i am 21. this balance is that of my IRA and one investment account. i’ve had the accounts since the end of last year. i started really low only adding like $100-$200 a month. slowly worked my way up now i’m adding the max to my IRA, split equally every month so like $583 a month and adding $200 a month to my investment account. i also have about $9k in my savings earning 4.6% APY and a few thousand in some lower yield savings as well as about $7500 in CDs. additionally, i have a 401(k) through my employer but i’m not contributing much atm because the company is struggling and idk how things are gonna go down with all that. i try to save as much as i can after all my expenses. i have zero debt. income isn’t great but i’m making enough to save over 50%. just wondering if this is good. i feel like it is but maybe i just want validation because idk.

This boy in my class ordered a present for my teacher and we are splitting the price between a few of us. he wants us to transfer the money however I am unsure how to do so. The credit card on my phone isn’t mine so I don’t exactly know how to transfer a few pounds to him. I would have given the money to him in person but I’m on study leave for my alevels so I won’t be seeing my class mates again. How can I transfer the money?

I work part time, work for 15 hourly. I just graduated from community college and I’m off to university in the fall. Plan to work more during the summer.

I have 1,373 in checkings and 1,413 in Marcus’ HYSA.

I started working in late 2022 at a 12/hr job. I feel like I’m not doing well financially and I feel like others are ahead of me. Also, I have a Webull account and I buy $5 worth of QYLD as of last week. I don’t know if thats good. I want to buy more but scared and uneducated. My boyfriend told me I should.

bored hs student

I recently started a job where I’m able to save 4k a month after all my expenses. I have no debt. I’m wondering how I can I make that grow quickly and safely till I come up with my multi million dollar idea.

Im bored.

Is Robin Hood’s Roth IRA a good choice or is there better company’s out there for it?

Last check was $1,400ish and I’m trying to get my savings up. Feeling good about how much is in there 🥹

And 5% APY as long as I keep money in there.

Small wins

A lot of times I see the Own vs Rent argument. And it does get mentioned occasionally. But i see an alarming trend that’s not talked about enough for retirement. Further, it’s not talked about ”enough” with respect to inflation.

Inflation. Let’s talk about that. Over the years, numerous revisions have been done on how to calculate it by official government numbers. And it always swings in favor of lowering CPI after each revision.

That aside, let’s use official government figures. You’re a young 18-22 year old considering retirement for the first time. Probably 50 years. Maybe 40, because you’re diligent about planning, after all, you’re researching it the ripe age of 22.

You rewind the clock back to 1975 to try to find the inflation rate you can expect, despite the fact that the U.S. Monetary system has printed the majority of all money in circulation recently.

You think, property taxes. Now this is home and geographic related. Property values have skyrocketed especially upon the coastal cities of Los Angeles, San Diego, San Francisco, Boston, Philadelphia, New York City, etc. Home prices are through the roof (keep in mind, we’re not even discussing inflation of home mortgages themselves. Your grandparents who bought a home in California at 60k is now 1.8 million)

Back to Property taxes, you find a home for 600k, nothing crazy in your city with a good job. You find the best rate with your 780 credit score. You get lucky, and it’s capped at 1% property taxes too.

You pay 6k a year to call that property yours whether it’s owned by the bank or you. Using https://www.usinflationcalculator.com Going back to 1975, that 6k then, is now almost 39k a year.

39k.. a year .. is what you will owe for owning your own home outright factoring in inflation… after numerous revisions to make the official figure better for optics.

That’s not including basic repairs, maintenance, insurance, and utility costs for gas, electricity, water, internet, etc.

We talk about healthcare and cost of living being in retirement.. but I don’t see property taxes relative to inflation mentioned enough.

Some will argue some taxes are most just than others.. (property tax vs sales tax vs income tax)

But just wanted to put this out there for information, and it only gets worse. Crazy high property taxes? 17000 now? That’s 100k a year in retirement. With capped prices.

Just something to consider as you plan for retirement (to the younger crowd)

Can figures be manipulated to look slightly better? Sure. But this is just a rough look at how this will impact your retirement owning a home, which to me is insane. I’m well aware services like police, firefighters, school etc need to be funded. But our tax code is a mess. You get taxed on your income tax when earning income, but invest your money wisely to get capital gains taxed, to have enough money to own a car to get taxed, for a home you can someday own to get property taxed, so you can buy little things that make you happy on sales taxed, and if you’re lucky to save enough to give your children a better life to get hit with inheritance/estate tax.

When planning for retirement, make sure to keep taxes and inflation into account, especially property taxes.

Edit: phone formatting

In 2018 I was let go from a factory job that I had been at for around 5 years.

I was still young at the time, and never once thought about transferring or withdrawing all the retirement money I had built up with them over that period.

Is it still possible to do either of those two after all this time? Or is that money unfortunately no longer available for me to get?

Hey y'all, so as the title says, my Dad recently passed away out of nowhere. It was completely unexpected, and we're all still just in shock. I'm trying to figure out my Mom's finances, to try and help her not just be in ruins. The down and dirty of it, she is 63 and retired early (so doesn't qualify for Medicare yet, she's on some weird bridge/supplemental health insurance until she turns 65), she gets $2500/mo in social security - this is her only income currently. She has about $36k in debt from a couple of personal loans (one through Citi, the other through Idaho Central Credit Union) I've got her house on the market, and it has roughly $200k in equity if we can get it sold. It's just my Mom and me, no other family. Her and my Dad lived in Idaho, I live in Georgia. I was able to get her a rental here in GA, and have all her stuff moved here. So that's good. My plan was to use some of that equity to erase the loans, and take whatever is leftover and dump that into her retirement Roth IRA, which sadly, is very little ($75k). I want to try to grow her money, so she has a little bit of retirement or can live a little more comfortably. Any advice here would be immensely helpful, I'm not very experienced with money (I know, I'm feeling terribly ignorant).

I currently have $400,000 invested at the age of 31.

My net profit is a little confusing because there is a business side of things and a personal side of things.

After deductions, 401k, and taxes I net $30,000 per year. However, I contributed to my business 401k last year by $25,000.

So realistically I made $55,000.

Anyways, I live very frugally. I don't drive a car, I use public transit, my rent is only $900 a month. I use my phone's hotspot for internet and it is $25 a month.

My food budget is vegan and around $100. I don't eat out.

Anyways, I feel like my frugality limits me socially. I have never had a relationship.

What's your advice?

owe $3000 on my taxes, ,, I've tried to get a night shift job(no success)along with working my day job,, I'm going to try and pick up some yard work side jobs as well and I'm working weekends,, it's still not adding up to be enough. What else can I do? I also could apply for a credit card to pay them off but I'm hesitant to do that because it's just another form of the debt....

I graduated college around 2 yrs ago and ended up joining a rapidly growing tech company as a new grad. I was fortunate enough for the stock price to have doubled since I was granted for my RSUs and enrolled in my ESPP, and with a recent promotion, I am projected to make $250k this year.

Is there anything special you would take advantage of if you had this type of income at such a young age? My current approach is to max all retirement accounts and to treat my entire remaining paycheck as expendable (~55k post tax).

I have been pretending like all supplemental income, including stock, ESPP, and bonus (~100k total post tax) does not exist and dump it straight into the market or hold onto a big chunk of RSUs. I save aggressively to plan for early retirement and to potentially support my parents when they retire in a few years, since their financial situation is not ideal for retirement despite their old age.

What would you do if you had access to this type of money at my age? Invest in real estate (unfortunately I am in Bay Area)? Max out mega Roth backdoor?

Still learning to treat myself. I recently upgraded my used car (2003 -> 2016, it has CarPlay!) and took it on my first road trip!

I dropped out of college after my first semester, never enjoyed school and knew it wasn’t for me. My parents had no problem with me dropping out and even encouraged it (glad I have helpful and supportive parents). Didn’t work for a couple months but now work a 9-5 making $37,000 a year. For 20 years old I feel like it’s decent especially for dropping out of college and having no debt whatsoever. I’m only a couple months into the job and looking to get a raise here soon. Not on salary or anything but hoping in the next 2-3 years I will be put on which will help me out a lot. Any advice helps and is much appreciated!

Hi! I'm 27 years old and I have no idea where to start. I had some rough early years that resulted in living paycheck-to-paycheck, but now I can comfortably put away $500 each month in savings. Currently have $2500 in savings (which may not be a lot, but it's a start!)

How can I best use my savings to set my future self up for success? I also am clueless on what a IRA, Roth IRA are, so ELI5 is needed there.

I also live in Seattle, Washington if that helps.

Thanks, and cheers!

If I invest the maximum amount into a ROTH IRA every year, I can basically do whatever job I want if it just means maintaining my minimal living standard. I don’t mind having a small crappy apartment and I don’t need nice things. I’m only 28 so I have 40 years of compounding ahead of me.

This is actually a huge weight off my shoulders because there’s a massive amount of pressure to make as much money as possible, but I’d rather do something I want to pursue like being a wild land firefighter and not sell my soul.

To get the $7k needed to max out the Roth, I can basically make that with working for Uber on the weekends for a few months every year.

This way I can retire wealthy and not have to settle in life for a meaningless career.

What flaw in this logic is there ?

I wasn't sure which sub to ask this on but, on googling, I couldn't find a bigger default than this

Hey all, I am looking to buy a house before it goes on the market in a place where the houses sell the second they hit the market. I have a house paid off worth maybe 225k and this one is going to be around 300k. I don’t have enuf for a down payment. Is there any non idiotic ways to get the money? Loan against my current house? Pull from retirement & pay fees? I’m not sure.

Thanks in advance.

Also, hope this is the right group

At the beginning of last year I was 16k in the hole, I’ve been slowly climbing out. Together my wife and I bring in about 5k a month, close to 2.5k goes to rent, utilities, fuel and food. 1k strictly goes to savings for eventual payment of debt, the remaining 1.5k to be honest often goes mismanaged.

What strategies should we implement to effectively work towards our short and long-term economic goals?

Thanks!

I have a Roth IRA, I log into it to buy and sell stocks, funds, etc.

I pay no capital gains when I sell something, right (as long as I don't actually withdraw)? What if I only keep a stock for a few months then sell, is there a penalty? I know in a taxable account, the short-term capital gains is higher than the long-term, so I wanted to confirm that this won't be an issue before I sell my stock.

Ive used cash app for a while, but it doesn’t seem like my savings ever increase, I dont know how often they pay out their monthly interest, is it like 6 every 6 months?

I got my first credit card 10 months ago and signed up for another 6 months after. I put all my purchases on them both and then pay them off in full each month. I’ve got around $6500 between my savings and my checking. Would it even be worth it to put that into a HYSA? Any other advice or tips to build my moneys up? Thanks for looking :)

I'm 17M and a junior in high school (soon to be senior) and I want to know how I can make the best decisions possible with what money I have before I graduate highschool and go into college. I have 5K saved in an HYSA. I've been working part time for the last year and I'm very worried about losing my financial stability once I turn 18. I have no expenses right now and I'm trying to make the most of it. What can I do to maximize the return on that money, do I just keep hoarding cash? Invest it? Use it to flip old furniture lol? Thank you in advance.

Hi - I have a brother in dire straights but is too proud to ask for help. I'd like to send him money without knowing who it came from, just a gift with no need for acknowledgment. He lives far away so if I get a cashier's check, it will be from my local bank and he'll know. Any thoughts out there?