48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don’t ever want to be in this situation again....
The Personal Finance wiki from that other site has a Prime Directive flowchart that spells out how you should allocate windfalls. Here’s the US flowchart but they have them for other countries with their respective finance programs.
In short, if you already are able to live off a smaller income, build an emergency fund so you don’t go backwards, then pay your future self. Don’t inflate your expenses unnecessarily because that just makes the goal of retirement cost more in the end.
Generic “assume everyone on the Internet is from my country.” US Roth IRA contribution limits for 2023 is $6.5k, going up to $7k next year. If different country, disregard.
Think it’s just you. You should try viewing it not on mobile if it’s giving you issues. It’s a 1665x3441 pixel image, plenty of resolution to render all the text.
…and it was amazing!! The fact that this delicious treat is reserved for camping trips is a shame. A bit too rich to have more than one, so the bright side is we have extras to do it again!
I’ve been utilizing “pay yourself first” for over a decade and it works for me. I preset my saving and investing goals which are set to auto deduct from my accounts, I have recurring bills on auto pay, then everything else remaining is fair game to spend guilt free. Could I invest more if I spent less on luxuries? Yes, but then I should have factored that in at step one then redone the exercise again for the following month with less obligated money remaining.
That being said, I do see the value in a formal budgeting solution since at the moment I only track my savings/investments and have a large blindspot to my expenses.
I need it (lemmy.zip)
Can you offer investment advice? I'm debt-free, about to start earning $2k more per month than I need to survive. Please offer any suggestions for optimal investment method(s).
48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don’t ever want to be in this situation again....
I just ate a s'more...
…and it was amazing!! The fact that this delicious treat is reserved for camping trips is a shame. A bit too rich to have more than one, so the bright side is we have extras to do it again!
What is your favourite budgeting method?
A Vanguard video (m.youtube.com/watch?v=1nprZjV_6FM) refers to 4 budgeting methods...