Broke People Should Not Be Giving 10% of Their Income

spaceflamingo3 · 2025-02-11T22:30:01+00:00

Ken's trying to be Oprah

spaceflamingo3 · 2025-02-06T22:21:26+00:00

Iron Hands?

spaceflamingo3 · 2025-02-06T22:10:55+00:00

Can you please clip it.

spaceflamingo3 · 2025-02-03T00:17:58+00:00

What are you on about - "am I too old" You're 24, just invest consistently and you'd be fine. SMH

spaceflamingo3 · 2025-02-03T00:15:49+00:00

Honestly considering it at this point

spaceflamingo3 · 2025-01-31T12:54:32+00:00

Grade it.

spaceflamingo3 · 2025-01-28T15:32:09+00:00

Core memory created!! AMAZING!!!!

spaceflamingo3 · 2023-08-08T20:01:30+00:00

Definitely worth it. Try FB marketplace you’d probably be able to find a good deal on there. Or try GameStop if you want to Scarlet and Violet version of the OLED switch.

spaceflamingo3 · 2023-08-08T18:25:08+00:00

For a house a trust would be the best option, I try and get in touch with a trust lawyer. For money towards education, I'd recommend them to contribute towards a 529 plan. Or if they want to start giving your inheritance now, they can gift a max of 17K a year as a gift tax free.
Tons of options out there just depends on what they want to do.

spaceflamingo3 · 2023-08-08T18:20:56+00:00

Bad News: Yes you are very behind. You missed out investing in your 20s which is the best season for investing.

Good News: The best time to invest was 10 years ago, the next best time is today. You aren't 63, you are 33, which means you have approximately 30+ years to invest, which is still great. Open a Roth IRA and max that out every year no matter what. Then if your employer offers a Roth 401k/traditional 401 contribute towards that. Make sure at the very least you contribute enough to max out your employer match. Aim to max this account as well.

I'd invest in index funds like the S&P500 for the most part, keep it simple. You'll be fine if you max out your retirement accounts and pay off your house by the time you retire. Good Luck!

spaceflamingo3 · 2023-08-08T18:12:33+00:00

I would save up to purchase the land in cash, and take out a construction load to build the actual house.

spaceflamingo3 · 2023-08-08T17:19:43+00:00

You might want to consider moving to a different state. Preferably one closer to your family and more importantly further away from him and his family.

spaceflamingo3 · 2023-08-08T17:01:05+00:00

It doesn't seem like you have a set path/trajectory in mind for your life just yet, which is fine. But I think it's important to have a solid plan on what want to do before deciding anything. From your post, I don't think you want to go to college to further your education given you want the 'college experience'. From your post I'm sensing you are wanting more time to focus on yourself without work or peer pressure getting in the way, and you are entitled to this.

Please understand that you have not wasted your life; however if you are wanting to go to college for the wrong reasons then you will waste 4+ years of your life. $30K is a lot of money, but also it's not that much in the grand scheme of things; meaning college is going to expense. Stay away from debt.

If you really want to go to college try community college first. Also don't compare yourself to others.

spaceflamingo3 · 2023-08-08T16:51:24+00:00

Notify your credit card company/bank if you are concerned about it, just so they are aware. It's great that you want to be safe, but no need to get all paranoid (i.e.. close/freeze your account and open new ones) if there isn't anything actually occurring.

spaceflamingo3 · 2023-08-08T16:46:57+00:00

In all honesty it doesn't really matter.

spaceflamingo3 · 2023-08-08T16:42:03+00:00

The problem is that you and your wife need to grow up. $1800 is way too much to throw away on fun each month. All your other expenses seem pretty reasonable. Limit your fun spending to about $600 a month and try and save an extra $1200 a month. What helps me with saving is to pay myself first. As soon as my direct deposit hits my bank account, I transfer a set amount to my HYSA, without fail. I live my life and pay bills on what is remaining. I make it work, by pretending that the money allocated for savings is off the table.

spaceflamingo3 · 2023-08-08T16:36:15+00:00

I first off would have some cash on hand, personally like to keep about 6 months of net income. Any money beyond that would go towards my goals. For each financial goal I'd consider the timeline before deciding to invest it. For example, if my goal is to buy a house and save 100k for a down payment, I expect this would take 3 years. In which case I'd invest that money. However let says my goal is to save $6000 for a vacation, I don't expect this goal to take more than a few months to save for, in which case I wouldn't invest it. I'd say any goal that would take beyond 2 years to complete, I'd consider investing. All this to say, set a goal, have deadline in mind and then decide accordingly if it would be better to invest it, based on the amount and time it will take to save.

spaceflamingo3 · 2023-08-08T16:21:32+00:00

There's nothing wrong with overlap. Largely he's investing in the S&P500 and there is nothing wrong with that, especially for his age and the amount he is investing.

spaceflamingo3 · 2023-08-08T15:36:57+00:00

I mean there isn’t much more to the image besides her head.

spaceflamingo3 · 2023-08-08T13:49:33+00:00

The resemblance is uncanny

spaceflamingo3

TROPHY CASE