I'm in my early 30's and for the first time ever making over $35k/yr and I'm clueless.
>have $20k saved >owe $95k to student loans at 3.375%, $1800/mo 5 years >save $5k/mo after expenses including loan payment >No other debt >Don't contribute to 401k, job doesn't match
What should I be doing with my money? Pay loans off faster? 401k? Something else? What should I be reading? Grew up in a family with no money consciousness at all and now I'm in an upper middle class income bracket without a clue. I understand trying to do anything with the stock market is for retards, but I haven't a clue on what to do.
1800/mo in student loans...you have to be retarded to pay this shit, it's an unsecured loan literally nothing happens if you don't pay back
James Morales
Been there before. It hits my credit score and I'm pretty sure I could lose my professional license. I don't usually come here, is this board just get-rich-quick schemes and bitcoins, or actual adults? It seemed like a mix.
Liam Smith
can't give advice to a cuck
Nicholas Wilson
take the 20k and pay the 95k debt in whole
Christopher Cook
Huh? Over time, or are you memeing some "dump $20k in bitcoin and be rich right away" joke?
Nolan Campbell
Keep around about 3 months salary in savings. Use the rest to pay down debt. When you finish that contribute to your 401K anyway. Who gives a fuck about the match? It's even odds that you wouldn't be in a single job long enough for it to vest anyway, it's money you deduct from your taxable income and that earns interest tax free. Unless you're on the Ernest Hemingway retirement plan, you should contribute (ideally 18K per year since you're already in your 30s.)
Jayden Gonzalez
Payment on student loan interest is tax deductable, I hope you're aware of that
Gabriel Morales
Interest is only like $9k over 5 years. That's barely anything to my 200k salary. That's why I have $20k liquid right now, basically 2/3 to
>Keep around about 3 months salary in savings this
Nicholas Wright
>literally nothing happens you mean your credit goes to absolute shit and any employer who runs a background check on you (that includes a credit check these days) will rescind their job offer immediately
good luck securing a mortgage or driving anything that's not a 20 year old used honda
Dylan Cooper
Contribute to your 401K ... its the money you won't gamble ... and it will be there for the long term ... max it out ... thank me later.
Ryan Anderson
>he's not frugal >he's a wagecuck >he fell for the house ownership meme
no wonder you have 100k+ student loans fag
Joshua Stewart
That's not me. I am a wagecuck. I spent $100k for a $200k/yr job and have saved half my salary since getting it. Cry more.
Kevin Bailey
>200K In that case contribute to your 401K first then pay down debt with remainder. You can only contribute 1500 per month of your pretax income anyway, which will be like 1000 per month out of your take home. Not all that much percentage-wise.
Leo Ward
what's your job?
I'm getting a master's in mechanical engineering and will be graduating with about 20-30k in debt
except a salary != wage, you fucking moron
Asher Parker
I suspected that's the right move. Just put the remaining $4k/mo into the loans then? Since interest is only 3.375% i.e. $9k over 5 years, there's nothing better I should be doing with it?
Attorney
Robert James
did you go to a tier 1 law school
Isaiah Fisher
As in T14? No but close.
Thomas Phillips
>OP claims 20k saved >claims to make 200k >claims he saved half his salary
you're full of shit you whiny little fag
Levi Johnson
you must be from india or mongolia or some shit stain country
wage is the literal definition of salary
Benjamin Rivera
Why? $120k after tax, $10k/mo, spend 5k on loans, rent, spending. Save $5k. Started Sept -- had some cc debt too but that was paid off and my current pattern started this calendar year.
Gavin Carter
Wage is usually meant to refer to hourly pay rather than salary.
Christopher Price
yeah you must have never held a salaried, professional job in your entire life
Leo Turner
too busy running a business and being a boss while you have to wake up at 7 am and commute to suck your bosses dick wagecuckie
Angel Davis
Tell me more about that. I wouldn't mind doing it after a few years of cucking/saving. Do you have special skills or just running the business?
Logan Ortiz
I mean, you can invest in some index funds on the stock market and have an expected return close to 8%, but I wouldn't recommend it only because the risk of a stock market crash is correlated with the risk of you losing your job.
Tyler Hughes
>engineer >sucking boss's dick
how are those 90 hour work weeks at your dildo shop treating you, faggot? got an obamacare bronze plan?
Colton Richardson
PAY DEBTS! Then buy a house.
Julian Lopez
Use savings to do so. Then save more.
Asher Cruz
Isn't housing going to crash soon again?
Matthew Murphy
bump
Mason Bennett
You can get better long term return by investing in global, diversified index funds than the interest you pay on your student loan.
Like Buffett says: 90% passive index funds, 10% gov bonds. DCA until you retire, reinvest yields.
The stupidest thing to do is trying beat the market or invest in somebody trying to beat the market. Actually the latter is stupider as atleast you save fees if you do the stupid shit yourself. If you insist on stockpicking, use no more than 10-20% and do not trade actively or buy on margin. Ever.
Also unlike many claim, just buying sp500 is not adequate diversification.
Evan Anderson
>just buying sp500 is not adequate diversification.
take 3k a month and gamble them on options with KNOWLEDGE
Anthony Flores
Lol. I like how you quote Buffett, but then bash the S&P 500.
Buffett actually says 90% in an S&P500 fund and 10% in gov bonds. So you saying that the S&P is not adequate diversification is laughable and shows how little you know about the man you quoted.
Nathan Diaz
>What should I be doing with my money?
Putting it all in POSW
Not memeing
Austin Anderson
Hey, look at me user! I'm going to give you a couple reading suggestions based on my prior experiences;
>Ben Graham's "The Intelligent Investor" >"Security Analysis" by the same guy >Jason Zweig's "The Little Book of Safe Money"
For a guy like you, I supremely suggest getting a mutual fund with your local stock broker, and taking care to invest your savings with them. A "Mutual Fund" is an account that you will not directly manage, but you will have several knowledgeable people managing this for you.
Read those books I listed off the top of my head as well as others, they'll really help.
I hope I was helpful! *poof*
Carter Gutierrez
Thanks for responses. So sounds like I should save 3 mos salary, then just not off loans at the required $1800/mo, put $1.5k/mo into 401k, $3k into S&P or a mutual fund, and $500/mo into crypto currency. Is that on point?
What about a house? Stupid to buy? Rent is $1800, work in expensive metro. Worth buying house or condo? Do I need $100k down?
Wyatt Evans
Hey user! Look at me! I think getting a house at a younger age really helps as the value would appreciate over a number of years. Renting is more convenient for a person ultimately interested in pursuing an urban lifestyle or really isn't able to part with the initial capital necessary to make a down payment/subsequent payments for a house. Ultimately, it's what you got at the end of the day that determines your flexibility to make such conscious decisions.
