So I've had a job out of college, but it paid shit. I got a good job now with a good company making a sizable amount more money.
I make about $5000 pre-tax a month (before it was probably closer to about $2500). My expenses (everything included: rent/utilities/food etc) come out to about 2k (there's no chance of bringing this down significantly, I'm pretty frugal generally). Post-tax I make about 3600, so that leaves about 1600 to play with at the end of the month. Factor in maybe about $500 for emergency "unexpected" expenses and it comes out to about $1100 a month to pay with.
Right now I have a wealthsimple account which is 50% equity based and 50% fixed-income which seems to be doing pretty well. I'm 1 month in and it has about a 1% return so far on about $2,000 (had some extra money I threw in there from the rent deposit I got back on my old apartment). I have an auto deposit of $500 a month into the account. The account is fairly diverse in itself which is good. My goal is to be able to afford the down-payment on a house when I'm about 30 (23, nearly 24 right now) so the account is a little more long term growth.
I forgot to mention, I only make about $5000 a month right now pre-tax, but I have very good reason to believe that I will be making about $6800 pre-tax in about 3-4 months time on the high-end, and $6000 on the low end (pre-tax), so I will have a bit more money to play with when that happens.
I have no idea what my tax return is going to look like at the end of the year. I just moved to California and tax here in general is pretty high I think. 26% of my current paycheck goes to tax, but I'm hoping I get a decent amount back at the end of the year. I plan on just throwing my tax return into my wealth simple right now.
I have 0 debt or liability. I owe nothing in loans, credit card payments or anything of the sort. I'm single. My rent is fairly high, but I do live in a fairly expensive city and valued living near my work very much. My rent is the only thing I could potentially save big on, but again, I very much value living near my work and avoiding a lengthy commute.
Should I continue dumping money into my wealthsimple? Should I up the amount I'm currently putting in? I'm currently putting in about 14% of my weekly paycheck into there, but I do think I have some extra money to spare. Should I try diversifying myself? Trying to figure out how I can get my money to make more of a return while remaining fairly safe.
I don't currently contribute to 401k because I don't have that option with my employer (that will become an option in 3-4 months). Should I consider putting money into that when it's available? I'm not exactly sure if they match or not, but I would be surprised if they didn't. It's a major tech company in the US.
Let me know what you think, any advice would be sage.
Submitted October 14, 2017 at 02:18PM by roharia http://ift.tt/2yp1koF
