May 22 in 💰Wealth
What would I do if I had to start from scratch
I’m not sure how much I’m legally allowed to tell you to do since I’m no financial advisor lol but this is what I would do. So in order…
- pay off any debts higher than 7-10% interest.
- Save 1k.
- Then have 2 weeks of expenses in a regular savings account.
- Then Save 6-12 months of expenses in a HIGH YIELD SAVINGS ACCOUNT not a regular one (regular savings account have barely any interest ie 0.01% return)
- If your employer offers a 401k set it up and contribute a percentage at least up to their match, just pick a target date fund with LOW EXPENSES RATIO.
- Then max out your Ira ( I have a Roth IRA so I don’t have to pay taxes on it when I take it out) and I pretty much just buy VOO AND QQQ which are index funds/etfs, close enough to the same thing
- Then max out your health savings account if you qualify ( I don’t qualify because I’m not on my own health insurance plan with a high deductible, but if you have your own health insurance with a high deductible it’s worth looking into )
- Contribute any left overs to a taxable brokerage account and I buy VOO and QQQ.
This isn’t very flashy but working at ANY JOB you can do these things and almost guarantee you’ll become a millionaire in 30 years worst case (assuming 10% interest rate) if you’re able to invest 500 dollars a month
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What would I do if I had to start from scratch
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