I'm turning 30 soon which makes me feel overwhelmed if I'm being honest. I feel like it's an age where you would love to be financially better than when you were in twenties...so, I would love some finance advice to make sure I'm heading in the right direction. Sharing my info down here, finance experts, what would you do differently if you were me? Salary: 115K 401K+IRA+Roth: 95K HSA: 7K Investment Account: 60K Emergency Account: 15K Student Loan: 16K (Currently not paying rn) Rent: 1700 (I live in a HCL city) Groceries+Needs: ~400 Wants: ~1000 I try to save 1000-1500 per month.
My advice is to invest in a small real estate which could also serve as a rental income few yrs down the line. It could be as small as a 1 BR in a place where there are more renters than home owners.
Yea buy a duplex. Live in half and rent the other half. You get subsidized cost of living; equity pay down; tax benefits; appreciation.
Good suggestion unless you don’t mind giving up some privacy.
Find FIRE on Reddit.
how many models have you been banging with your TC
You doing fine, but obviously try to get a job in 200-300 TC so you don’t have to become a frugal nerd and saving will be less of a mental load.
Step 1: read the richest man in Babylon Step 2: read rich dad poor dad Step 3: listen to bigger pockets podcasts
Will add in 'The Millionaire Next Door'
Also listen to Stacking Benjamin’s and ChooseFI podcasts
Max out you’re 401k, stop after tax investments until you at least do that. Look to increase your comp otherwise.
There’s no benefit to maxing your contribution beyond what your company matches. There are other tax advantaged investment vehicles that give you way more control and much lower expense ratio than a 401k
Lol, what?? There's a ton of benefit on maxing 401k
Pay some of your student loan down before repayment starts /. Get some of the principal down. Keep saving and putting away into 401k
Invest in yourself by doing interview prep and increase that tc 1st. This is serious advice not a snarky comment. You'll be limited by that tc. Aim for 200k if not more. I was becoming frugal and wanting to save pennies everywhere with low 100 tc, was in mcol though.
1) Don't get married. 2) Don't have kids. Use TWO forms of birth control because, take it from me, one always fails eventually. 3) Keep a 6 to 8 month emergency fund. 4) Do a 401k only up to the match 5) Max out your IRA or Roth IRA. 6) Pay off debts. 7) Cut out your "wants" and put as much as you can into taxable accounts following the 3-fund rule. 8) Forget real estate. Huge headache, highly overrated. Stick to stocks. 9) Cut cable. There are free ways to watch whatever you need to watch. 10) Always buy cars with cash. Never lease. And get a cheap car that runs well, who cares what other people think. 11) Use a discount cell phone carrier like Republic Wireless or Patriot Mobile. 12) Buy a home only when you can afford it. Follow rules #1 and #2 and this won't be a problem.
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Check investment subreddits.