#FinancialAdvice #WealthBuilding #Investing101
Hey there! 😊 So, to kick things off, I’m a 27-year-old woman living in the US, feeling a bit overwhelmed when it comes to finances and investing. I’ve managed to save up around $50,000, but most of it is just sitting in my savings account. I’m doing alright with my personal credit card payments, but I’m also carrying $19,000 in student debt (I’m on a biweekly payment plan). The good news? My car is paid off, and I don’t pay rent at the moment, which is a huge relief!
But here’s the kicker—I’m pretty scared of going broke. 😟 I know I need to build wealth, but the whole finance world feels like a foreign language to me. Recently, I left my government job because it wasn’t good for my health and didn’t align with my career goals. Now I’m considering going back to school or perhaps becoming a real estate agent to explore new opportunities.
I’ve taken some time to research stocks and different investment options, but honestly, I’m still fuzzy on it all. I’m not even sure if now is the right time for me to invest. So I’m reaching out to you all for your thoughts!
- If you were in my shoes, what would you do with $50,000?
- What’s a quick and effective way to start building wealth?
- Any short-term and long-term investment tips you could share would be incredibly helpful!
💡 I’m also considering hiring a financial advisor to guide me through this maze, as I could really use the support. In my opinion, having someone to help navigate my financial journey could be a game-changer. 🏦
Have you had similar experiences? What strategies worked for you? Let’s help each other out with some tips! Your insights could really make a difference for someone like me just starting out. 😊
https://boglecenter.net
https://www.bogleheads.org/wiki/Main_Page
If you plan to go back to school, you will need the money for your tuition expenses. Pick a decent paying career path.
Hard to say without more info about your goals/hopes. Might use it for tuition. Might use it towards a down payment. Might use it to buy a van and do #vanlife.
While it is a nice chunk of change, I wouldn’t view it as investment money that is going to change your life. At your next job, start contributing to a 401k or something like it, if it available. It will have tax advantages and usually it is easy to just find a plan or some index funds to invest in.
No reason not to pay off those student loans though. You owe the money and have plenty to pay it off.
Simplest thing to do is invest in ETFs. These are basically bundles of stocks that are passively managed. I would suggest looking at ETFs that track the SPY and Nasdaq. Also speaking with a financial advisor couldn’t hurt