Financial advise for building wealth for 23 year old?
I feel really bad because I don’t feel financially successful or disciplined. I have basically $100 in savings, and about the same in checking. I’m 23 and making about $2500 a month working full-time. I have about $1405 in expenses each month (car payment, phone, food, etc.). I have no rent, so I SHOULD have about $1,000 left over each month. I am not paying rent, I still live with the folks (I know that’s sad but give me a break I work very close to their house).
How do I need to breakdown my left over money? Do I need to start saving a percentage of it? Do I need to save up for something like real estate to invest in or what kind of cash flow producing assets could I invest in with this kind of money and how long should I expect to suck it up before I start building wealth?
I’ve also got good computer skills and wouldn’t have much trouble making an extra couple hundred a month doing computer services for people.
You need to get into a 401k or similar, where money is taken from your pay pre-tax and you don’t even miss it. You need to setup an investment objective, plan, whatever you want to call it and get started. Now, this will set you up for retirement. If you’re interested in additional investing to build wealth, you could do that separately. Truly, there are two types of people, people who work for money, and people who have their money work for them. It only takes a little to get money working for you. The site below can lead you through the process and its completely free. Good luck.
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