On day 1 of working , max out your 401k , S&P 500 index low cost fund , any other money, also s&p 500; stay away from wealth managers. It’s not that they steal from you or will do a bad job, it’s just that their fees typically don’t make much sense and very rarely beat the market.
This right here. Started my Roth 401k wayyy late in life, but better late than never. Not making enough to comfortably max it yet unfortunately, but increasing it a little every year.
I’m 23 right now, working full time, and my free time is just recovering from working. I don’t have a social life, and no time to date, or work on personal projects. I’m struggling to decide whether or not to go part time, I’ve calculated that I can barely scrape by if I reduce my working hours to just three days a week, but then I’m not saving anything.
Everyone around me says I’m doing the right thing, because I’m putting away a good amount into my savings and investments, but I wonder if I’ll regret it later. I wonder if I’ll regret trading my youth for an early retirement…
You need hobbies and a little bit of a social life just to stay sane. Retiring at 45 a multimillionaire sounds amazing, but if you never developed social skills as an adult or know what you love in life, what's the point? Better to delay that to 50 or 55 and enjoy life a bit more.
You won't. Your income will increase with age, and you will find yourself in your early 30's feeling just as young but with a buffer to feel comfortable.
Partied, played music, worked odd jobs, and had fun through my 20s and early 30s… it felt worth it at the time, but now what do i have to show from that time? Just memories…
I regret not becoming more financially literate when I was younger. /r/personalfinance is an excellent resource. The wiki has a great basic guide for just about everything.
Just doing the basic research of saving 15% throught your life and understanding when and how the numbers start compounding. It seemed so futile when I was younger. Now I wish I started earlier.
I also underestimated how happy I'd be having kids. They're so much work but I enjoy them so much.
Not everyone is going to be able to max out a 401k or any other tax advantaged account when they've just begun their working life. Young people typically don't make enough.
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u/___NowYouKnow___ 13h ago
On day 1 of working , max out your 401k , S&P 500 index low cost fund , any other money, also s&p 500; stay away from wealth managers. It’s not that they steal from you or will do a bad job, it’s just that their fees typically don’t make much sense and very rarely beat the market.