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I'm 25, unmarried and living with my partner (who also works), and have no children (and don't intend to have children any time soon). I just got myself out of a lovely dead end job and am now going to be making 15.50 an hour (full-time) to start, with room for raises and promotions (the job is with a large Credit Union and is very stable). I recently paid off the last of my educational debt, and aside from $100 dollars on my Line of Credit that I used for groceries that I will pay back on Friday when I get my paycheck, I am completely debt free. However, I know basically nothing about investment or personal finance beyond avoiding debt as much as possible. My short term goals at present, in order of importance: 1) Get my savings account from the current balance of $50 up to five times my out-of-pocket monthly costs, so roughly $3000. 2) Buy a new bicycle. So, not much. As for my long term goals: 1) Marry my partner and buy a house together. 2) Quit smoking 3) Maybe go back to school at some point and get some sort of Associate's Degree or Vocational Certification, especially if I can salvage some credits from my orphaned attempt at a Bachelor's Degree and/or get tuition assistance through my job. Additional information: I live in the Pacific Northwest in a College Town that is experiencing a tech boom. My partner makes roughly as much money as I do. We have very little in the way of expenses. My parents and grandparents (comfortably middle class) have offered to help with a down payment on a house in a few years, though exactly how much they plan to help hasn't been hammered out yet. Basically, I came here to ask what I should be doing. There's a wealth of information out there, but I have no idea where to start beyond building up my savings. I am open to pretty much any suggestions or ideas that are solid and involve comfortable amounts of risk. Help?
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Jul 5, 2017 00:59
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| # ¿ May 21, 2024 18:19 |
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KYOON GRIFFEY JR posted:The usual - you should be contributing money to your tax-advantaged retirement accounts. Check out this thread: Well, I already opted in to my employer's 401(k) program at 4% (since that's what they'll match). I suppose I can start working on an IRA too once my emergency savings and home down payment savings start looking good. Thanks for the advice, definitely something I should be considering!
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Jul 5, 2017 08:18
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Further information: I live with my girlfriend in a one bedroom apartment, my share of rent (half) is $295, add another $150 for my share of groceries for the month and about $75 - 100 for bills depending on the month. I don't smoke that much, maybe 2 packs a week at most, so another $40 a month give or take. Add in coffee and eating out a few times a month ends up at $650-$750 a month. I don't have a car since my city is very bike-able. I was already planning on craigslist for the new bike. My saving habits have previously been $100 off each paycheck when I was making $10 an hour, though my hours were highly variable and I had to liquidate my savings a couple times during the dry months. My only other expenses are either food for my snake (which averages out to $10 a month) or luxuries and indulgences like vacations, video games and books. Emergency fund is my top priority, followed by bike since that's literally how I get to work and my current bike is starting to fall apart. House won't be for another few years, I've just been wondering what to do in the interim since my income will be going up by a significant amount and I'll have more consistent hours. Edit: I said partner, not parents. Not sure if that was just a typo on your part or if you misunderstood. Eleven Eleven fucked around with this message at 21:07 on Jul 9, 2017 |
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Jul 9, 2017 20:57
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Shayl posted:Don't let the bikeshop people talk you into a 10,000 carbon fiber bike. Don't even let them talk you into something over $600 and they WILL try to upsell you stupid accessories you don't need. Ended up getting a really nice, lightly used commuter bike for $350 from a friend who recently upgraded (he originally got it for ~$600).
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Aug 11, 2017 06:17
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