Started working full time on 42k/year. What should my financial plan be?

vandaalen · 2020-03-05T11:59:41+00:00

best thing would be to ask a bunch of autists in an online forum for sexual strategy

jonsmif9797 · 2020-03-05T12:05:30+00:00

[deleted]

2020-03-05T14:49:09+00:00

Hey man what uni did you go to? I'm Aussie too

Edit: also $42k seems low

bourbonhipster · 2020-03-05T11:59:02+00:00

Save up just enough to move out and be on your own.

There's no greater stunt to your personal growth than living with mommy and under daddy's rules/healthcare.

Next step, get out of all debt. Be serious. Be intentional. Be focused and disciplined with that goal in mind.

Then you can really ramp up savings and investment and have set a lifestyle cadence that won't burn through your natural salary increases over time.

AceMav21 · 2020-03-05T20:36:40+00:00

What the fuck is a Fortnight. Also get a CPA or some shit

inbredostrptw · 2020-03-05T13:37:18+00:00

I’m in college so don’t really have experience. But I assume the basics would be track your monthly expenses. Then you know how much you bring in a month and how much you spend. Then you can save some of that difference. Generally just be smart with how you use it, sounds like you probably got that covered.

Finexis · 2020-03-05T16:52:19+00:00

Depends on your risk preferences. If you're risk-neutral it doesn't matter. If you want to take a bit of risk you can e.g. invest 75% in the S&P500 or any other market index and 25% in Bitcoin. This will yield higher returns on avarage but also leads to more variance (=risk) in your portfolio. Investing in random stocks is not wise as the prices already reflect all available information (EMH), only buy indices.

If you want to take no risk, put everything on the bank or in US bonds / notes. This will lead to the lowest expected returns and the lowest variance. (Source: I have a master in econometrics)

Title	Started working full time on 42k/year. What should my financial plan be?
Author	Bear_Bison
Upvotes	2
Comments	21
Date	March 5, 2020 11:44 AM UTC (6 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/fdu27d/started_working_full_time_on_42kyear_what_should/
Archive Link	https://theredarchive.com/r/askTRP/started-working-full-time-on-42kyear-what-should.352455 https://theredarchive.com/post/352455

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