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It's layoff city here in Southfield.
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@CreativeDirector1- I live in NYC. Basically don't wait for bad things to happen in life before you set yourself the serious goal of financial independence. These careers take up all our time but are still pretty short . Aiming for financial independence that will eventually free me from work at a reasonable age is the only way i can justify giving so much to work right now
we need to start an Investing bowl. I have so many questions for all the money-smart people in this thread. I grew up on welfare and money still scares the shit out of me.
Hahahahaha geez I’m so poor
CL I was thinking the same thing. But we should call it Financial Matters so it's not all about investing.
Do your research before throwing money in stocks. Index funds are safer and typically perform better. Agree with Bogleheads recommendation. Vanguard is the way to go. Fees add up fast. I recommend ally bank for emergency fund. As accessible as normal bank account but with higher interest earning on your money. Your emergency fund should have 3 to 6 months of your expenses. Prioritize this before your start investing. Then, make sure you are maxing 401k and ira (if eligible), only once you have those boxes checked should you consider other investments.
Fuck you guys are smart. Thank you so much. And if you wouldn’t mind, I know I and tons of other people would be super grateful to lesrn more. I definitely didnt grow up with people who knew more than just save money....learning all this as an adult is both difficult but also exciting. Probably like a lot of our fellow indentured servants, I’m determined to figure this shit out.
And again Thank you for sharing!
@sr CW, with all the financial blogs out there, why hire a financial advisor, esp. if you don't have a lot right now. They get paid by selling you expensive products. I'm a broken record here, but read Mr Money Mustache--you don't need to be that hard core but the advice is useable. Also Jlcollinsnh.com. Those are personal favorites. But financial blogs are a huge biz--google the top ones and start reading, then decide later about the advisor.
I have a nest egg of $100k cash in the bank. With the exception of a budget for living expenses (rent, bills, play), everything else goes into stocks. Plan for this year is to get into real estate.
Dayum. I feel like a giant chump.
How’d you all get into/learn about investing?
Almost 70% between 401k and cash-value life insurance, brokerage, and money market savings. I was really bad about money for almost all of my 20s and finally got my head on right a few years ago. I’ve just started with a proper financial advisor and it really felt like one of the most empowering moves I’ve ever made.
I’m on track to save over $40k this year. At some point I may actually be able to own something. And (hopefully) not retire in poverty!
Started a money management bowl for anyone interested
https://joinfishbowl.com/bowl_9x8k1g
@OP - start with the investing 101 videos on Bogleheads
Because I'm a freelancer I keep 20-30k cash for peace of mind and invest everything else. Sounds like you all know what you're doing, but for the ones asking stock questions, I always recommend this group of posts: http://jlcollinsnh.com/stock-series/
For real estate, the tax reform isn’t helping much either. Really sucks, especially in NYC right now. Coastal and expensive areas are going to be hit the hardest.
I don’t invest monthly. My strategy is to never have more than $5K emergency funds sit in my savings account and $3K checking. Everything else gets invested
What do you guys use to invest? Apps or a broker?
I put 10% in my 401k, $500 a paycheck into savings, and throw what's left at student loans
I use Charles Schwab’s smart portfolios!
Thank you Strategist! I'll put a note in other bowls later so we can get others to join.
@Strategist1 Little late on the real estate train. I wouldn’t go anywhere near it this year or anytime soon. Last year was the last time it will be good to buy for a long time.