- 98
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- Joined
- Oct 24, 2003
I know I should probably seek more professional advice, but I figured I'd try and get my feet wet here before jumping into the pool in real life.
Anyhow, for those who live reasonably (i.e living within you means instead of "stuntin" to impress your peers), I'm completely new to having asizable income. I'm 25, single, and take home around 6-7k a month after taxes. I've been doing some reading and I know that at this age I SHOULD beputting money into retirement, but I'm not sure how much I should be stashing away. Some places I have read that I should put 10% of my income into somesort of interest bearing account, while other places tell me I need to stash something like 22%. After my loans and living expenses I'm thinking I'mgoing to have maybe 4k to spend/save, so I'm asking where would you spend that money? Should I be aggressive in the stock market? Someone once told me thatbecause I'm still young, it would be smarter to be aggressive now as opposed to when I'm 45.
At this age should I be buying dental insurance? I know medical is a must have, but is any of that other stuff worth it? I can see having dental important if Ihad a kid, but right now it just seems like a luxury that I probably won't use. What about life insurance?
And also should I be trying to gobble up property while it's on the cheap? I mean I know it's a scary market right now, but everything is pointing tome buying a place of my own ASAP.
Anyone have any links to some good information where I can begin researching? Is there a forum like this for personal finances?
Thanks ahead of time! Like I said I'm new to all this. Transitioning from a carefree college student to a responsible adult is something I would like to doright the first time if possible.
Anyhow, for those who live reasonably (i.e living within you means instead of "stuntin" to impress your peers), I'm completely new to having asizable income. I'm 25, single, and take home around 6-7k a month after taxes. I've been doing some reading and I know that at this age I SHOULD beputting money into retirement, but I'm not sure how much I should be stashing away. Some places I have read that I should put 10% of my income into somesort of interest bearing account, while other places tell me I need to stash something like 22%. After my loans and living expenses I'm thinking I'mgoing to have maybe 4k to spend/save, so I'm asking where would you spend that money? Should I be aggressive in the stock market? Someone once told me thatbecause I'm still young, it would be smarter to be aggressive now as opposed to when I'm 45.
At this age should I be buying dental insurance? I know medical is a must have, but is any of that other stuff worth it? I can see having dental important if Ihad a kid, but right now it just seems like a luxury that I probably won't use. What about life insurance?
And also should I be trying to gobble up property while it's on the cheap? I mean I know it's a scary market right now, but everything is pointing tome buying a place of my own ASAP.
Anyone have any links to some good information where I can begin researching? Is there a forum like this for personal finances?
Thanks ahead of time! Like I said I'm new to all this. Transitioning from a carefree college student to a responsible adult is something I would like to doright the first time if possible.