#FinancialLiteracy #StartingFromScratch #BudgetingTips
Hey everyone,
So here’s the situation: I’m almost 30, and I’ve got pretty much nothing saved up—no investments, no stocks, just a very bare-bones financial situation. Life threw some curveballs my way, including losing two jobs recently, and now I’m left with about $300 to my name. Thankfully, I’m living with my parents, which is a bit of a lifesaver right now, and I’m planning to go back to school for a trade, but I really need some guidance on where to even start on this whole financial literacy journey.
It’s tough feeling this way, especially at my age. Many people my age are building their careers, saving for the future, and investing, while I feel like I’m starting from scratch. If you’ve ever been in a similar spot, you probably know how overwhelming it can be:
- Lack of savings: Without savings, any unexpected expense can feel catastrophic, adding stress to an already challenging situation.
- No investments: Missing out on the power of compound interest means I might be losing potential for future financial growth.
- No budget skills: Not knowing how to budget effectively can lead to living paycheck to paycheck, making it hard to see any progress.
So, I’d love to hear from you all—where should I begin? What are some first steps I can take to start saving and budgeting? Here are a few thoughts I have:
- **Educate myself on financial literacy**—There are tons of resources available, from books to online courses.
- **Create a simple budget**—I need to track my expenses and identify where I can cut back and save.
- **Start small with saving**—Even if it’s just a little bit each week, getting into the habit of saving can set me up for long-term success.
💡 So, what worked for you when you were starting out? Any tips or personal experiences that could help someone like me? Let’s spark a discussion and help each other out!
Thanks so much for any advice you can share!
if you want to make money in the long horizon. equity investing is the best. along with investing we all do need a job so that we can invest on the side in equity.
30 years old isn’t that old. Don’t panic. Just steady as she goes.
Jump in – the waters fine.
Start with the prime directive wiki here.
1. Secure a job.
2. Build an emergency fund of $1000.
3. Pay off all debt (if any) ASAP.
4. Invest in the S&P500 very aggressively.
Hey, don’t stress about starting late – it’s never too late to get on track! Begin by creating a budget to manage your current expenses and save a bit from any income. Once you have a steady income, consider setting up an emergency fund first, then look into a high-yield savings account and gradually start investing in index funds or ETFs. Every small step counts
If you can correct your behavior, there’s plenty of time to save and invest and build wealth.
The behavior that needs correcting is to spend everything you earn. Some expenses are unavoidable. Learn to deny yourself ***today*** to save for a ***better, more prosperous future.***
Taking the first step into financial independence journey is important. You can start looking for part time work and save at least 20% of your income. Start investing slowly like ETFs ($VOO)
Finding a source of income should be your highest priority. Investing can come after.
1. Do you have an emergency fund?
2. Do you always pay any CC balances in full before the due date
After you take care of these the next question is there a 401k avaliable through your employer?
Start saving. I recommend opening a separate bank account that you DONT TOUCH and having a certain amount of money from your job deposited there every paycheck whether it be $50, 100, etc. Every little bit helps and adds up.
If you want to invest look into opening something like a Roth IRA. If you call Vanguard they’ll help walk you through the process and are generally very helpful with it. IRAs have a $7,000 max contribution limit but grow tax free. Open one and throw some money into VOO or VTI and just let it sit.
You can find contracts in healthcare, oil, or gas fields that pay great especially with the tax-free per diem. I have strictly worked contract jobs in healthcare the past ten years and it’s blessed me immensely financially.
It’s never too late.
Personal experience.