the employer match in the 401k - if your employer offers a Roth 401k, choose that option. Roth IRA for the excess over 401k and Emergency Fund, max is 6k/year at your age. Goal would be to save/invest at least 20% of income, no matter what you make. Also, get life insurance with living benefits for you and your fiancé. I like permanent insurance over term, but it depends on your future and family goals and your budget.

likesmart

I disagree, universal/variable life insurance is still crap. If you’re investing in quality index funds or ETFs, historically those have outperformed whatever those insurance offers. Life insurance is NOT an investment and should not be treated as such.

If you’re looking to invest with your current income, I recommend starting with a ROTH IRA. There is a max limit you can put in. Put in what you can.

If you have a high deductible plan, then invest in an HSA. This also has a max limit, and it’s the most tax advantages place to put your money.

401k is a good place to put your money. At your current income, I would personally only put in up to the company match (if you have one). That way, you take advantage of “free money”.

If you want to be able to access the money before you retire, I recommend opening a brokerage account. Fidelity or Vanguard are good places to do so as they are free & easy platforms for beginners. In a brokerage, you can buy/sell whenever you want. Since you’re just getting started, maybe look into investing in funds like VOO or VTI.

Many said look into a new job… that will certainly help you grow wealth, snd it’s a good market to start looking. In the meantime, below are a few options to look into.

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I would recommend you and your fiance buying a property together. Then, a few years later, you guys can buy another property and rent out the first property.

This would kill two birds with one stone: Invest in your marriage and rental property investment.

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401k is giod for the match, it's part of your compensation so you should try to max that out. After that, I went to Fidelity and started looking around. I like their money market account, pays savings account interest with checking account access and bill pay. Fidelity Go is a robo-advisor, it won't set any records but it's a decent way to keep FOMO at bay while you educate yourself. I'll probably get some flak here but I don't like retirement accounts, I don't have a high dollar account so I want it accessible without penalty. Also, keep in mind that if you're going to buy a house you'll want to have money set aside for when things break. Like a fridge on a Friday afternoon while you're at work.

Get a job that pays you more money. I tried saving money in a low paying job and that was way too slow compared to increasing your salary.

Assuming you’re disciplined then that would be true… but we know that’s not the case with everyone (keeping up with the Jones, lifestyle inflation etc). Pay yourself first by automating your savings. Save 80% and spend 20% if possible.

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