Starting Out Questions
Hello, i’m looking to start my personal finance journey to set myself up for success and retirement.
I have a few questions i’m hoping someone can help me with.
Here’s some info about me.
I’m 28, single, I rent, I’m self employed and make about $900 per week after taxes. My monthly expenses are ~ $2500 (600 rent, 100 utilities, 125 car insurance, 125 phone bill, 350 gas, 400 groceries, +100 for contingency = $1800). I also pay $700 a month in child support.
I have ~27K in an old fidelity 401k that my previous employer started for me when i was 20. I have $500 in a Roth IRA with vanguard. I have 3K in a savings account with my bank with a negligible interest rate.
I drive an older truck that i’ve had to put 4k into this past year. so i need to plan for a replacement vehicle. I also want to save for a house and retirement. I would like to start going on a few vacations a year if possible.
Can someone help me with money allocation and general knowledge or tips. Pretend i don’t know anything about personal finance because that how it feels. Step by steps directions would be great lol
TIA!
original posted by funk_zaddy to r/personalfinance on Mon, 04 Mar 2024 17:16:18 GMT.