Quote:
Originally Posted by Joe T
dude, you can't afford it. you think you can because at 24 you live with your parents, but you really can't
I'm a little more than twice your age, your monthly is about my weekly and I wouldn't pay $670 a month for a car payment.
here's some sound advice. Make an appointment with a financial advisor, spend 30 minutes talking about where you are today (and be honest), where you want to be in 10 years. Talk both short and long term goals.
I'm not a financial advisor, but here's what he should tell you. Live with your parents until you cant (marriage, live changing event, or you NEED to leave) save as much as possible. Take that $10K burning a hole in your pocket and invest it. at a modest 10% rate that's $75k in 20 years. Put just $500 a month into that account and in 20 years it's almost $500,000. In 30 years it $1.33million
If you put that $500 into an ira/401K so it's a pretax contribution, your net take home pay is affected only by about $75 a week
you'll forget the $10k you didn't use and you'll not notice the $75 a week. As you make more money invest more
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This. I started a retirement account in my early 40's and it's grown well beyond any expectations I had. If I had the chance to back up to my mid-20's, I would have started saving then. Compound interest is a beautiful thing and when you get to the point of seriously considering retirement, you'll wonder how the years went by so quickly. Want to retire young? Start saving now and leave it alone until you retire.