I’m 35 years old and I started my business of mobile DJ’ing four years ago as a way to make some side money. It’s taken off and I’m making more money then I know what to do with. I’ve never been much of a financial planner, I don’t have a 401k or any other investments for that matter. Everybody in my family has lived paycheck to paycheck for as long as I can remember and they have no assets to show for it. I’ve saved up something over $50,000 but it’s just sitting in my savings and checkings account. I’m also now making over six figures a year in profits and it’s still growing.
I get a lot of different advice from a lot of different people. I’m sure it’s all good advice, but I just don’t know if it’s what’s best for me. People mention I should be buying my first apartment or condo, or buying a property then renting it out, my accountant says I should start a retirement fund, others say I should invest, others say I should travel the world... frankly it’s a bit overwhelming and I don’t know where to begin. I like to do my research before making any big decisions, but like I said I just don’t know where to begin. Are there any books or sites that you would recommend?
I also feel like I’m being a bit frivolous with my new found money. My credit card bill each month is between 2k and 4k. Some of that is investing in the business or other miscellaneous business expenses, but a lot of it is going out to eat or drink, going on trips or vacation, or to buy myself nice things. Maybe I’m lying to myself I when I say that in my line of work of dj’ing and entertaining that there are a lot of events that I’m going out to network and build relationships, so it’s justified. But sometimes I wonder if it’s too much too. I feel like I’m definitely getting more care free about it as well and I might be biting off more than I can chew. I want to be more disciplined about my spending habits.
TL;dr : I don’t know what to do with the money I’m making, I’m also spending more than I’m comfortable with. I want to invest properly in my future but I don’t know where to begin and I’m getting anxious about it.
Edit: I don’t have any debt besides a work vehicle loan of about 12k. I paid everything else off recently including school debt and past credit card bills. My monthly credit card that I pay 2k-4K is accrued monthly and paid off every month, mainly just so I can get the points/cash back for them.
I get a lot of different advice from a lot of different people. I’m sure it’s all good advice, but I just don’t know if it’s what’s best for me. People mention I should be buying my first apartment or condo, or buying a property then renting it out, my accountant says I should start a retirement fund, others say I should invest, others say I should travel the world... frankly it’s a bit overwhelming and I don’t know where to begin. I like to do my research before making any big decisions, but like I said I just don’t know where to begin. Are there any books or sites that you would recommend?
I also feel like I’m being a bit frivolous with my new found money. My credit card bill each month is between 2k and 4k. Some of that is investing in the business or other miscellaneous business expenses, but a lot of it is going out to eat or drink, going on trips or vacation, or to buy myself nice things. Maybe I’m lying to myself I when I say that in my line of work of dj’ing and entertaining that there are a lot of events that I’m going out to network and build relationships, so it’s justified. But sometimes I wonder if it’s too much too. I feel like I’m definitely getting more care free about it as well and I might be biting off more than I can chew. I want to be more disciplined about my spending habits.
TL;dr : I don’t know what to do with the money I’m making, I’m also spending more than I’m comfortable with. I want to invest properly in my future but I don’t know where to begin and I’m getting anxious about it.
Edit: I don’t have any debt besides a work vehicle loan of about 12k. I paid everything else off recently including school debt and past credit card bills. My monthly credit card that I pay 2k-4K is accrued monthly and paid off every month, mainly just so I can get the points/cash back for them.