I had credit card debt from when I was laid off about two years ago. A year ago I got a new job that paid me on the higher end for my profession. I had money in my checking just doing nothing so I paid off my in one payment. It feels good but hurts at the same time
Hello everyone, as the title says, I bought my first few shares of the VUAA ETF (European S&P 500 equivalent)
I lost a bunch of money in crypto and decided to take the safer route now,
I plan to invest the majority of my savings (70-80%) into the S&P 500 and NASDAQ
With the other 20-30%, I will try to buy smaller individual stocks with bigger potential, but also higher risk
My goal is to have north of $500k by the time I'm 28. Which seems ambitious but still realistic from the current standpoint
I would love to hear some advice from older and more experienced investors from both the US and the rest of the world
i meant money is a thousand better then having friends
am i right ?
How important is working non-stop?
From the time when I was young kid, I remembered that I already started doing part-time jobs in retail, sales etc. and earning like $7, then slowly as I grew up, switching part-time jobs and earning slightly more, like $10+.
I studied in university and after finishing my exams, before I even received my results, I was already confirmed and employed by a firm. I have been working non-stop since, never taken a break, never quitted.
I started investing in stocks since I was in University (with my savings from part-time jobs) and after I started working full-time, I also deposited some lump sums into my brokerage and invested more.
Today, I feel that I'm in a very financially comfortable position, ample amount of savings and investments, and I am able buy a house as a single if I liquidate all my investments. Of course, I don't liquidate now because I want to grow my investment portfolio even larger and eventually have passive income paying off my mortgage in the future.
I realize that working non-stop allows your money to have the "compounding" effect and this creates a gap that gets larger over time compared to people that took a very long time to find a job after graduation, or got laid off or resigned and took a long break.
I'm looking for outside opinions because this is a life-changing amount of money for me, and I want to make smart decisions instead of emotional ones.
A close family member recently passed away, and I'll be inheriting roughly:
* **$330,000** from an inherited 401(k)
* **$150,000–$200,000** from the sale of their house
* **$50,000** from their checking account
So I'll end up with roughly **$530k–$580k** before taxes on the inherited 401(k).
The 401(k) has to be withdrawn within 10 years, and every withdrawal is taxed as ordinary income. I'm currently leaning toward withdrawing it over **5–7 years** because that seems to let me get the money sooner while staying in a relatively low tax bracket. Utah has a flat income tax, but I may not stay here long-term.
### The house situation
I lived in the house with my family member the entire time. The house was in their name, but my brother and I are the beneficiaries.
I still live here now.
If I want to keep the house, I'd have to buy out my brother's share of the equity for about **$150,000**.
The house has:
* 3 bedrooms
* 2.5 bathrooms
* An unfinished basement
* About **$145,000** remaining on the mortgage at **3.75%**
I'm a single guy with one dog, so I definitely don't *need* a house this size.
### Option 1
Keep the house, buy out my brother, and continue living here.
### Option 2
Sell the house, travel around the U.S. with my dog for a few months (staying in pet-friendly hotels or motels), figure out where I actually want to live, then rent an apartment and pay a year's lease up front.
### My questions
Would you keep the house or sell it?
If you were in my shoes, how would you invest this money?
How much would you keep in cash?
Would you pay off debt or keep the low-interest mortgage?
Is there anything you would absolutely avoid doing if you suddenly found yourself in this situation?
I'm 34, single, and this inheritance gives me a chance to completely change my financial future. I'd love to hear how you would approach it if your goal was to maximize long-term wealth while still enjoying life.
UPDATED INFO:
I work for Grubhub and Ubereats. Probably not for much longer as I will take time off to learn a new skill/certification/degree etc. I can work whenever I want or need to so that is why traveling for a bit is an option. I do not currently have a skill.
My only debt is about 9k on a 2017 Honda Accord Hybrid with 151k miles on it. I don't have any other net worth or savings.
If you want to know anything else just say so.
Biweekly pay, $16 per hour (only $0.84 above Colorado minimum wage)
Father of two (2/4 yr old), wife is stay at home. I bring home like 1500-2000 a week. We live fine.. got 11 grand yesterday and I want advice plz on what to do with it. HYSA? S&P500? Crypto? I have no idea. Help
My wife and I are 41 and in jobs that have pensions. I need another 12 years to reach approximately $55k yearly pension for life, she needs 16 more years for the same. We already have 2 paid off houses, $535k invested, zero debt, and 2 years away from having fully funded 529s for our 3 kids. By all means we could probably work at a gas station at this point part time and make it month to month. All we invest in at this point is maxing our roth iras yearly into vtsax. That alone by age 59 should get us over $3 million, or $140k yearly, or about $11k monthly. We currently spend about $5k per month. Our take home from rent and work after deductions, roths, and 529s is $7,700. So we have about $2.7k per month to put away in savings. In 2 years we will have $1k extra into savings because our 529 goals will be complete.
So, basically, by 59, we will have like $21k monthly to spend. If we currently spend $5k per month, inflation at 3% says we should spend like $8,500 per month in 18 years. And yet, we will likely have at minimum over $18k yearly to spend. This isnt even getting into inheritance territory yet, social security, or a side job we may be interested in eventually.
The point I am trying to make is, we both want our pensions, are mentally and physically capable of doing our jobs, and want to keep working to receive our guaranteed $100-110k yearly income. That said, I am asking if it seems it would be acceptable to spend more of our income now? There arent many more things I want, but definitely a few things here and there.
If you were 23 again today, what would you do step by step to build wealth and reach financial independence while still enjoying life?
What would you focus on first
What would you avoid completely
And what would you not waste time on at all
I’d really appreciate hearing from people who’ve been through it and learned along the way
Just numbers on a screen. Happy 4th, stay safe everyone.
They say smart people learn from their mistakes, but the wisest people learn from the mistakes of others.
Instead of focusing on what goes right, let’s talk about the roadblocks. What was that one major financial trap, bad contract, or money mistake you got burnt by?
What happened, and what is your number one piece of advice to make sure no one else here falls into that same situation?
Let’s share some real experiences and save each other some money and headache.
Hi, i’m looking for some advice and help on what is the wisest choice. I am 27 currently find my self unemployed and looking for work. I have a credit score of 600, and credit debt of around $4,600. I do not want to declare bankruptcy, I would rather be able to pay off my debts. My family is trying to pressuring me into declaring bankruptcy(also happen to be the reason for 2.5k of the debt I owe) In the next 7 years however I would like to be in a place where I can move out. And don’t want a small debt of less than $5k be the reason I cannot do so. I’m not sure what options I have or how exactly to calculate the interest of the debts and if it is worth it or not. Looking for some advice. Thank you!!
No matter if you have millions in investments, if you look poor, people will think you’re poor. It’s just human nature to judge people by their appearance. No one’s going to think “oh, they might be a millionaire next door”. That just doesn’t happen, except maybe for some very autistic people.
A millionaire who dresses poorly will be treated worse by society than a broke person with a shiny car and designer clothes.
Wise people know when to bluff appearing richer than you actually are, and when to hide your wealth.
Hello - I've been a P&C actuary for over 20 years and a hobbyist gamedev for about 11 years. My first commercial release on Steam does something pretty innovative - the game auto-balances based on what players are purchasing in game.
I also decided to add a little side game where you can buy call/put options on minions and spells to bet on the direction they'll move over the next 24 hours.
Player reception has been really amazing and I wanted to share here. My guess is my crude implementation of options pricing won't live up to the scrutiny of experts in this subreddit, but happy to go into the gory details for anyone interested!
I need to get $150 in ones. Where can I go to do this?
Idk what to do anymore, i spent the last 8 Months reviving my company after spending a horrible 6 months working for a company, im 26, always been in control of my life, money and all but building software isn't cheap and now I cant even afford food the month while having people on the lookout for company funding.
Paper situation isnt helping me get hired till i get my new ID.
2nd time of me reaching this low but before i was younger and had no responsibilities, now its completely different with bills and more.
Lucky enough i can still pay my rent casual bills like phone, internet, electricity etc.
What's best that could be done in this case? I am lost
Blessed to hit a milestone from years of hard work and being smart with my money. I’ve been working since 16 to get to this point. Now i’m in college & working 60+ hours a week to become a millionaire by 30. (I’m in a sales role - I hope to make $80k this year) God is good, thankful for the money he provides!
I’d love to get experienced guys’ advice on what i’m doing well, wrong, etc. I value your opinions & want to learn.
I am needing to sit down with someone to go over my finances, planning, pension etc. I also would like advice on finances relating to being a landlord. Pretty much someone who can look at all my incomes, outgoings and savings and advise what sort of position realistically I’m in.
Been putting it off for ages as scared of the answer being that I’m in a bad position. My friends all have inheritances coming and have their parents financial input for many more years than I have (both parents died in my 30s), I am now closer to 50.
Who am I looking for to help me with this? Thanks
Is there any way to retire before 40 ? Also what sort of work from home jobs or remote jobs can allow you to work while travelling around the world ? I’m so tired of the current way of living.
I used to bring up my salary in conversations like it meant something.
Five years ago I was at $58k in a mid sized city, thinking if I could just break six figures I'd feel secure. Last month I crossed $118k. I should feel different. I don't.
Around the 25th of every month I still catch myself checking when payday hits, still mentally pacing out the last week. The raises came, the tension stayed. So this past long weekend I finally did the thing I kept avoiding. I pulled five years of W2s and went through every account I could remember. Bank, card, the grocery store app, whatever I could find. I wanted to know what actually happened to the difference.
Take home rose about $41k over the five years. My "discretionary" spending, which I always told myself was under control, rose about $34k of it. Line by line it looks so sane it hurts. Dinners out went from maybe $180 a month to $520. Not steak every night, just nicer places, more often, ordering the second drink because I work hard. Subscriptions went from 3 to 11. I can name maybe 6 off the top of my head. One of them is $12.99 for a meditation app I opened twice. Groceries up 60 percent for two people, no kids, household didn't grow. The gym I stopped going to in 2022 auto renewed at a higher tier. I found that one Saturday night, scrolling in bed, and just stopped.
The only reason my net worth moved at all was maybe $7k a year to savings. Everything else just absorbed. I did upgrade my car in 2021. Nothing wrong with the old one, just wanted something quieter for the highway. Felt like a reasonable reward at the time. Every step felt reasonable. That's exactly why I never caught it.
I froze every subscription I couldn't immediately justify and I'm trying to keep everything else at this year's level while I figure out what I actually want the next $41k to go toward. I'll probably keep getting raises. I just need them to actually show up somewhere I can see.