So I have just turned 19 I did not grow up in a family where money was discussed and neither was talking about things to make you a functioning member of society.Nor does high school teach you ANYTHING about adult life. Now that I am an adult, I think it’s my responsibility to teach myself about these things. I don’t want to grow up and be a bum then play the blame game on who didn’t teach me anything, it’s my responsibility so I want to learn things the best way I can. I have pretty bad money anxiety, meaning I constantly stress about money, stress about failing in my future, not fulfilling the life I imagine for myself (I want to try and do everything in my power to achieve that, I would say I grew up below middle class but not poor) so I am just looking for guidance with lots of things. Starters I am starting an apprentice program for aesthetics in a month, so I have a cleaning job that gives me 11 hours if I have no cancelations. So I am limited with what I can do to set my future self up for success. I have a secured credit card and I just got my credit line increased. I am good with my credit card (bc of my anxiety with finances), I use it for all my purchases while not using my debit card so that there is always money to pay it off in full, I only use 30% of my credit limit (less than 30% because i really don’t have much to buy), and I pay it off on time. I hear a lot of people talking about Roth IRA, 401k, high yield savings account, things like that, but I don’t know what they are really. I would say I know the gist of them but I don’t KNOW what they are. Could anyone explain them each to me. I know people my age have opened a Roth IRA account (is that even the correct terminoloy???) how do I go about doing that? how much should I be putting in monthly? is that like a retirement fund? I’ve heard people talk about a fee for pulling that money out? How does taxes go about with that. What are the differences between Roth IRA and 401k? I know these are probably just dumb questions but I would appreciate if someone could help educate me. I am just trying to set myself up for success while I’m young. Thank you in advanced!
Submitted January 07, 2024 at 11:29PM by MasterConfusion685 https://ift.tt/zIndegp
