Hi, to cut this short, I'll give you some numbers
Age : 22 Annual income : Approximately 116k Current debt : approximately 80k Average spending per month : 2k Savings : $2,800
I'm currently following Dave Ramsey's baby steps plan and have been paying off my debts and have an emergency fund in my savings, I'll be debt free by December if not earlier.
What I'm planning on is splitting my income into quarters, a quarter for my expenses, a quarter into savings, a quarter into a mutual fund that gives around 7%, and a quarter into precious metals (kinda ahead in this, over 7 ounces of gold now).
The mutual funds will give me approximately $4,180,000 in 35 years (by that time I'd be 75)
My savings account at %1.5 will give me $1,330,000 in 35 years.
And for precious metals, that'd be around 700 ounces of gold (assuming spot price doesn't deviate too much)
TL;DR Splitting my income into quarters , Quarter to use, quarter for mutual funds, quarter for savings, and quarter for precious metals.
And ideas? Am I good or not?
Submitted February 04, 2019 at 09:30AM by Jerrycanprofessional http://bit.ly/2MMe4eo
