I'll be starting my first job out of college next month and would like some help understanding what would be a responsible budget. Some info about me and my family:
I've lived with my mom most of my life and she has consistently made less than 30k a year while supporting me and my 2 siblings in an expensive area in CA. She's built a lot of debt raising us , using high interest CCs. I think something like 10-15k of debt. Now, my younger brother will be the only child in the house so expenses are going down for her. I'd like to help her out until my brother goes to college (3 years), ideally paying off her debt quickly and helping them get a better standard of life.
When I start my job I'll have no debt but only about 1k in savings. No other assets. I've already found an apartment and will be paying around 2200/month after utilities and such. My job provides breakfast and lunch every day as well as healthcare. There's also a 100% 401k matching amount that I plan to meet (I don't know the exact amount now).
I assume of my income, I'll get about 100k or so after taxes. After rent and transportation (approx 100/month for subway card), that leaves me around 72k a year.
My question is how much of this should I aim to save? How would I best invest this money? I don't have any clue where to start other than what I've read in the wiki. I don't have any large expenses I'm planning for in the immediate future. What's most important to me is helping out my family while still enjoying life. I imagine a reasonable amount to aim to send home would be 20-25k a year. Additionally, what are the tax implications of sending my mom this money?
Thanks in advance for the advice
Submitted July 17, 2017 at 07:57AM by Finthrowaway123456 http://ift.tt/2uuS4h6
