Back story - I moved to a high cost of living area last year and racked up around $8K on my credit card from the move (shipping, moving, all the fees associated with New York apartments... you get the drill). It took me 9 months but I finally paid off my credit card at the start of 2020!
Including the stimulus check, tax returns and the general savings I've incurred from being in months of quarantine, I've managed to save up around 12K in cash, plus I have $1600 in a 401K account from my employer. I have about 10K of it in a savings account (it used to be at a 1.6% APY but it's dropped to 1.05%, I'm guessing due to lowered interest rates everywhere).
After taxes and deductions I make around $2800 a month, of which I save around $700-800 each month. I'm wondering if I should open an investment account or keep saving what I can in light of the current economic situation. I'm very fortunate to have a stable job (for now) but I've never invested before, though this thread and r/financialindependence have truly piqued my desire to have better control over my money. This is my first job out of college and it seems that much of the financial advice out there is to start investing as early as possible. I've been reading a few books on finances and low-cost/low effort investing for beginners, but I'm torn at whether I should go for it or keep saving what I can for the next year. What are your thoughts?
Submitted June 15, 2020 at 08:52PM by 66J15 https://ift.tt/2Y4HdsD
