seekeroftruth343
New member
Hey guys I’m a 29 year old male registered nurse that grew up in abject poverty to eventually become middle class.
I’m single, so it’s just my income.
I would say this is all from my own efforts but truly in every aspect of life call it luck or God’s blessing plays a role in your success so take this all with a gain of salt.
I have about $70k in my 403B 100% S&P 500.
$26,000 in my rollover 401k & Roth.
Paid off 21’ Corolla.
Paid off student loans, from a state university.
I’m not rich, but coming from not knowing where my next meal was coming from as a kid to this feels like a huge jump.
If this sounds like something you can respect here’s my advice.
This is simply things I’ve found have benefited me greatly and helped me exit and STAY out of debt as an adult.
Here’s all my best tips.
I got roommates and save $1000 a month from this alone.
I got an economy car I could pay off in 2 years and now I save $400 month compared to the Tesla I wanted.
I completely ignore the food I buy because I slashed so much here. It’s not about cutting every expense just getting breathing room.
How I manage my money
Put 100% of it into S&P 500 low cost index fund.
Anything beyond 6 months emergency fund is automatically invested into a brokerage.
Simply cutting my expenses in the 3 biggest areas.
Paying off high interest debt, and avoiding incurring.
Then maxing my 403b, and putting anything above 6 month’s emergency into index funds has kept me out of debt and my net worth growing with almost no personal involvement.
So again it’s simply: Cut-pay off-emergency- low cost index fund- hold till retirement.
It’s advice I’d give myself, my mother, even my children, so I’m giving it to you now.
If you want my references read:
The little book of common sense investing.
Dave Ramsey’s FPU
Rich dad poor dad.
Google Warren buffet quotes on general investment advice.
I suspect I’ll get roasted for this, but I believe if you apply this you’ll thank me in 10 years.
I’m single, so it’s just my income.
I would say this is all from my own efforts but truly in every aspect of life call it luck or God’s blessing plays a role in your success so take this all with a gain of salt.
I have about $70k in my 403B 100% S&P 500.
$26,000 in my rollover 401k & Roth.
Paid off 21’ Corolla.
Paid off student loans, from a state university.
I’m not rich, but coming from not knowing where my next meal was coming from as a kid to this feels like a huge jump.
If this sounds like something you can respect here’s my advice.
This is simply things I’ve found have benefited me greatly and helped me exit and STAY out of debt as an adult.
Here’s all my best tips.
- if you can’t pay for it with debit, don’t buy it on credit. Credit cards are IOU’s future you will need to pay. Befriend your future, don’t sell their future away.
- the ONLY THING that will determine your financial wellbeing is your SAVINGS rate, as in if you make $400,000 but spend $397,000 a year, you will always be one paycheck away from collapse.
I got roommates and save $1000 a month from this alone.
I got an economy car I could pay off in 2 years and now I save $400 month compared to the Tesla I wanted.
I completely ignore the food I buy because I slashed so much here. It’s not about cutting every expense just getting breathing room.
How I manage my money
- how I allocate my spending based on the guidelines from John C Bogle, Warren Buffet, and Dave Ramsey. (If you disagree with these people I ask you, who has more money you or them? So until it’s you I’d defer to someone with better results.)
Put 100% of it into S&P 500 low cost index fund.
Anything beyond 6 months emergency fund is automatically invested into a brokerage.
Simply cutting my expenses in the 3 biggest areas.
Paying off high interest debt, and avoiding incurring.
Then maxing my 403b, and putting anything above 6 month’s emergency into index funds has kept me out of debt and my net worth growing with almost no personal involvement.
So again it’s simply: Cut-pay off-emergency- low cost index fund- hold till retirement.
It’s advice I’d give myself, my mother, even my children, so I’m giving it to you now.
If you want my references read:
The little book of common sense investing.
Dave Ramsey’s FPU
Rich dad poor dad.
Google Warren buffet quotes on general investment advice.
I suspect I’ll get roasted for this, but I believe if you apply this you’ll thank me in 10 years.