“I have 65k to my name at 22”: I have a solid financial foundation but unsure how to maximize it. How can I make the most of my money at my age?

Hi Money Minder,

Yo, I’m a 22-year-old Floridian looking for some money advice. Here’s the deets: I’ve got 55k in a high yield savings account, 7k in a Roth IRA, $2k in a brokerage account, and around $1k in checking. Debt-free, own my car, rent costs me $900 a month. I’m a money-saving guru – hate splurging, rarely eat out or buy stuff unless it’s a must.

Starting a new job next week – 50k base + commission, with a 401k and health insurance. Not sure how to tackle the 401k. Also, got a remote gig that’ll bring in an extra $35k-$40k annually.

Thinking about nabbing a house with my girl in a few years, maybe through an FHA loan with roommates to help out. Smart move or not?

Would seriously appreciate any advice since I don’t have a money wizard to guide me. Thanks a bunch!

My job’s with a RIA/BD in south Florida, and I’m soaking up knowledge like a sponge. Any tips on how to boost my smarts in that field outside of work?

Thanks again!

Farewell from the Financially Curious,

Response from THE MONEY MINDER:

Hello There,

Hello,

Firstly, congratulations on your admirable financial position at such a young age! It’s great to see that you have a solid foundation with savings, investments, and no debt. Your diligent money-saving habits will serve you well in the future.

Given your upcoming job with a 401k plan, it would be wise to take full advantage of this benefit. Typically, it’s recommended to contribute at least enough to meet your employer’s match, as this is essentially free money. As for learning more about investing, online resources such as Investopedia, Morningstar, or even online courses can provide valuable knowledge to help you make informed decisions.

Regarding your future plans to buy a house with an FHA loan and potentially have roommates, this can be a smart financial move. However, make sure to carefully weigh the costs and benefits, considering factors like property taxes, maintenance, and the stability of your income streams before making a decision.

In terms of improving your knowledge in your field, continuing education through online courses, webinars, or industry conferences can be beneficial. Networking with colleagues in the industry can also provide valuable insights and opportunities for growth.

Overall, it seems like you are on the right track financially. Keep up your disciplined saving habits, continue to educate yourself in your field, and make informed decisions as you progress in your career and financial journey. All the best from THE MONEY MINDER.