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So, I am living at home with my parents with a full time job that I’m considering leaving to move across the country for a new adventure (aka job in a new city). I want to find out the best way to completely break off from my parents so I am in total control of my finances. Mom’s a financial advisor and has control of everything in Quickbooks, which I’ve never learned, so I’m wondering what the best way to take over would be.

So for background information:

  • I’m 25, full-time employed
  • I have a 401k (which... has had a -3.35% rate of return in the roughly 9 months I’ve been with my current job?? Is this expected considering I’m in the aggressive investing age bracket?) with under $3k in in
  • I have a savings account that has about $10k
  • I have a roth IRA with over $100k in it (it’s about as old as I am)
  • I have about $8k in debt which I’m using to build up just a little credit (a credit card comes next)

So here’s all my questions:

  • What is the best way to manage things like a Roth IRA and 401k and savings? Should I get Quickbooks or is an online app like Mint ok?
  • How does one start investing?
  • Considering I’m not planning on buying a house any time soon, what would a good financial goal be for me?
  • What’s the best way to estimate how much money I should be aiming to collect for retirement?

About the financial goals: so with Mint, I can set up cute goals that devote an entire savings or checking account to. I would love to have a vacation fund, but in doing so I allocate that whole savings account to that one goal, so for my main savings account, I would like to use it for a practical, long term goal. Would buying a house be a good goal considering I’m not planning on doing it for like 10 years (I’m not set on staying in one place for a long time)?

As for retirement, as a millennial I’m a little iffy on how to plan. I doubt I’ll be retiring at 65, and I know that I am very used to the upper middle class life I was blessed with, but I don’t know if that’s going to continue (my line of work is not as lucrative as my parents). How do I go about estimating this?

Lastly, as a bonus question: are there any negatives to keeping a checking and savings account with a credit union that is based out of the state I’m thinking about moving to?

Thanks in advanced, I promise I’m using google as well as posting this, but maybe I’ll get lucky and have a lovely soul pass through to answer all my questions! Happy Monday y’all!



Submitted July 02, 2018 at 07:05PM by beedlejuicing https://ift.tt/2MGQTkt

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