This is where i'm at right now... How can I make my money grow? I am 41. Have just purchased a new how and about to purchase a new car but have some money put aside. What to do with this money instead of letting it just sit in our savings account???
Have a family? Need that space?
I'd consider maxing out 401K (if you aren't already). Perhaps consider a financial advisor (if you dont' want to spend the time do it yourself). I use a Financial Advisor and find the bit I pay them a year absolutely worth it.
I'm going to assume 401K would be what we call Superannuation, which is basically a retirement fund? I really need to put more funds into that as we are basically only contributing 9.5% or so of our total wage towards it. I was thinking of upping that to 15-20% and see how we go with that.
Lazy mode: put into ETF, wait 20 years, profit.
Don't know exactly how that works. In the U.S., it is portion of your wages that can go into an investment account tax free. There is a limit to what can go in tax free though. So after that, you may want to put cash in other investment vehicles.
I am retiring in 4 years... ten years ahead of schedule.
if you gotta manage your income, you ain't earning enough !
The basics of finance need to be taught in middle schools or even younger. Pretty ridiculous that, at least the ones I went to, there were basically no instruction on different ways to save, grow, conserve money.
You only live once though and there's no afterlife. "OOOOooooh heaven is a place on Earth!" Spend that cash how you want, G.
Great news! Glad to hear its worked out for you.
Home ownership is often not a DUMB financial investment. As I said, it very much depends on a host of other factors and there are plenty of other options that can yield the same if not higher returns...especially over the long term.
You drive a 2019 NSX on a 100k a year salary and only 300k in savings? Did you mean a TSX or something?
300k savings is plenty. I didn’t say I’m worth 300k. I’m worth close to a mill all in. The point was that you can enjoy your money, save, and still not live paycheck to paycheck. If you’re making six figures and not able to save your life style is out of control.
I believe millennials are people born between 1981 and 1995. I am a millennial. Millennials are also described as the worst financially responsible generation, however I feel they also fell pretty to some of the worst financial traps, credit cards, powerful behavior defining advertising, media addiction, drug legalization, the financial crisis, etc. Those situations as a cumulative worked against the millennial generation.
Modern day is commercialized with so much useless shit compared to the old days of the 70s and 80s where our parents biggest strive for luxury shit was buying a nice TV and a VCR. Now its endless crap from big ticket items like BMWs and Audis and Cadillac marketed to young professionals when these were historically cars for old dudes with executive level jobs, to all the media/tech to blowing your money on espresso machines, Kitchenaid or Le Creseut (whatever the fuck it's called) expensive kitchen brands.
Y’all need to move. You can live like a king in other places
This is what 500-600k gets you in SoCal
All comes down down to how much you want to live in SoCal. If $500k gets you crap, consider moving.This is what 500-600k gets you in SoCal
how far away is your commute? You can find cheaper homes if you are willing to live in the inland empire like Riverside or Moreno Valley.
My office is down in Carlsbad. I'm actually a remote worker now (thanks to the pandemic, it opened up an opportunity for me to say I'm just as efficient at home) but I have to into the office for meetings and such. My wife works in Irvine and her family is here too.
…..I grew up in Moreno Valley.
Six figures is not considered on the cusp.
Where did you end up moving if you don't mind me asking? And what are you paying?…..I grew up in Moreno Valley.
But yeah, I get it. House prices were getting insane before I left California, but I knew that the IE housing rices were always a little more stable than orange counties or Los Angeles.
I would recommend if your okay with suburban life, and want to start a family that area isn’t to bad. Atleast 600k gets you an actual home.
.com bubble you mean. Which then went bust.
I left Cali for an software engineering job in Jacksonville FL.
I think we have our wires crossed somewhere. I was trying to explain that £100K is considered rich, not just on the cusp. If someone struggles to live on £100K/year, they have a problem.
I totally agree! It is very important not only to receive a lot of money, but also to be able to spend and distribute it wisely.if you gotta manage your income, you ain't earning enough !
so yeah, learn to manage
I hope that in a few years many such holes will be closed in the education system.
The basics of finance need to be taught in middle schools or even younger. Pretty ridiculous that, at least the ones I went to, there were basically no instruction on different ways to save, grow, conserve money. Now that I'm older, I certainly devote more time to my financial literacy. I use financial affirmations to become rich every day and you know, they work. You can also go now here to choose the right affirmations for you and finally start taking control of your life. It is important to completely change your thinking and stop thinking poorly. Imagine that you already have everything you desire. The universe sees only such signs. Then you will definitely succeed
You only live once though and there's no afterlife. "OOOOooooh heaven is a place on Earth!" Spend that cash how you want, G.
Yup.
Agreed. Live below your means if possible. Give yourself room to splurge when you need it. Following that simple rule will lead you to an early retirement provided you maintain a steady source of income.
Its location based too...some states dont have state income tax...others tax the FUCK out of you
