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What is some advice you could give a 24 year old trying to plan ahead?
Posted on 11/28/15 at 9:37 pm
Posted on 11/28/15 at 9:37 pm
I don't have any debt or major bills at the moment. I currently work in a retail position making $12 an hour which isn't great, I know. Anyway, I lurk here a bit and figured I would just ask you guys for advice on things I should begin picking up or perhaps looking into, I appreciate it tremendously.
11
Posted on 11/28/15 at 10:12 pm to xxKylexx
Open a Roth IRA with Vanguard and set up an automatic investment every week into a low fee index fund. It doesn't have to be much, just whatever you can afford. The important thing is that it's withdrawn automatically every week without your input. You'd be amazed at how much even small investments grow over time.
Posted on 11/28/15 at 11:29 pm to Joshjrn
Especially how the OP is.
Just don't raid it every other year.
Just don't raid it every other year.
This post was edited on 11/28/15 at 11:30 pm
Posted on 11/29/15 at 5:26 am to Joshjrn
quote:
Open a Roth IRA with Vanguard and set up an automatic investment every week into a low fee index fund. It doesn't have to be much, just whatever you can afford. The important thing is that it's withdrawn automatically every week without your input. You'd be amazed at how much even small investments grow over time.
^^^This. $100/month ($25/wk) with a 7% return (avg stock market return over a long time) is $181k in 35 years.
Posted on 11/29/15 at 6:35 am to xxKylexx
Consider joining the military, learning a trade (HVAC,Welding, etc) or getting a degree that leads to better wage (accounting, engineering, etc).
Posted on 11/29/15 at 8:05 am to xxKylexx
Don't get married unless your SO is financially independent.
Posted on 11/29/15 at 2:04 pm to makersmark1
quote:This is much more important than any type of investment you can make. It is hard to do much making $12/hr
Consider joining the military, learning a trade (HVAC,Welding, etc) or getting a degree that leads to better wage (accounting, engineering, etc).
Posted on 11/29/15 at 2:09 pm to xxKylexx
Are you a student?
Posted on 11/29/15 at 6:50 pm to yellowfin
At this point I would work tirelessly to find a way to increase your wage. You can either go to trade school or a 4 year college but choose your degree carefully. Avoid retail almost completely as there is no money to be made there. Once you increase your income start the Roth IRA. Stay out of debt and work hard and your wages will increase naturally.
Posted on 11/29/15 at 7:19 pm to tigereye58
Your best bet is to marry well.
But remember -
"If you want a happy life
don't marry a pretty wife."
But remember -
"If you want a happy life
don't marry a pretty wife."
Posted on 11/29/15 at 7:51 pm to oldtimefootball
You will not have a pension. You cannot retire on a 401k. You must save 15% of earnings each year (includes the company match). Take all the company match.
Posted on 11/29/15 at 8:22 pm to xxKylexx
As some others have said but in different words, invest in yourself. I got a college degree going to college part time and working fulltime. I also enlisted in the military which helped. If college or military is not a possibility then think about a good trade. I don't want to completely rule out retail because if you can advance to a General Manager (or above) or owner, etc it is possible to do very well.
Other than that, live below your means and put a part of your earnings into an IRA (Roth) every pay check.
Other than that, live below your means and put a part of your earnings into an IRA (Roth) every pay check.
Posted on 11/30/15 at 8:32 am to xxKylexx
JM2C, I would have a plan to ditch retail, unless you're in management of major grocery chain or business (Starbucks, Costco, Home Depot). if this is career outlook, start a Roth through Vanguard and even if it's $25/week, commit once you have opening balance to do so (3k?).
If not career outlook, keep money in savings and dedicate yourself to trade/schooling necessary to achieve career path. Dip into $ if needed. Once accomplished start Roth.
Good luck!
If not career outlook, keep money in savings and dedicate yourself to trade/schooling necessary to achieve career path. Dip into $ if needed. Once accomplished start Roth.
Good luck!
Posted on 11/30/15 at 9:03 am to Joshjrn
quote:
Open a Roth IRA with Vanguard and set up an automatic investment every week into a low fee index fund. It doesn't have to be much, just whatever you can afford. The important thing is that it's withdrawn automatically every week without your input. You'd be amazed at how much even small investments grow over time.
Are having to pay fees everytime when you do automatic monthly investing?
Posted on 11/30/15 at 12:46 pm to Joshjrn
quote:
Open a Roth IRA with Vanguard and set up an automatic investment every week into a low fee index fund. It doesn't have to be much, just whatever you can afford. The important thing is that it's withdrawn automatically every week without your input. You'd be amazed at how much even small investments grow over time.
This is pretty solid advice. Keep looking for upward job opportunities, or a 2nd job that you can put completely towards savings.
Posted on 11/30/15 at 6:55 pm to windshieldman
quote:
Are having to pay fees everytime when you do automatic monthly investing?
There are no fees for automatic investments into Vanguard funds.
Posted on 11/30/15 at 8:12 pm to makersmark1
quote:
Consider joining the military, learning a trade (HVAC,Welding, etc) or getting a degree that leads to better wage (accounting, engineering, etc).
This.
Also don't get a woman pregnant until financially stable.
Posted on 12/1/15 at 12:09 am to xxKylexx
Thank you for all the advice. I'm definitely going to take all of it and begin doing so because $25/week is not bad at all.
Posted on 12/1/15 at 7:49 am to xxKylexx
quote:
begin doing so because $25/week is not bad at all.
If $25 isn't bad at all $50 should be perfect. But seriously, work on yourself to the point you can get a job at a higher wage.
Posted on 12/1/15 at 8:00 am to xxKylexx
* Forget saving for retirement now, invest in your career through education or training or research. You should be doing as much saving as possible to pay for education or career expenses.
* Not much future in retailing unless you own the store or manage a region.
* Don't get married until you are financially stable.
* Stop wasting time on TD and spend those hours researching careers.
* You have PLENTY of time to get your career on track, but start now! Every day making $12/hr is a day of your precious life lost forever
* Stay focused, determined, and don't waste time, for that is the stuff life is made of
* Not much future in retailing unless you own the store or manage a region.
* Don't get married until you are financially stable.
* Stop wasting time on TD and spend those hours researching careers.
* You have PLENTY of time to get your career on track, but start now! Every day making $12/hr is a day of your precious life lost forever
* Stay focused, determined, and don't waste time, for that is the stuff life is made of
This post was edited on 12/1/15 at 8:04 am
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