28 years old. $43,000 per year. Next to nothing in my savings acct. No debt. Can't manage to save a penny. Need car. Need 2nd job. How can I get in good shape? I am financially retarded. I have no idea how other people afford the things they do and/or how they manage money...or what kind of shape the average person is in. -Clueless
2006-08-05 08:06:53 · 5 answers · asked by Anonymous in Society & Culture ➔ Other - Society & Culture
Most people afford nice things on credit and live way outside their means, so do not be fooled. Stay out of debt and continue to stay focused on educational or career goals. Have fun, but do not be sucked into material bliss, it does not last. Find a decent investment firm / banker and see if they can start an IRA (local bank as well) or a smaller investment account. Every year at this point you are losing a ton of money in compounding interest. It is easy to do and as little as a $100-$200 per month to get started. It becomes more addicting to watch you money grow sensibly than to buy things you do not need. Buy a car if you need one, but they depreciate so only get what you need and check car insurance rates for different cars before you buy. Certain cars carry higher insurance due to theft rates, etc...
2006-08-05 08:16:21 · answer #1 · answered by MPL 2 · 0⤊ 0⤋
What area of the country are you in? Some places are much more expensive to live in.
You need to sit down and evaluate where your money is spent.
Then you need to pay yourself first. Have a 401k set up with your employers and / or set up an automatic withdrawal from your checking account to be put in a savings account or mutual fund. You should aim for saving 10% of what you make.
Personally, I'm a single parent with two kids. Working 35 hours a week (by choice) making about $19,000 a year plus another $8,000 in child support. I own my own home (with a mortgage) , drive a used, but reliable van, providing well for my kids (food always in the house and we do have funds for some entertainment) and am up to about a year's worth of my income in mutual funds and savings.
It can be done -- it just requires discipline.
2006-08-05 15:28:04 · answer #2 · answered by Wisdomwoman 4 · 0⤊ 0⤋
You must be spending your money on a lot of unecessary expenses.
Keep an account of all your expenses every week. Keep al your receipts. Keep an account of where , why and what you spend your money on.
2006-08-05 15:11:35 · answer #3 · answered by Atheist Eye Candy 5 · 0⤊ 0⤋
at least you have no dept. Most people have dept. I make about 100,000 a year and I fell like you.
2006-08-05 15:13:35 · answer #4 · answered by mike67333 6 · 0⤊ 0⤋
have you tried a bank financial planner? they might be able to help you.
2006-08-05 15:11:42 · answer #5 · answered by moonshine 4 · 0⤊ 0⤋