Hey there! So as the title states but I'll immediately reiterate, I'm a dunce when it comes to this stuff. I've looked up enough to know the basics like bonds/stocks/annuities and that there are different types of portfolios with different levels of risk. When you try to research everything seems so hypothetical and like you don't know how to apply it to your own situation.
So I'm 24, and I'm only making ~30k/yr even though I make $20/hr and then have some OT -- I only work 8 months out of the year (temp). I make money the other 4 months too, but usually can't be assed to try and make more than ~$1,200/mo during this time. Overall I would say I make about 26k after taxes (counting the side jobs and the taxes taken out of those). My employer offers an annunity savings account, I have $8,000 in it. I honestly don't know if there's a way to contribute more than 3% of your gross salary or not, so I'll ask about that.
Thanks to my parents I am lucky and have a $40k money market account and no student loans (well I helped...a little...).
My monthly expenses are $800 rent and electric, $400 food (I knoww), $60 cable, probably $60 on gas, $100 - $200 misc, health insurance is employer-provided this year only (EDIT: mainly out of pocket aside from small employer contribution to HSA), car insurance + cell phone are still paid by parents at their mild insistence lol.
My monthly take-home after taxes ranges from $2,000 - $3,000, I'll just say $2,500. So if my expenses are ~$1,600, I should be saving on average $900/mo for 8 months out of the year, and breaking as close to even as possible the other 4 months (stretching food and etc. budgets).
Like I said, have $24k in a savings account, just sitting there not doing anything. A couple thousand in checking and 1k in Paypal.
I have a feeling I'm being an idiot not investing and just letting money sit dead...but where do I start? Talk to a financial advisor?
Thanks so much in advance for any help you can provide. And sorry for not reading the sidebar articles as thoroughly as I could have haha
Submitted May 01, 2017 at 11:38PM by finanshill http://ift.tt/2pqwnfh
