Personal Finance

3660 readers

12 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

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml

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 LemmyInRedditSux@lemm.ee to c/personalfinance@lemmy.ml

63 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.

you are viewing a single comment's thread
view the rest of the comments

[–] avguser@lemmy.world 12 points 1 year ago (6 children)

The Personal Finance wiki from that other site has a Prime Directive flowchart that spells out how you should allocate windfalls. Here's the US flowchart but they have them for other countries with their respective finance programs.

In short, if you already are able to live off a smaller income, build an emergency fund so you don't go backwards, then pay your future self. Don't inflate your expenses unnecessarily because that just makes the goal of retirement cost more in the end.

[–] LemmyInRedditSux@lemm.ee 6 points 1 year ago (1 children)

Thank you. I do miss a lot of the resources from "that other site" but they just banned my sixth account and I'm so done with them. I have noted all your advice and I will implement it.

[–] sugar_in_your_tea@sh.itjust.works 1 points 1 year ago

You don't need an account to just view posts and whatnot.

load more comments (4 replies)