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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). (lemm.ee)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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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.

(Edit: I don't need to buy a house or anything whatsoever related to a house, so please don't mention the "h" word in your response, it's triggering me for tangential reasons. Let me be clear, I will NEVER care about real estate whatsoever, mmmkay? Just trust me when I say I have a roof over my head and it's completely paid off, no property taxes, and No, I will never sell it, so the whole h-word" aspect of life is not a concern for me, k?)

Just looking for guidance where to invest this relatively small amount of money every month so in a few years when I'm older & frailer I'll have enough for retirement. I don't want it to just sit in my bank account, I want it to grow.

For reference, I've been living on approx $1500 per month for as long as I've noticed, so I don't need much per month, and the sooner I die, the less retirement fund I'll need, but we can never predict when anyone's death will happen, so let's assume I'll live to 100 because I'm ridiculously healthy & an exceptionally good driver, never been in an accident, one speeding ticket in my entire life, no social life so I never get into risky situations, so let's just plan for the possibility I'm going to live another 50 years.

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[–] [email protected] 3 points 1 year ago

What are your goals? Most people answer retirement, but I have friends who for genetic reasons will die at 55, they have different goals.

A house can be a great investment if you pay it off before you retire, since then you live there rent free. (You still have taxes and maintenance costs). However you have much less time to pay it off. Houses are about location though, for some they are great investments, for others really bad. You need to stay in the same house for many years though, if you move they are too risky.

In the US social security payments increase the longer you wait, so plan to retire at 72, or maybe draw down non ss funds first.

Are you married? This is a personal decision, but your spouse's savings and income are factors as well.