Just turned 27. Before today, my savings account had about $36,000 in it. I just got the Fidelity app, opened a Roth IRA, pulled $6,500 from my savings, and spent it all on FXAIX. I will be doing the same thing every year from now on.
I am now planning on opening a general account to dump $20,000 into it, buy more FXAIX, then putting in at least $500 a month. This will leave me with about $9,000 in savings.
My monthly expenses are about $1,700. My take home pay is about $1,200 per 2-week paycheck, so a little over $2,400 per month. I make $25 an hour, but choose to work about 30 hours per week. I am allowed to work 40 if I want but probably won't.
Once my girlfriend moves in (September) I will be getting at least $600 per month from her.
My mortgage is about $870 per month. I have about $40,000 - $50,000 in equity.
My car payment is $163 per month, and I owe 30 more payments on it. It was a 72-month loan at 6.3%. My brother says I should just pay off the car now, but I don't know if that's a good idea.
I'm mainly starting to get serious about investing because I don't want to lose my money to inflation, and it will be nice to have a little something in my 60's. I'm not trying to min-max every penny, and don't care how wealthy I am in retirement, just to at least maintain my current lifestyle. I want to invest with the least amount of stress or hassle and think this may be the best route.
Thanks for reading, and I look forward to your feedback. Investing makes me nervous.
Edit: Forgot to ask, what is the difference between .SPX, SPY, FXAIX, and all the other "500" stocks. Why are they all different prices, aren't they all the top 500 companies?
Submitted July 25, 2023 at 12:30AM by SloppySchmoes https://ift.tt/dDqIeJr
