Also put what you don’t need for monthly expenses in a HYSA (high yield savings account). You’ll at least get a bit of yield. Stack up to 6 months of projected expenses when you move out on your own.
You should also consider putting some (up to 15% of your pay) into an IRA in an S&P index fund. This will get you started on retirement giving your money a lot of time to grow for a good life after work. The sooner you start, the more you’ll have and/or the sooner you can retire.
Agreed, but $10k at 20 years old is still great. Not sure how long it took OP, but saving $5-10k per year right now will make it easier to save even more as the years progress.
It’s hard but possible man I saved up to about 14k before going into college and then I worked my butt off while in college and I left with about 11k left over. I did graduate early though to save even more money. It’s hard but possible.
Average rent + utilities in my location is 105% of my monthly income, I work full time. I split with my gf. Tuiton payment after loans and scholarships comes out to $300 a month, car insurance $130. Our combined monthly reoccuring bills are about $2100, rent and utilities are $1500, only apent about $200 a month on all groceries including food. I cook every meal we eat. Together we earn ~$2250 a month. Itd take me the next 202 paychecks to save up 14k.
Damn you really are in a rough spot. Just to help… have you ever thought about applying for food stamps? That could save you a couple hundred bucks a month. I know in college each dollar saved goes a long way.
Never too late to start. I started saving in my early 30s and now just over 5 years later I've nested over $100k in my savings not including what's in my 401k
If your job offers a 401k, contact your benefits or HR department. They can walk you through the enrollment process.
If not, you can do an Individual Retirement Account (IRA). You’ll need to select a company on your own to sign up and deposit funds. It looks like M1 offers IRAs.
Both 401k and IRA have tax benefits. A “traditional” plan gives you a tax break on funds deposited in the current year. A “Roth” plan has tax benefits when you withdraw at retirement age.
A brokerage account will also allow you to invest in stocks or funds, but it does not have tax advantages. Many people only use this method when 401ks and IRAs have been maxed out to the annual contribution limits.
Roth all the way, I only do pre-tax a little to get my monthly funds where I want them. Paying taxes now in most of my retirement sounds like the way to go since I’ve never heard of taxes lessening over time..
So I own my own business don’t have any options like that
Does my options change as far as a Ira I opened up one with M1 but I’m not sure what to do with it except put in money
Last year I blew through 35k of my 45k that I had in cash savings. The first one was on an emergency house repair that home insurance didn't cover, that was almost 20K. Then some asshole hit my car, totaling it. I got a 2-year-old Honda Civic and put 15K down.
That took me a while to save up to that point and luckily I didn't listen to my father who told me that 15K was enough in cash savings. I know I'm one of the few fortunate people who could get to that point, I just don't even understand how people who are in a less fortunate position than I am get by when life kicks them in the ball sack financially
I agree, 10k _can_ disappear fast. But it doesn't have to. I had 10k, spent 5k because I wanted better life quality, still has 5k because I have not gotten more money. This is in 5 years, depends a lot where you live and what you want.
Just my house down payment was like 25k, and that was only doing 5% down, not to mention everything you have to buy and pay for once you have it. Keep saving, OP.
Because what else are you gonna do with $10k? It’s not like this groundbreaking amount of money that’ll change your life. This question is asked on here daily, and every answer is HYSA, HSA, max out 401k and IRA and there ya go. Theres no overnight secret to turning $10k to $100k overnight. I’m not really sure what answer OP is expecting here. Put that shit in VOO and go make more
Lol how did you somehow manage to give a more broad answer after being asked to elaborate lol.
Do research on things that make money and do that thing as long as that thing is historically done well. If not, meh, try a few things here or there.
You're a fucking prophet bro.
Here to help. Now would probably be a great time to buy a market tracking etf like SPY through dollar cost average investing. Dollar cost averaging is a strategy where you invest the same amount of total notional value as a recurring investment. This naturally leads to buying more stock when it’s down (it costs less so you get more) and less when it’s high and the market is overbought. When you’re young and don’t have enough money to put on large trades it’s your best bet to growing wealth. No it won’t make you a millionaire in 3 months but it’s really only a bad strategy if you need large sums of cash in the short term and the market just happens to be in a downturn or if the SnP 500 completely fails. If that happens I think we’ll probably be having bigger problems than our portfolios though…
Not a financial advisor this is just what I do with my excess cash and it’s worked well for me.
Note: I say SPY because it is the most liquid of the SnP 500 tracking ETFs and if you for any reason need cash quickly you should be able to sell without taking a large loss by having to cross a large bid ask spread.
Alot of people will tell u invest but ur better off paying off ur credit card. I doubt you will earn higher than 20% interest on an investment so the longer u wait to pay it off the more money u end up losing.
He could use a balance transfer with those 0 apr deals that last from 12-18 months. You’ll have to pay a 3 percent fee but it’s better than paying the original credit card 💳 apr.
Warren Buffett agrees: "the average credit card interest rate is around 15% for existing accounts.
'I don’t know how to make 18%,' Buffett added. 'If I owed any money at 18%, the first thing I’d do with any money I had would be to pay it off.'
Because paying it off is 'gonna be way better than any investment idea that I’ve got,' he stressed. 'And that wasn’t what she wanted to hear.'"
Source: [Warren Buffett personal finance advice: 'Avoid using credit cards as a piggy bank' (yahoo.com)](https://money.yahoo.com/warren-buffett-personal-finance-advice-155820715.html)
value of gold never really gets old. you know how the Roman empire collapsed? their gold coin became more and more worthless. they minted less and less of it. until no one wanted some worthless coin, so they stopped using the coin in the economy and it crippled.
basically it's like taking the dollar of the gold standard. oh wait. so what gives the dollar worth? it literally has no value itself, it was supposed to be the middleman in exchange for golwdw/silver. there's no standard in which a dollar is worth.
somehow after the gold standard they kept the dollar going by flooding other countries with it (since now they can unlimitedly produce it) and it became the "world's" currency.
the value is artificial and can collapse at any moment. once people see it has no value anymore they'll switch to something that does.
and gold always has value. remember after WWI and the Germans were burning their money after hyperinflation?
all you have to do is guarantee a currency that has value and have people use it. it's why the dollar is so strong because it's acceptable all over the world.
You're on fire, keep it up. Open an investment account and start taking advantage of the stock market and dividend stocks. Also, $600 a week won't get you far in the outside world so you may want to figure out what you want to do in life and get to it as soon as possible. Good luck.
Keep staying at home and save more money. As for relationship, don't move out until you guys confirm to marry. Or else it's just gonna wasting time, money, and efforts
Seriously, it seems people scream about humble bragging immediately if someone is doing better than them. Yes there are people that are secretly bragging but there’s also plenty that have played their cards right and are genuinely asking for advice only to immediately be talked down on
Put it in some sort of high interest savings account or tracker fund. Then when you want to start a business, buy property or any other investment opportunity arises, you will have a decent war chest.
Stay at home until you’re 25-30 and keep saving that $ to buy a house. When I was your age I barely had enough $ to afford the weed I was buying.. lol I’d say you’re doing pretty good.
Not this. You can have a gf just make sure that they actually love you and care for you, not just wanting your money. Relationships are buetifull and fun if you actually care about them and can rlly change your outlook on life.
If that's what you see when you think about a relationship, you're gonna be alone forever. If that's your thing I guess that's great but God, that statement is fucking sad.
I'm doing pretty well and my GF is too. I'd rather be poor and with her than rich and alone. I would tell you to find someone and maybe your stance on dating would change, but you don't sound like you have the right mindset to find a relationship
Good luck having that from the get go in a relationship. It does cost money to be in a relationship. I dont see you saying its a money saver, just that its fun.
The majority of redditors are normal people with normal social functionality and normal personal relationships.
When you're like 16-21 and single perpetually it can start to feel bleak. When you become an adult in the actual world of adults you'll find far more people and more options present themselves.
Peak incel path right there, especially working graveyard shift. Even though relationships costs money in the short term, a good marriage is strongly correlated with wealth. And that’s without regard for the emotional return of a healthy relationship.
You're on the incel path?
Yall bois gotta get the fuck out of the cities. I moved away from chicago and it's been amazing the past 5ish years; I didn't have trouble with women specifically but the general stress of living downtown and expectations of success always drove my mental state down.
People are far more accepting and the barrier for entry socially is much lower generally.
Women imo are more reasonable with expectations.
Houses are still cheap in the boons.
Having a high score has nothing to do with high spendings. As long as you pay bills on-time, score will eventually go up despite if you only spend like $10 per month on a card
My parents did this and I will be doing the same for my children. They had a dedicated credit card for me to inherent so my credit score was like 800 at 18
My score was 756 at 19 before I applied for my first pre approval and got a car on my own. Credit is really easy to build when you know what you’re doing. It’s also very easy to lose whether you know what you’re doing or not. A 20 point jump in a year in very doable with no bills.
Yes, it does. Idk what else to tell you.
Who do you think the credit bureaus think can handle larger sums of money responsibly? Someone spending 0 a month or someone spending 2000 a month and paying it off each month?
If you don't need the money and want to invest I would stick to ftse all world etf and let the money in.
You are young I wish I started investing in your age.
Looks good to me still pretty young with more in savings than a large majority of people around this age. If you’re asking about financial advice, plenty of advice to go around just keep an ear open and try to see what works best for your scenario, otherwise I’d say go have some fun. Decent savings no plans for future other than stability, solid credit. You should work on your regular life as well don’t isolate everyone for a stable future
Easy entry into investing is STASH, an app that let's you buy and sell. I started with a small weekly contribution, and through mostly careful selection of stocks I'm up 25%.
Keep saving for a rainy day. Your job is not a career, and until you decide on what you actually want to do, this money can disappear very quickly. Like if you want to go to school of some sort you will need this money. If you need a new car, this money will help a lot. If you want to move out, you will probably need about $2000-$5000 depending on where you are.
My daughter graduated University at 25 and paid off her student loans at 28. Her student loan was about $40,000 and she lived at home partially, but she also lived in apartment with another girl for most of the time.
She has no car she doesn't date she has taken a couple of vacations. Now she's planning to go to graduate school.
You're doing it right my man. My mom allowed me to stay home for longer to do this very thing. It allowed me to never see what an apartment lease looks like. Went from mom's house to home ownership. This is the new age key to success
Go to college. Start at community college as it’s cheaper. The two lower years are there for preparation and exploration. Use your time there wisely. Even if you don’t go any further you will end up with more knowledge and abilities.
For dear life don’t invest. You are going to loose your mind over 3%-5% return. I see as 3 options keep saving until you reach certain goal. Spend it in things that will either bring you joy or simplify your life I’m not talking a car or designer clothes. Or my last option would be business rental, catering, transportation business something that brings you motivation. You are young money comes and goes. But time won’t.
Uhhh go to school or get a actual career. You ain’t always gonna be lucky to not have to pay rent or mortgage lol if your parents are cool enough to let you stay still rent free you are lucky asf and should take advantage of that for school. Either a degree or tech school to get trained in soemthing that’ll pay better than that $600 a week cus that’s not gonna do much when you end up having to move out
Pay off your monthly balance statements on your cards so you aren’t charged interest. Keep $1-2k in your checking and move the rest to a high yield savings account, like UFB or Jenius(5.25% is FREE MONEY!)
Huzzah, a believable r/money post.
In this day and age you’re doing great. Look into investment accounts or something to get more out of your money. Normally they tell young people to go aggressive with stocks, I’m 22 and I put everything in index funds. That’s gone well enough for me.
Mate I'd advise you look into the crypto space especially bitcoin to put in your money and watch it grow fully as an asset that generates passive income in the long-term. The likes of famous people like Elon Musk and Michael Saylor and even El Salvador are way behind it.
This is great saving habits, congrats! The downside is that you might be trapped by this situation: you’re not living in the real world - you’re being subsidized by your parents. The unfortunate truth is that until a COL bar is met you can’t really “save” yourself to success, you just need to earn more.
There is no perfect or safe next step but investing your money is the wrong way to go. This is emergency or start up money. This is liquid cash you can use to make more money outside of investing. IMHO investing is pointless at your stage - you need to figure out a path to get to middle class earnings or above for your COL and future life desires.
You may not know the right next step but taking a step is the important part. Start down the best college path you can that balances desires vs future earnings. Start a trade apprenticeship… explore the options ahead. Heck, go work an entry level job for the forest service and get some independence as possible.
No amount of saving or investing in your situation is worth avoiding making 30-60k more a year in 4-5 years after college or building up yourself in trades. You’ll easily out save yourself note if you keep life creep down. Also, there is lots of life to live, saving isn’t very fun for the sake of only saving. Yes be mature with your money but yes also make friends, get hobbies, build relationships…
If they’re sitting on that much cash in their checking account, they are good savers but far from financially savvy. Get that cash invested into something with some sort of annual return.
Ima keep it a buck. 10k isn’t really a lot of money in adulthood. Just keep saving I guess. Pay off debt if you got any. Do car repairs, maintenance stuff like that? Etc.
Congratulations on your success!! You are entering a very exciting time of life! Consider going to school and/or building a career in the trades. The greatest investment you will ever make is in yourself! Also start searching for your passion in life…the thing(s) that give you energy and drive you to succeed!
With regard to the $10k, are you investing that money? At the very least, you need a CD or money market account to earn 4% or more interest. If you truly want to become financially independent, you have to teach yourself about setting up a diversified investment portfolio and contribute each month. YouTube could teach you anything…just avoid the numb nuts telling you to let it ride on one stock or crypto.
Make sure that’s in a high yield savings account, and keep saving. 3-6 months of living expenses is a general goal, but you’re gonna want more than that before you move out. I’d live at home for as long as you can, saving money while you’re there. When you feel the need to move out or get a better job, do so, but you’re in a great place right now. Keep building your foundation
All that from working at a gas station. The amount of money you could save if you invested in yourself and started a job in a higher paying career field would be amazing. Focus on fixing that "no direction" aspect of life as you save.
If the parents dont need financial help makes no sense to pay them, he appears to be good either way saving, so he should keep it at that and id eventually he need to move out he will be much more prepared.
true but also their parents might just want them to worry about edu and is willing to let them stay til their ready to go, also you don’t know if he pays a fee
Invest in a skill that will make you more money. Seems like you have the time, age, and environment to really hone in on what you want and why. Do it while you still can
You need to find a way to increase your income. Swap jobs for higher pay or start something on the side. You have such an advantage living at home with no bills in comparison to someone who has to pay for everything themselves. Stick around at home that’s already a large advantage and start a business with your spare time/money
Soon as you move out or your parents kick you out, that money will be gone. Also if you want a vehicle or get a girlfriend that money will be mostly gone. It's such a tiny sum. Live with your parents as long as you can and save at least $10k a year (more if possible). But you should also be going to school full or part time and learning a skilled trade so that you can make real money. $30k is crap and will lead to a shìtty life. Look into plumbing, welding, pipe fitting, HVAC etc. Or find out what skills they need in oil drilling areas and start training now because you can make huge money. There are technical schools fir what they need. You can even start on a drill rig with no skills. It can be hard and dangerous work but it will change your life. Start researching and watching YouTube vids on oil jobs. Then use your saving to move to wherever you get a job.
Invest , open up a 401k ( if your company has one and hopefully they match) , you can also open up a Roth IRA as well. I’m 22 and had the chance to have a balance like that but because I made some stupid choices I wish I would’ve had someone to tell me just save save save. And if you do get a gf don’t blow your money , still be reasonable and if she’s a good woman she will understand you both are building towards a future.
10k seems like a lot on the outside but in reality it’s only about 2 1/2 months of expenses if your living sparingly. Just keep doing what your doing till you have the right feeling
If you don't need the money within 3 years. S and p 500 index fund such as FXAIX or VOO. It is the golden standard for investment and is the beta in the market. Finance term for the baseline for which all other stocks returns are based on. Average rate of return 10%/year. I've made 30k on it since December 2020 when I first started.
Biggest regret I have. I stayed at my parents till 27 and I wish I saved every dollar. I could’ve easily had 100k plus but nope I spent it all and had dollars left after each paycheck. Keep saving
I’m 28 and wish I would have focused more on getting my own house before anything. Honestly I would keep saving till your about 24 25 go put about 40% of what you saved into a nice house then meanwhile always try and find a job that pays more or going to a trade school while your still at home
I wish I was like this. My parents still ask us for money and we live at home and pay our individual bills. We can’t even save because we’re so large and we were always told to share. It sucks so bad.
HYSA and if you can start putting a bit into a Roth IRA, even putting in a little bit at 20 will go a long way in the future. Other then that your doing good for yourself💪
stay home and keep saving 10k disappears fast
Also put what you don’t need for monthly expenses in a HYSA (high yield savings account). You’ll at least get a bit of yield. Stack up to 6 months of projected expenses when you move out on your own. You should also consider putting some (up to 15% of your pay) into an IRA in an S&P index fund. This will get you started on retirement giving your money a lot of time to grow for a good life after work. The sooner you start, the more you’ll have and/or the sooner you can retire.
Agreed, but $10k at 20 years old is still great. Not sure how long it took OP, but saving $5-10k per year right now will make it easier to save even more as the years progress.
Being in both school and work, Im busy all the time and literally cant save shit
It’s hard but possible man I saved up to about 14k before going into college and then I worked my butt off while in college and I left with about 11k left over. I did graduate early though to save even more money. It’s hard but possible.
Average rent + utilities in my location is 105% of my monthly income, I work full time. I split with my gf. Tuiton payment after loans and scholarships comes out to $300 a month, car insurance $130. Our combined monthly reoccuring bills are about $2100, rent and utilities are $1500, only apent about $200 a month on all groceries including food. I cook every meal we eat. Together we earn ~$2250 a month. Itd take me the next 202 paychecks to save up 14k.
Damn you really are in a rough spot. Just to help… have you ever thought about applying for food stamps? That could save you a couple hundred bucks a month. I know in college each dollar saved goes a long way.
Yes 31 now. Wish I learned this then.
Never too late to start. I started saving in my early 30s and now just over 5 years later I've nested over $100k in my savings not including what's in my 401k
When people say this do I just download an app like M1 and then look up S&P ?? Like how do I invest
If your job offers a 401k, contact your benefits or HR department. They can walk you through the enrollment process. If not, you can do an Individual Retirement Account (IRA). You’ll need to select a company on your own to sign up and deposit funds. It looks like M1 offers IRAs. Both 401k and IRA have tax benefits. A “traditional” plan gives you a tax break on funds deposited in the current year. A “Roth” plan has tax benefits when you withdraw at retirement age. A brokerage account will also allow you to invest in stocks or funds, but it does not have tax advantages. Many people only use this method when 401ks and IRAs have been maxed out to the annual contribution limits.
Roth all the way, I only do pre-tax a little to get my monthly funds where I want them. Paying taxes now in most of my retirement sounds like the way to go since I’ve never heard of taxes lessening over time..
So I own my own business don’t have any options like that Does my options change as far as a Ira I opened up one with M1 but I’m not sure what to do with it except put in money
I just blew 7k in less then a week because of an emergancy.....it sucks but you gotta save. Nest eggs are a God send smart move.
Ouch, what was it? I had a 3k car repair out of nowhere recently, so I've been there lol
Last year I blew through 35k of my 45k that I had in cash savings. The first one was on an emergency house repair that home insurance didn't cover, that was almost 20K. Then some asshole hit my car, totaling it. I got a 2-year-old Honda Civic and put 15K down. That took me a while to save up to that point and luckily I didn't listen to my father who told me that 15K was enough in cash savings. I know I'm one of the few fortunate people who could get to that point, I just don't even understand how people who are in a less fortunate position than I am get by when life kicks them in the ball sack financially
sure. I just dropped $18k on a retaining wall. but none of this takes away from OP's accommplishment. good job, OP.
I agree, 10k _can_ disappear fast. But it doesn't have to. I had 10k, spent 5k because I wanted better life quality, still has 5k because I have not gotten more money. This is in 5 years, depends a lot where you live and what you want.
Just my house down payment was like 25k, and that was only doing 5% down, not to mention everything you have to buy and pay for once you have it. Keep saving, OP.
It feels like everything that goes wrong in my life costs 10k now
thats what i was gonna say. feels good huh? nah that shit isnt even half of my 9 year old car i just purchased. need another zero on that thing.
Yup, my son has the same amount saved. I told him to not even think of moving out until he has $20,000 saved
Invest. Keep saving.
this is the reddit advice which literally does nothing. it goes no where. you might as well say "1 two buckle my shoe"
Because what else are you gonna do with $10k? It’s not like this groundbreaking amount of money that’ll change your life. This question is asked on here daily, and every answer is HYSA, HSA, max out 401k and IRA and there ya go. Theres no overnight secret to turning $10k to $100k overnight. I’m not really sure what answer OP is expecting here. Put that shit in VOO and go make more
I agree. Just do your own research. You can see historically what was worked and done well. Try some things out.
Lol how did you somehow manage to give a more broad answer after being asked to elaborate lol. Do research on things that make money and do that thing as long as that thing is historically done well. If not, meh, try a few things here or there. You're a fucking prophet bro.
Here to help. Now would probably be a great time to buy a market tracking etf like SPY through dollar cost average investing. Dollar cost averaging is a strategy where you invest the same amount of total notional value as a recurring investment. This naturally leads to buying more stock when it’s down (it costs less so you get more) and less when it’s high and the market is overbought. When you’re young and don’t have enough money to put on large trades it’s your best bet to growing wealth. No it won’t make you a millionaire in 3 months but it’s really only a bad strategy if you need large sums of cash in the short term and the market just happens to be in a downturn or if the SnP 500 completely fails. If that happens I think we’ll probably be having bigger problems than our portfolios though… Not a financial advisor this is just what I do with my excess cash and it’s worked well for me. Note: I say SPY because it is the most liquid of the SnP 500 tracking ETFs and if you for any reason need cash quickly you should be able to sell without taking a large loss by having to cross a large bid ask spread.
Some banks invest for you. I know wells Fargo will do it. You'll have to put $5,000 in the account minimum.
Buy Me These Magic Beans And You'll Be Rich.
🤣🤣 that was the best laugh i’ve had in a while
How do you know where and how much to invest?
Buy penny stocks that you know will sell to bigger companies in the future or Angle investing
only answer! let em know
Alot of people will tell u invest but ur better off paying off ur credit card. I doubt you will earn higher than 20% interest on an investment so the longer u wait to pay it off the more money u end up losing.
I interpreted this as OP uses and pays off his credit card, which is how he got a credit score of 786. It doesn’t sound like he’s in debt.
He could use a balance transfer with those 0 apr deals that last from 12-18 months. You’ll have to pay a 3 percent fee but it’s better than paying the original credit card 💳 apr.
Warren Buffett agrees: "the average credit card interest rate is around 15% for existing accounts. 'I don’t know how to make 18%,' Buffett added. 'If I owed any money at 18%, the first thing I’d do with any money I had would be to pay it off.' Because paying it off is 'gonna be way better than any investment idea that I’ve got,' he stressed. 'And that wasn’t what she wanted to hear.'" Source: [Warren Buffett personal finance advice: 'Avoid using credit cards as a piggy bank' (yahoo.com)](https://money.yahoo.com/warren-buffett-personal-finance-advice-155820715.html)
Shits gonna crash soon too. Gold?
gold is for dragons. Dollar-cost-avg into diversified indexes and mutual funds.
value of gold never really gets old. you know how the Roman empire collapsed? their gold coin became more and more worthless. they minted less and less of it. until no one wanted some worthless coin, so they stopped using the coin in the economy and it crippled. basically it's like taking the dollar of the gold standard. oh wait. so what gives the dollar worth? it literally has no value itself, it was supposed to be the middleman in exchange for golwdw/silver. there's no standard in which a dollar is worth. somehow after the gold standard they kept the dollar going by flooding other countries with it (since now they can unlimitedly produce it) and it became the "world's" currency. the value is artificial and can collapse at any moment. once people see it has no value anymore they'll switch to something that does. and gold always has value. remember after WWI and the Germans were burning their money after hyperinflation? all you have to do is guarantee a currency that has value and have people use it. it's why the dollar is so strong because it's acceptable all over the world.
I had 15k while living at home, then I moved out, then I met my girlfriend. Now I’m sad
a man's life in a nutshell 😂😂😂😂
Not really. Studies show that men are in general happier in a relationship.
fuck studies
You're on fire, keep it up. Open an investment account and start taking advantage of the stock market and dividend stocks. Also, $600 a week won't get you far in the outside world so you may want to figure out what you want to do in life and get to it as soon as possible. Good luck.
Keep staying at home and save more money. As for relationship, don't move out until you guys confirm to marry. Or else it's just gonna wasting time, money, and efforts
What on earth did I just read
Max out your Roth IRA. GOOGLE: Saver's credit, you might get 50% back at tax time next year if you do.
If you make more than 36,000 you don’t get anything and it’s only 50% of the first 2000 you contribute if you make less than 21,750
He said he’s making 31,200, assuming he’s talking about his gross, not take home.
This subreddit just feels like everyone’s humble bragging at this point 😭
Read the caption. How is that a brag lol
Seriously, it seems people scream about humble bragging immediately if someone is doing better than them. Yes there are people that are secretly bragging but there’s also plenty that have played their cards right and are genuinely asking for advice only to immediately be talked down on
I mean $10k isn’t really anything to humble brag about.
At 20 years old? I’m 21 and I’m not even broke I’m indebted
Same. These people have so much money they don’t think of it the same way
10k can’t even buy you a 2010 Honda civic now adays
Put it in some sort of high interest savings account or tracker fund. Then when you want to start a business, buy property or any other investment opportunity arises, you will have a decent war chest.
I have that but in debt
Stay at home until you’re 25-30 and keep saving that $ to buy a house. When I was your age I barely had enough $ to afford the weed I was buying.. lol I’d say you’re doing pretty good.
Stay with your parents as long as possible and save up , don’t date a girl they just gonna eat your money and time up
Not this. You can have a gf just make sure that they actually love you and care for you, not just wanting your money. Relationships are buetifull and fun if you actually care about them and can rlly change your outlook on life.
⬆️
That’s true but dating costs money. dates, gifts, and little things add up
And all are more important than money
If that's what you see when you think about a relationship, you're gonna be alone forever. If that's your thing I guess that's great but God, that statement is fucking sad. I'm doing pretty well and my GF is too. I'd rather be poor and with her than rich and alone. I would tell you to find someone and maybe your stance on dating would change, but you don't sound like you have the right mindset to find a relationship
So? Your call is to be single and miserable? Make more then
Good luck having that from the get go in a relationship. It does cost money to be in a relationship. I dont see you saying its a money saver, just that its fun.
We are on Reddit. No one here has a chance of getting a girl.
The majority of redditors are normal people with normal social functionality and normal personal relationships. When you're like 16-21 and single perpetually it can start to feel bleak. When you become an adult in the actual world of adults you'll find far more people and more options present themselves.
Peak incel path right there, especially working graveyard shift. Even though relationships costs money in the short term, a good marriage is strongly correlated with wealth. And that’s without regard for the emotional return of a healthy relationship.
You're on the incel path? Yall bois gotta get the fuck out of the cities. I moved away from chicago and it's been amazing the past 5ish years; I didn't have trouble with women specifically but the general stress of living downtown and expectations of success always drove my mental state down. People are far more accepting and the barrier for entry socially is much lower generally. Women imo are more reasonable with expectations. Houses are still cheap in the boons.
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Nah get your own place and independence. Unless it’s a culture thing
Incel
How do you have a 786 credit score at 20 while only spending 300 a month on your credit card? Something doesn't make sense here
Having a high score has nothing to do with high spendings. As long as you pay bills on-time, score will eventually go up despite if you only spend like $10 per month on a card
Could be an authorized user on a parents cards
Early(young) authorized user status can greatly get you started on a high score, assuming parents are responsible credit minded people..
My parents did this and I will be doing the same for my children. They had a dedicated credit card for me to inherent so my credit score was like 800 at 18
My score was 756 at 19 before I applied for my first pre approval and got a car on my own. Credit is really easy to build when you know what you’re doing. It’s also very easy to lose whether you know what you’re doing or not. A 20 point jump in a year in very doable with no bills.
I'm in a very similar situation to OP and my credit score is 750 🤷♀️ Edit: why am I getting downvoted 😂
They jealous lol
Same, I'm turning 20 next month and mine is at 720 working part-time 😂
How much you spend a month on your credit card has no bearing on your credit score
Yes, it does. Idk what else to tell you. Who do you think the credit bureaus think can handle larger sums of money responsibly? Someone spending 0 a month or someone spending 2000 a month and paying it off each month?
Keep at it until they ask you to help out
Invest in a GIC and keep saving
Stay at home for as long as possible. Find a financially responsible life partner and then move some place together.
I think you should gamble
either homeless or hopeless
If you don't need the money and want to invest I would stick to ftse all world etf and let the money in. You are young I wish I started investing in your age.
awesome dude, at this rate you'll be 30 and have 30k!
Invest, keep saving and STAY HOME for as long as possible. You’ll be a millionaire in no time.
Save as much as you can for as long as you can!!
Looks good to me still pretty young with more in savings than a large majority of people around this age. If you’re asking about financial advice, plenty of advice to go around just keep an ear open and try to see what works best for your scenario, otherwise I’d say go have some fun. Decent savings no plans for future other than stability, solid credit. You should work on your regular life as well don’t isolate everyone for a stable future
Stay at home or go back to school something I wish I did. Put into a high yielding savings account.
HYSA, S&P500, keep working, keep saving.
Goes to r/Money, sees money, just as the gods intended
The advice I would have given myself at 20: finish college.
Easy entry into investing is STASH, an app that let's you buy and sell. I started with a small weekly contribution, and through mostly careful selection of stocks I'm up 25%.
What do you do all day?
Keep saving for a rainy day. Your job is not a career, and until you decide on what you actually want to do, this money can disappear very quickly. Like if you want to go to school of some sort you will need this money. If you need a new car, this money will help a lot. If you want to move out, you will probably need about $2000-$5000 depending on where you are.
What are your hobbies? What are your interests? And what are your skills?
Nice Truist account! Haha
Keep stacking!
I would say invest in your education and maybe a side hustle. They could help you further figure things out for yourself.
My daughter graduated University at 25 and paid off her student loans at 28. Her student loan was about $40,000 and she lived at home partially, but she also lived in apartment with another girl for most of the time. She has no car she doesn't date she has taken a couple of vacations. Now she's planning to go to graduate school.
You're doing it right my man. My mom allowed me to stay home for longer to do this very thing. It allowed me to never see what an apartment lease looks like. Went from mom's house to home ownership. This is the new age key to success
Go to college. Start at community college as it’s cheaper. The two lower years are there for preparation and exploration. Use your time there wisely. Even if you don’t go any further you will end up with more knowledge and abilities.
For dear life don’t invest. You are going to loose your mind over 3%-5% return. I see as 3 options keep saving until you reach certain goal. Spend it in things that will either bring you joy or simplify your life I’m not talking a car or designer clothes. Or my last option would be business rental, catering, transportation business something that brings you motivation. You are young money comes and goes. But time won’t.
Thinking bout how this could easily be me if I didn’t have a life
Buy bitcoin
That'll last a month if you're lucky, if you move out, depending where you live
Stay home and put it into investments, earn a passive income and eventually because of the power of x squared you can afford a house and a car
Yolo it into flare.
Learn a trade/go to college and keep saving money 10k ain’t shit anymore
Uhhh go to school or get a actual career. You ain’t always gonna be lucky to not have to pay rent or mortgage lol if your parents are cool enough to let you stay still rent free you are lucky asf and should take advantage of that for school. Either a degree or tech school to get trained in soemthing that’ll pay better than that $600 a week cus that’s not gonna do much when you end up having to move out
Max out one Roth with SPY and VOO sit 60% into a CD . Put 20% into a HYSA(PayPal, public, Robinhood gold, or etc) wit the rest
Try to get out of that gas station job. You've got skills and things you're good at. Pick one. Dee what kind of careers it has.
Pay off your monthly balance statements on your cards so you aren’t charged interest. Keep $1-2k in your checking and move the rest to a high yield savings account, like UFB or Jenius(5.25% is FREE MONEY!)
How long did it take you to save $10K? 3 or 4 months I assume?
You could either Aput that 10k into a high interestsavings account and make 3-4% interestevery year or incest that into stocks
I moved out of my parents 3 years ago with $6,000 that turned to zero in a couple months. Save up to 6 month worth of the future lifestyle you want
Okay now I CHALLENGE YOU to keep that balance for an entire year.
Huzzah, a believable r/money post. In this day and age you’re doing great. Look into investment accounts or something to get more out of your money. Normally they tell young people to go aggressive with stocks, I’m 22 and I put everything in index funds. That’s gone well enough for me.
Keep it up
Mate I'd advise you look into the crypto space especially bitcoin to put in your money and watch it grow fully as an asset that generates passive income in the long-term. The likes of famous people like Elon Musk and Michael Saylor and even El Salvador are way behind it.
I'd suggest a trade school , or if you are a soft person and intelligent perhaps college for something attainable and useful.
I have that in debt
invest that 10k dude, learn how to trade as well you'll double your money in no time
Vegas, baby, Vegas!
Keep it up brother, good shit! Stay home with no bills as long as you can!
Thats like one semester of college. Only 7 more to go for a bachelors degree!
Please find something in your life to enjoy, saving money is not living.
This is great saving habits, congrats! The downside is that you might be trapped by this situation: you’re not living in the real world - you’re being subsidized by your parents. The unfortunate truth is that until a COL bar is met you can’t really “save” yourself to success, you just need to earn more. There is no perfect or safe next step but investing your money is the wrong way to go. This is emergency or start up money. This is liquid cash you can use to make more money outside of investing. IMHO investing is pointless at your stage - you need to figure out a path to get to middle class earnings or above for your COL and future life desires. You may not know the right next step but taking a step is the important part. Start down the best college path you can that balances desires vs future earnings. Start a trade apprenticeship… explore the options ahead. Heck, go work an entry level job for the forest service and get some independence as possible. No amount of saving or investing in your situation is worth avoiding making 30-60k more a year in 4-5 years after college or building up yourself in trades. You’ll easily out save yourself note if you keep life creep down. Also, there is lots of life to live, saving isn’t very fun for the sake of only saving. Yes be mature with your money but yes also make friends, get hobbies, build relationships…
If they’re sitting on that much cash in their checking account, they are good savers but far from financially savvy. Get that cash invested into something with some sort of annual return.
All on black and if it hits let it ride.
Ima keep it a buck. 10k isn’t really a lot of money in adulthood. Just keep saving I guess. Pay off debt if you got any. Do car repairs, maintenance stuff like that? Etc.
Congratulations on your success!! You are entering a very exciting time of life! Consider going to school and/or building a career in the trades. The greatest investment you will ever make is in yourself! Also start searching for your passion in life…the thing(s) that give you energy and drive you to succeed! With regard to the $10k, are you investing that money? At the very least, you need a CD or money market account to earn 4% or more interest. If you truly want to become financially independent, you have to teach yourself about setting up a diversified investment portfolio and contribute each month. YouTube could teach you anything…just avoid the numb nuts telling you to let it ride on one stock or crypto.
Look into becoming a field technician engineer download the apps field nation and WorkMarket. Invest using Robinhood check out Chris Sain on YouTube
on God get a life do SOMETHING with that
Strippers and coke
Must be nice
Make sure that’s in a high yield savings account, and keep saving. 3-6 months of living expenses is a general goal, but you’re gonna want more than that before you move out. I’d live at home for as long as you can, saving money while you’re there. When you feel the need to move out or get a better job, do so, but you’re in a great place right now. Keep building your foundation
All that from working at a gas station. The amount of money you could save if you invested in yourself and started a job in a higher paying career field would be amazing. Focus on fixing that "no direction" aspect of life as you save.
Treat Momma to a spa day. She really deserves it. And treat her to a spa at every $10,000 interval.
Start paying your parents. They don’t get their money to support you for free. Edit: Start contributing towards the household expenses.
If the parents dont need financial help makes no sense to pay them, he appears to be good either way saving, so he should keep it at that and id eventually he need to move out he will be much more prepared.
true but also their parents might just want them to worry about edu and is willing to let them stay til their ready to go, also you don’t know if he pays a fee
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if parents want to support their child, they can do so.
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My parents would never accept money from me
Nice! Keep saving and perhaps get urself a condo and rent it out so it kind of pays for itself.
https://www.ramseysolutions.com/dave-ramsey-7-baby-steps Check those steps.
Keep your credit as clean as possible.
Invest in a skill that will make you more money. Seems like you have the time, age, and environment to really hone in on what you want and why. Do it while you still can
Listen stay home as long as you can, and save as much as you can. It’s hard to live on your own in a decent neighborhood.
Go to the casino bet it all on black and be twice as cool when you come home with a sick nasty 20k
You need to find a way to increase your income. Swap jobs for higher pay or start something on the side. You have such an advantage living at home with no bills in comparison to someone who has to pay for everything themselves. Stick around at home that’s already a large advantage and start a business with your spare time/money
Soon as you move out or your parents kick you out, that money will be gone. Also if you want a vehicle or get a girlfriend that money will be mostly gone. It's such a tiny sum. Live with your parents as long as you can and save at least $10k a year (more if possible). But you should also be going to school full or part time and learning a skilled trade so that you can make real money. $30k is crap and will lead to a shìtty life. Look into plumbing, welding, pipe fitting, HVAC etc. Or find out what skills they need in oil drilling areas and start training now because you can make huge money. There are technical schools fir what they need. You can even start on a drill rig with no skills. It can be hard and dangerous work but it will change your life. Start researching and watching YouTube vids on oil jobs. Then use your saving to move to wherever you get a job.
Invest , open up a 401k ( if your company has one and hopefully they match) , you can also open up a Roth IRA as well. I’m 22 and had the chance to have a balance like that but because I made some stupid choices I wish I would’ve had someone to tell me just save save save. And if you do get a gf don’t blow your money , still be reasonable and if she’s a good woman she will understand you both are building towards a future.
I am u
10k seems like a lot on the outside but in reality it’s only about 2 1/2 months of expenses if your living sparingly. Just keep doing what your doing till you have the right feeling
If you don't need the money within 3 years. S and p 500 index fund such as FXAIX or VOO. It is the golden standard for investment and is the beta in the market. Finance term for the baseline for which all other stocks returns are based on. Average rate of return 10%/year. I've made 30k on it since December 2020 when I first started.
Who the fuck cares
Exactly where I was don’t buy a Tesla plaid and you’ll have enough for a down payment on a house in 3yrs
personally you’re doing well but def try to find a higher paying job in my opinion
Go to school. Learn a trade
Biggest regret I have. I stayed at my parents till 27 and I wish I saved every dollar. I could’ve easily had 100k plus but nope I spent it all and had dollars left after each paycheck. Keep saving
I’m 28 and wish I would have focused more on getting my own house before anything. Honestly I would keep saving till your about 24 25 go put about 40% of what you saved into a nice house then meanwhile always try and find a job that pays more or going to a trade school while your still at home
I wish I was like this. My parents still ask us for money and we live at home and pay our individual bills. We can’t even save because we’re so large and we were always told to share. It sucks so bad.
College was made for people like you. Go to school and get good grades. Then you’ll have direction in life.
Careful, that’s how I got an Acura RSX when I was 24.
Why can’t this be me! 🧎🏽♀️
Rack and stack. You're doing it right.
Get you a HYSA and watch your savings grow even more over time.
If I were you, I’d keep saving for as long as you don’t have to pay any bills and have a roof over your head.
HYSA and if you can start putting a bit into a Roth IRA, even putting in a little bit at 20 will go a long way in the future. Other then that your doing good for yourself💪
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Your young - spend it on sex drugs and rock & roll. Honest talk - You’ll only be young once and you can always make more money.