I’m 22, live with my parents and make close to 50k a year. How much should I invest/save?

[Henri Christophe]

he could basically have like 50-100k cash with the right discipline.

I'd be a quarter million dollar nikka under 25 if I still lived at home




Wasted so much money on rent and food.


It's a shame.

Trying to save more than you spend when you live alone is hard as hell

Living at home felt like money was falling from the ceiling

 

[JLova]

Nice to have parents like that I guess. But I cant imagine being happy under someone elses thumb. You are blessed to have a helping family.

This is why black folk stay struggling. Parents either want to kick us out or we want to leave. Asians, Jews, Italians, Indians, etc....the kids stay at home long enough, stack chips, get married, then move out into a house sometimes fully paid for. Yea, it's fun to live on your own when you're in your 20s.... But that's only a short period of fun. Your 30s you're going to be upset about the money you wasted doing that shyt. 20s early 30s is a much shorter time period than 35+. Lay the groundwork now. You will have plenty of time to celebrate that when you're in your 30s and have the dough to do whatever you want with.

 

[SAINT]

Not gonna give you any financial advice but you should be taking advantage of your situation.

Please do breh, I welcome it

 

[SAINT]

Nice to have parents like that I guess. But I cant imagine being happy under someone elses thumb. You are blessed to have a helping family.

Haitian family and I’m the only child, it gets annoying sometimes but i like it. shyt I’m not even paying insurance on my car my mom is paying it for me, but I plan on changing that soon

 

[JLova]

I’ve been researching this, but honestly it scares me especially since my mother and grandfather are landlords. the amount of crap they deal with smh

It's not for the weak. But it all depends on the property. I lease out newer build condos so my headaches are minimal. I don't have to worry about fixing things or people not paying rent. I also lease to professionals in good areas. Would not deal with anything else. Not sure who your fam leases to but it can either be a headache or a walk in the park depending on what you're leasing, who you're leasing to and in what area. I've been a landlord for almost 10 years. Would not have it any other way. When I'm ready to buy my forever home, will sell one of the properties and use it to pay 25% down and have money left over.

Not going to get paid working for someone....don't matter how much you're making.

 

[NkrumahWasRight Is Wrong]

I'd be a quarter million dollar nikka under 25 if I still lived at home




Wasted so much money on rent and food.


It's a shame.

Trying to save more than you spend when you live alone is hard as hell

Living at home felt like money was falling from the ceiling

Got that right. My expenses have been almost nothing for a long time. It's going to be tough being a home owner. I cut a large check for rent to my parents earlier this year as a token of my appreciation but other than that I've been rent free for a long time.

Luckily I have a roomie lined up for my new place for at least the first 6 months so I should still be paying less than a G a month utilities included

 

[Dad]

He’s young so I understand why saving would be difficult for him - you still young.

Brehs in here are right - stack, stack, stack.

Your young and still wanna be fly, I’d suggest only buying clothes during tax season.

Food should be low on your totem pole unless you’re going out with a chick.

Travel and stack, stack and travel.

 

[SAINT]

He’s young so I understand why saving would be difficult for him - you still young.

Brehs in here are right - stack, stack, stack.

Your young and still wanna be fly, I’d suggest only buying clothes during tax season.

Food should be low on your totem pole unless you’re going out with a chick.

Travel and stack, stack and travel.

My dumbass was gonna cop some Gucci and balenciaga sneakers later this week for no reason. I don’t even go out . But this thread getting me on the right path

 

[Secure Da Bag]

I’m a soon to be college graduate and got an entry level position around my field, I spend money on tech, clothes and food. But even after that I always have extra money around. Now 50k ain’t shyt honestly, but when you factor in how little my expenses are I always have disposable money laying around. Now I’ll prolly spend 900-1k a month which leaves me with over 3000. I ain’t tryin to blow this shyt on clothes or dumb stuff. how much should go towards my 401k? how much should go towards bonds? how much stocks and how much should I save? How do y’all budget?

After taxes you have 4k a month? How are you making 50k a year then? Is my math bad? Coli accountants, help me out here.

Always make sure you have a year's worth of saving, just in case, you're out of a job for any reason. Also max out you 401k contributions and put 1k in stocks/mutual funds every month. With that sort of money, buy you a house, furnish it, and make it an AirBnB spot.

The Coli investment crew may have better suggestions.

 

[SAINT]

@Chef Mello @CorporateTrapper @JLova @perverted_monks @Dad so the consensus is save and worry about investments later in life, but save as much as I can right now ?

 

[Mirin4rmfar]

How much student loan you got?

 

[filial_piety]

This is why black folk stay struggling. Parents either want to kick us out or we want to leave. Asians, Jews, Italians, Indians, etc....the kids stay at home long enough, stack chips, get married, then move out into a house sometimes fully paid for. Yea, it's fun to live on your own when you're in your 20s.... But that's only a short period of fun. Your 30s you're going to be upset about the money you wasted doing that shyt. 20s early 30s is a much shorter time period than 35+. Lay the groundwork now. You will have plenty of time to celebrate that when you're in your 30s and have the dough to do whatever you want with.

these youngins don't even realize it. the amount of money I sent on BS, clothes, hangin out, my credit card etc...and all for WHAT? Pu$$y or attempting to get pu$$y......lol it AINT worth it.

Like you said, there's plenty of time and money in your 30s for alla that when you're hitting stride.

If I were pulling in 3k a month.....i'd basically have 2500 per month taken straight from my job to a Direct Deposit Credit Union account...where I wouldn't even have an opportunity to touch it.

I'd take whatever debit card they gave me and cut it up...and check the account online every so often to see the growth.

 

[Paper Boi]

i got an investment opportunity for you. PM me.

 

[SAINT]

After taxes you have 4k a month? How are you making 50k a year then? Is my math bad? Coli accountants, help me out here.

Always make sure you have a year's worth of saving, just in case, you're out of a job for any reason. Also max out you 401k contributions and put 1k in stocks/mutual funds every month. With that sort of money, buy you a house, furnish it, and make it an AirBnB spot.

The Coli investment crew may have better suggestions.

I take about 3500 after taxes. I make 23 a hr and work b/w 40-43 hrs it depends on the week.

 

[NkrumahWasRight Is Wrong]

@Chef Mello @CorporateTrapper @JLova @perverted_monks @Dad so the consensus is save and worry about investments later in life, but save as much as I can right now ?

Make some smart low risk investments, otherwise save and pay off debt. Dont take it too fast or feel shame for not moving out when you theoretically could.
For instance, some women may hold it against you that you don't have your own spot. Just keep it moving from them. If they don't understand how smart it is to take advantage of your current situation by staying at home then they are not worth the headache of dealing with