Personal Finance

3857 readers

34 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

[email protected]

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]

60 comments fedilink hide all child comments

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.

(page 2) 12 comments

sorted by: hot top controversial new old

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

Do you have any debt? Outstanding credit card balances, loans, etc..

[–] [email protected] 0 points 1 year ago

Send your extra cash to me. I'll invest it for you. No strings. My track record is as solid as FTX. You can't lose.

[–] The_v 0 points 1 year ago

There are three things that I prioritized before investing extra in retirement (after taking advantage of the match 401K funds of course).

Emergency funds/large purchase saving, owning my home, and debt elimination.

It sounds like you have the last one taken care of. Next I would build up an emergency fund and then purchase a home.

Purchasing a home is essentially locking in a cheaper flat rate rent long term. Rental rates in my area are around $1500 per month. My mortgage that I started 15 years ago is $1100. For a home like mine, rents are running closer to $4000. My income in the past 15 years has steadily increased but my monthly bill remains the same. This gives me a steadily increasing amount of income to invest. Of course the best time to buy a home in recent memory was around 2009-2010 after the crash.

load more comments