Hello finance managers of Reddit,
Let me first introduce myself. I'm a 24-year old grad student living in the expensive heart of Los Angeles, California. Being a traditional Filipino, I am still under the financial umbrella of my Mother and it's going to stay like this until I graduate from my studies and I start my practice. Hopefully, then I can be the provider.
Here's my scenario: I earn $2,200 per month net. The only thing I pay for monthly is car lease of $383 (my haggling skills are quite questionable) and ~500 credit card expenses. So really, I'm left with a reasonable amount of money. My mom is in charged of rent, food, and utilities. Although I'm a little bit spoiled, I try not increase my financial liability.
Roughly speaking, I'm left with $1,100 a month. Quite frankly, I don't know what to do with it. It's all sitting in a bank and it's not growing any marginal amounts. My thoughts are either:
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Invest 200 monthly on a Roth IRA / Mutual Fund
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Save up enough money to start up some sort of business (which I haven't really thought about)
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Or stupidly spend it without remorse buying electronics and indulging on unnecessary stuff.
Really, why I ask is that (not being pessimistic) my mom won't live forever and I want to be prepared to when I will finally start paying my own bills. For now, I want to stick to the topic. What should I do?
TL;DR - spoiled kid, mom pays for everything, have 1,100 sitting in the bank for nothing. What to do?
Submitted March 28, 2017 at 11:43PM by hethestranger http://ift.tt/2o4U3pB
