I'm young and single. I make roughly 48k-55k a year. Wtf do I do with all my extra money? My expense are around $1000 a month and I have around 2k extra every month. I have no clue on investing but id like to get into it . I'd also like to run a business one day but have no idea on how to go about learning the necessary skills to start one too. Any good books for noobs at investing / starting a business
Where do you live? My rent alone (in a tiny efficiency) is 2k/month. Making 100k but it doesn't feel like it when 75% of your money if gone after taxes, living expenses and retirement savings.
Same boat here senpai
65k a year and low ass living expenses
35k in an eTrade account cause my employer was part of an aquisition
12k sitting in a laughable Chase savings account
Another 30k in my 401k
Zero freaking debt
Max out your 401k, that's 18k a year. Max out a Roth Ira, that's another 5500 a year. And the rest put in a brokerage account and just buy some stocks you like and hold them. Have a 6 month emergency fund saved up just in case and put the rest in a savings account. It's as simple as that
What is the point of a roth ira? I thought I was on to something today about it can lower your tax bracket then also read it is not tax deductable. Im in my 20s making just less than 5,500 over 37,450.
There are regular 401ks and IRAs and then there are Roth versions of each. The difference is that for regular retirement accounts, the money you put in is untaxed money. So let's say you have a paycheck of 2000, if you put 700 into your regular 401k your paycheck will be taxed at 1300. But when you take money out of the account when you retire, you have to pay taxes on it. With Roth accounts,the money is already taxed so when you take it out for retirement, the taxes have already been paid so what you have is what you get. Hope that wasn't too confusing, if so just check out investopedia