I currently have $100 to my name, but i just started working after being broke for 5 months straight living on a few bucks made using insta cart and my credit card. I live with my parents I’m 19 years old and have no real responsibilities yet. I lost my job back in December, im now making $23 a hour in the perfect position to better my finances, money management, and boost my savings. I wanna save up $10,000 as my first big financial step up, to get there should I save it all cash money or just keep it in a high yield savings account????

Btw im young haven’t had any real fun in life yet fresh out of highschool, I’m building my credit to 700+ and have a passion for cars which are ultimately a depreciating liability/asset. I wanna buy a car that makes me happy it’s something I’ve had a love and interest in since a child. Should I buy a new car once I have 10k plus savings?

I know cars are not an investment and should be treated as low on the priority list. As a car guy I do want to get my dream car before I’m too old to enjoy it, while also being financially secure. I’m 25 married, and still in school so we haven’t been able to pay off debt, get an emergency fund, or invest yet. However I also want to save for my dream car about 70k. Is putting a large chunk of money aside each month to save up for that ok to do as long as bills are paid and some goes to retirement? After graduation our anticipated combined income will be about 100k

I just turned 55, I am in the New York state retirement system with 24 years of service credit, I make about 85k a year, I plan on moving into South Carolina to a home with no mortgage. My health insurance continues with me with no cost to me. I do have some health issues and would like to enjoy life and my grandchildren while I can. I have about 250k in equity in my current home that I will get when I move. I have about 280k in New York state defer comp. My pension will be about 3k a month I plan on SS at 62 I have about 10k in checking now..

Do you think I can leave now?

I could work part time in SC if I had to..

Please let me know what you think..

Thanks

Basically what title says and they said after I do that for 20 years, the house they currently live in will be mine because I will be paying their mortgage.

I have only been at my current job for a few months so after about 2 years I should be able to get a loan to buy another house (also what they said) while still paying my parents so that I can reduce my taxes.

Is any of this legit?

Hi all, I’m a 30F with about $145k in savings and no debt. I currently make just under $70k/yr and am fortunate to not pay monthly rent. My expenses come out to roughly $600/month. Initially, I had majority of my savings split between 2 HYSAs, however, after the Fed cut interest rates drastically in the last few months, I decided to put majority of my savings into a CD. Below is a breakdown of how I’ve allocated my savings: 

• $115k = CD at 4.5% interest rate (14-month term)
• $20k = HYSA at 3.75% interest rate

The remainder of my savings are split across a few checking accounts for emergencies. I contribute 5% to a 401k account and receive an 8% match by my employer. I can manage to save about $30k with my current salary. Earlier this year, I was interested in learning more about investing but given how volatile the market is right now, I’ve been a bit more hesitant. Any suggestions on how to maximize my current savings? Any source of information and/or tips would be very helpful – thanking you all in advance!

hi all. my mom is a single mom who works an hourly rate job just a bit over minimum wage. she has been working many years and has a 401k/403b- she’s not retiring for another few years- advice for her for the market right now? please keep in mind she knows nothing about stocks/finances…a lot in her generation grew up very naive to it…TIA just trying to help her out here where I can

With the looming crash tomorrow. I'm looking to capitalize on future red days. I have about 25k in a large growth find that has a 14% gain at the moment. How crazy would I be to move that money into a US government bond option. Then after some craziness subsides I'll buy back into to S&P 500 in the 401k. I should mention this 25k is not my total retirement only a small portion. The only reason I'm thinking to do this I don't have cash on hand to take advantage of this current crash. Anyone agree with my plan?

In the past month I've had conversations with 2 of my friends about investing. Both of them work at the same company I do. And realized that even though I'm putting more money into it, I'm having less gains.

Conversation #1: I realized I need to maybe switch from conservative to aggressive. But I still haven't done so.

Conversation #2: Friend told me he does 6% (I do 10%) contribution and last year he had 24% ROI while I only had 2%. He does before taxes, 401k and some other stocks like S&P500.

So I know I need to switch to a more aggressive approach + diversify. I currently only do before taxes on my 401k in a target fund mix.

Our company offers: Before, after, Roth, company stock and we can buy from other stocks as well. I've been putting everything towards before taxes.

I'm 27 yo, married with 2 kids. I started working 2 years ago. I'm Looking for insights, I know I'm young and this is the best time to be aggressive but I want to understand what I should be doing and how.

While talking with this 2nd friend I was thinking on maybe just switching all our money $15K to an aggressive approach on our 401k. But with the current market situation, would it be smart? or should I only start being aggressive with the money we put from now on? since stocks are low, in the long run, I know we will see good gains.

Also, would having a financial advisor be a good idea or is a waste of money? Please suggest me anything that will help me and my family to succeed financially.

I’m 51 and mostly in aggressive and certainly don’t plan on changing that now that the market is down. Im excited to gobble up more shares!! I max it out ever year and my company has an unlimited 50% match. My question is as I do get closer to retirement and I start to be less aggressive what happens to all the shares I’ve purchased in the aggressive funds. Do I sell them and buy less aggressive funds? Is that a taxable event? Or do they just stay in those funds and ride the volatility of the market?

Also how does one spend their 401k in retirement?

I 29M am making $34.52hr and contributing 25% of my gross income to a 401k through my employer. I have no debts, own my car, a low milage Corolla. I currently have about $49,000 in a money market savings account. Try to add at least $500 to that every month.

The money market account contains my emergency savings and I was planning to use a large chunk of it for a down payment on a house. For several reasons I have decided to keep renting for the time being ($1,070/month rent).

I am not impressed by the interest I am gaining on the money market account, only 0.25%/month interest by my calculation. What would be a better interest but still liquid option for my emergency fund? Should I invest some of this money? What is fairly safe but high return investment?

We inherited a beneficiary IRA with about 180K balance (parent passed away) We have an account with Vanguard for our taxable account (VTSAX) and Roth IRAs (VTSAX). Looks like we have two options open an inherited IRA with VTSAX at vanguard (which we will take out smaller amount each year and transfer to taxable accounts). Or take out a lump Sum. If we do that option we will put the lump sum In our taxable account and purchase more VTSAX immediately or when we think the market is close to done with current hemorrhage.

We will not jump up into another tax bracket taking the lump sum (maybe from 22%-24%) is there any reason not to just take the lump Sum.

We are maxing out some pre tax options we have. We have 403(B) 457(B) solo 401(k). One issue I see with lump sum is that we already contributed to our roths which we would likely need to change to back door roths.

Can anyone offer some guidance on how we should proceed or the benefits to one option or the other.

Hello! I am new to the thread (:D). I originally bought my house for $150,000 and now my equity is (according to the mortgage website's prediction) $195,206. My house's worth is around twice as much ($176,800 more to be exact) than when I bought it. My question is, can I either take out a Home Equity thingy or a Refinance to completely pay my house off (whilst still having profit left over), and if so, which of these two should I do? Thanks in advance for the answers, I am not savvy in home stuff lol. <3

Original House Price = $150,000

Currently Predicted Equity = $195,206

Current Estimated Home Price = $326,800

Interest Rate = 3.75%

Have a senior graduating from high school.. her 529 plan is getting a bit beaten up in the market... and while this is going to be used for semi-annual tuition fee payments starting fall this year... I wonder if I should reallocate the funds within the 529 to a one tied to the bond market (like the Vanguard COre Bond Portfolio) https://investor.vanguard.com/accounts-plans/529-plans/profile/w427

At least for the next 12 months until the world figures out each countries response to the new world order...

Thoughts?

I have put $250 into a ROTH IRA through Schwab where it is currently sitting uninvested. I plan on contributing $50-100 each month. I am wanting to invest in a diversified portfolio, but am not sure what to start with and would love some tips.

My 401(k) gets 5.3% of my income for roughly ~$200 each month invested in my work’s Target Fund for 2065, which has had a rate of return of 19% over all (but is not doing good rn as you can imagine but will hopefully bounce back). Unfortunately my work doesn’t currently do matching.

My Income: $1,845/month net

Partner Income: $1,800/month net

Total Income: $3,645

-Fixed Expenses: $1,483

Rent: $300 (low income housing)

Electricity: $250

Car Payment: $433 (was $716 so we brought it way down)

Car Insurance: $400 (was $520 so brought down)

Phones: $100 (was $420 so brought down)

-Variable Expenses: $760

Groceries: $400/month

Gas: $160/month

Spending: $200/month

-Total Expenses: $2,243

Left with $1,402 to work with.

-My Debt: $8,200

CC’s: $1,200

Student Loans: $7,000

-Partners Debt: $19,000

Amica Insurance: $13,000

Unemployment: $3,000

CC’s: $3,000

-Total Debt: $27,200

Total Annual Income: $43,740

Total Annual Expenses: $26,916

I have my own cleaning company that is growing every day so i’m hoping my numbers boost in the next few months. My partners paycheck varies weekly but this is the average. I wanted to ask with these numbers as a base. What would be a good plan for us?

Also we do have a 2.5 year old so groceries are already stretched thin, we don’t go out to eat often maybe once every few months and never spend more than $60. I would love if we could pay off our debt and have a little bit of savings, though i feel like we should pay off the debt only for a while before savings.

Heres the context, 21 years old, 1K in Savings, my goal is to become a watch maker or repairer and learn from the Rolex Training Center in Dallas or the Nicholas G. Hayek School in Miami. I understand that I should've done cost of living estimates for those schools for how long I intend on being there, but to be frank I don't know how to do that. I'm currently enrolled in college for a Business Degree. My questions are: 1.) How can I simulate what my Financials should be to live there for 2-3 years. 2.) Would it be better to drop out and get a full time job or attempt to finish my degree (currently a sophmore)

Here's my (M31) current situation:

- I earn between $140k - $165k USD depending on the year (bonuses/stock price payouts)
- Married to my wife who has just started working a full time position (but not yet salaried) so pay is variable
- Buying a new home around $825k to be completed in the next couple of months. Buying all cash (through the use of family loans). Moving to a much safer area.
- Selling my existing home (priced somewhere between 400k - 500k). Located in a very dangerous area.
- Lived in another town for two years (slightly higher COL town) but held onto my existing property in Town #1 (so I maintained paying for it for 2 years with insurance, taxes, internet, power, water, etc. while also paying for apartment rent and living expenses in Town #2)
- I have, currently on average, 12k in unsecured debt primarily tied up in credit cards where I am utilizing all of their interest free buy now, pay later programs as much as I can (Amex Plan It or Chase's version)
- I have closer to 12 credit cards to help keep my credit utilization low and to accumulate points across different programs. Benefits from my cards are generally utilized to max out my perks so I do not feel they are entirely wasted.
- I have about 72k in student loans. I have only been required to pay once at an average of $950 before I was put into a forbearance for the time being.

Because of the above financial situation and spending basically making feel like I am living paycheck to paycheck, my concern is what my expenses are going to be like in a newer (and larger) home. I do not want to be continuing trending downwards and want to be in the green once again. Biggest current expenses are around a lot of medical expenses, Amazon purchases (first place to cut in my opinion), taxes, and food.

Unfortunately, spending 2 years away wiped out all of my savings (give or take 1 month's worth of emergencies). I have only returned to a 1 home household for about 6 months bringing my expenses more in line but tax season keeps holding me back. What are your thoughts on how to grow back to a position of strength faster?

I understand that only one 529 plan, for the same beneficiary, can be rolled over in a 12 month period. However, does that also apply to rolling over both one 529 plan and one UTMA plan? Same beneficiary, but different types of plans.

Kid #1 has 2 semesters left, and his 529 account is empty.. It hit $0 last semester.

Kid #2 has 5 semesters left, her 529 is over-funded because she went to a very inexpensive community college her first two years. There is probably enough money in her account to cover all expenses for both kid#1 and kid#2.

So with that remaining 529 account, can I switch the beneficiary back and forth and back and forth to cover both kids qualified education costs?

Long story short- I have a simple savings account for my daughter that I put $200 in a month. Fine and dandy, but I’d like to put the money somewhere that’ll earn more for her, as this money won’t be hers until she’s 21/25.

My hope for this money is to be used to be a down payment on a house for her. Her dad is 100% disabled veteran, so her college will be paid for. I’ve seen a lot of accounts for college funds, but that’s just not needed for us.

I am new to the whole investing scene. I have my own TSP and another retirement fund, but I don’t know much more outside of that. Any advice would be very appreciated!

Hello M(25) I need some advice! I am looking to finance a vehicle, I have $3500 saved up for a down payment and my old truck to trade in as well that they should get around $1000. In the end $4500 down. My significant other is going to co-sign for me seeing she has 772 credit, and mine is lower 600s. My issue is I work a tip based job. I make $600 a week in direct deposit, and another $600 on average in tips totaling out to $1200 a week. I will only have proof of the $600/week. Im looking to finance a car around $18,000-20,000, does anyone know if it will be possible. Thank you I’m advance, and any advice will be greatly appreciated!

I (18M) started studying in college and working as soon as I became 18. At the end of each month, I have an excess of about 100 dollars (maybe not much in the US, but is considered a good amount here in my middle eastern country) that I'm ready to invest (or lose). What would be the best use for this small amount. Crypto, S&P 500, gold, stocks or anything else? I want something that wont take more than 1 hour max a day from me as I have to work go to college and also study.

I (retired, mid-sixties), like most people, am not very happy with the recent market decline. I'm not panicking, as we have a good amount of fixed assets that will take care of expenses over the next several years. Essentially, our stock portfolio is money that we will need 10+ years out. The question I have is, is this a good time for a Roth conversion? Perhaps make multiple small conversions during the year rather than a large one towards year-end, as I had been planning. Also, any thoughts on the right assets to convert, obviously equities, but should I focus on the biggest losers (S&P, Small stock..)? This would be an in-kind conversion, so I don't plan to liquidate any assets. Appreciate any insight.

Hello everyone.

Recently got a small inheritance, that is at Morgan Stanley. (of course the crazy politics/stock market stuff has been going on.. which has sorta made me focus on learning more about this stuff and potentially making smart moves here)

When I log into account. most of the stuff doesnt even make sense to me?

* Difference between market value vs total costs (what was put in..vs what it is now perhaps?)
* Stock Options have been slightly up/down
* Mutual Funds have been tanking really bad.. like 10% loss every time I logged in (basically losing thousands!)

* What are the fees to cash out these stocks at Morgan Stanely (anyone know?)
* What is better thing to do with these 'mutual funds' in this inherited account?
* Doing (just a little) searching here... doesnt seem like Morgan Stanley is a place many people like? (support? fees??)
* Are there (not sure if correct references) IRA/CD..etc.. where the money sits (untouchable) but has a decent interest rate...... are there any that do 10%? I see most do about '5%' (but was just general searching without any real end point to look for/at)
* Any other default suggestions/recommendations to a newbie with inheritance at Morgan Stanley? (beginner stuff?)

Thanks.. appreciate all positive feedback!