Novaxterra
Dryer sheet wannabe
Hi all! First off I will start by saying that Reddit brought me here and I am learning alot just by trolling and reading different threads and posts. I will start by giving me financial details and lack there of.
I do need your help in just getting started, I looked for a thread like this but couldn't find anything am I am assuming it's becasue every situation is different. Please forgive me if I leave out any info I can provide it upon asking!
I am a single 28 yr ol male that has a 5 year old daughter and lives and work in Northern Virginia as a Recruiter. I am a contractor (Hopefully will convert soon). I currently have a daughter that is 5.
I currently make 110,000/yr.. I do have a small 401K set up in fidelity and have less than 10,000 in it because I just have been living under a rock for the past 10 years and I don't know how to invest. I will start by spelling out some debt and my financial situation I need some help on where to start!
Salary-110,000
401k- currently have 6,500 no employer match.
Savings- I have a small saving but I am trying to pay off debt so that number isn't really relevant.
Assets- None. I rent and still have a car loan.
Debt (I was terrible with money when I was younger and everything has changed as I grow up. this has been a huge work in progress for me and I'm learning how to seriously budget and get things paid off)
Car- 3K left to pay off.
CC #1- 3,300 balance
CC#2- 5,500 Balance
Line of Credit- 2,800 balance
Tuition/Navient- 14,5000 left to pay off.
Here is an idea of my monthly expenses.
rent- 1500
daycare-600
Pre-school- 340
Internet-40
Phone bill-55 (just switch from Verizon paying 160 a month to Straight talk, best move ever)
Electric- 70
I have a small business that is registered as an LLC and I make roughly around 1000.00 a month profit for that.
So I am not looking for help with my budget and spending, I have that under control contrary to what it looks like. But feel free to give ideas on what would or could might help, but I have a good strategy of what to pay-off first, second, third, etc. Reddit and Dave Ramsey have really helped!
What I am looking for is ways to save that I am unaware of. I am going to be diving into the stock market and trying to understand that as best as I can (Tony Robbins book is great for that) but the market is like another language to me and I find myself getting confused very easily when trying to understand it.
I see alot of people saying maxed out HSA,Roth 401k or IRA and I do understand what they are I just don't understand why and how it benefits. I have trouble on deciding what to do first. I do research on my own so I am trying but it is easier for me to learn by having conversation about it.
So my question to all of you is, what accounts would you open first,second third and how much do you think I should contribute to my 401K/IRA or should I open a ROTH also? Really looking for your options and advice on anything related to my situation.
This is my first time posting and really asking for help! I thank you in advance!
I do need your help in just getting started, I looked for a thread like this but couldn't find anything am I am assuming it's becasue every situation is different. Please forgive me if I leave out any info I can provide it upon asking!
I am a single 28 yr ol male that has a 5 year old daughter and lives and work in Northern Virginia as a Recruiter. I am a contractor (Hopefully will convert soon). I currently have a daughter that is 5.
I currently make 110,000/yr.. I do have a small 401K set up in fidelity and have less than 10,000 in it because I just have been living under a rock for the past 10 years and I don't know how to invest. I will start by spelling out some debt and my financial situation I need some help on where to start!
Salary-110,000
401k- currently have 6,500 no employer match.
Savings- I have a small saving but I am trying to pay off debt so that number isn't really relevant.
Assets- None. I rent and still have a car loan.
Debt (I was terrible with money when I was younger and everything has changed as I grow up. this has been a huge work in progress for me and I'm learning how to seriously budget and get things paid off)
Car- 3K left to pay off.
CC #1- 3,300 balance
CC#2- 5,500 Balance
Line of Credit- 2,800 balance
Tuition/Navient- 14,5000 left to pay off.
Here is an idea of my monthly expenses.
rent- 1500
daycare-600
Pre-school- 340
Internet-40
Phone bill-55 (just switch from Verizon paying 160 a month to Straight talk, best move ever)
Electric- 70
I have a small business that is registered as an LLC and I make roughly around 1000.00 a month profit for that.
So I am not looking for help with my budget and spending, I have that under control contrary to what it looks like. But feel free to give ideas on what would or could might help, but I have a good strategy of what to pay-off first, second, third, etc. Reddit and Dave Ramsey have really helped!
What I am looking for is ways to save that I am unaware of. I am going to be diving into the stock market and trying to understand that as best as I can (Tony Robbins book is great for that) but the market is like another language to me and I find myself getting confused very easily when trying to understand it.
I see alot of people saying maxed out HSA,Roth 401k or IRA and I do understand what they are I just don't understand why and how it benefits. I have trouble on deciding what to do first. I do research on my own so I am trying but it is easier for me to learn by having conversation about it.
So my question to all of you is, what accounts would you open first,second third and how much do you think I should contribute to my 401K/IRA or should I open a ROTH also? Really looking for your options and advice on anything related to my situation.
This is my first time posting and really asking for help! I thank you in advance!
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