what should I be saving for?
2019 was my first year of real work and getting real money. now, I am thinking: what should I be thinking about saving for? 1. get my first house? how much cash would I need to have at least to get a mortgage? 2. I want to do an MBA in a good school and I have heard that you need to save up living expenses for two years 3. get a car? Im in NYC so I don’t think its useful honestly but everyone is doing it 4. nothing. just keep investing the money
(I don’t have kids and dont wont for the medium term. I don’t see myself getting married or at least splitting income/expenses with another person for the next 5-10 years)
I don’t want kids so I don’t care about saving for them. I am investing with some of money yes!
Put some money towards a hobby. Good way to treat yourself as well as get your mind off work for a bit.
I absolutely have no hobbies other than drinking. maybe save up for travelling?
You're working your ass off for money and you don't know why, so you're asking strangers on the internet? God, I love first years!
At least I am trying to benefit from other people's experiences instead of spending money to just live a lavish life and regret it later.
save for 1. emergency fund in a savings account, aim for 3-6 months of rent and expenses if you lose your job or have some other major event
and 2. investing, you don't need to have a goal right now, probably best to put money in and forget about it for 5-10 years until you have a need (usually a house)
Save?!
You can't take it with you...
...If it flies, floats or fucks, rent don't buy.
SB'd....this my new life motto
As eloquence said, an emergency is the most important thing to save for. No idea when shit is going to hit the fan, so good to have some amount just in case of life.
If you have no debt to pay off, here are 3 things I'd recommend in no particular order:
Put some away in a 529 plan if you plan on going to grad school/MBA or if you ever change your mind and want to have kids. With valuations where they are, you can load up on equities for the long term if you ever plan on having kids in the future. Any tax benefit/savings is always great.
Stow some away in an IRA/Roth IRA, or more in your 401(k).
Just some food for thought.
Thank you. 529 is a great idea. I have not thought of that.
1) Save a Six Month Emergency Fund 2) Pay off debts above 5% 3) Buy Real Estate
Stocks & Blondes
Models and bottles
Seems easy based on your ideas. Buying a house or getting an MBA will set you back to near zero savings and you will have to borrow.
I don't know a single person who paid for their MBA (tuition + living) in cash... but that's just me
I don't intend to pay it off with cash. I was talking about living expenses for the 1-2 years I go to school.
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