Just joined the gang and thought I’d share my current saving stats. I’m 36, single dude.
Income: pulling in $115-118k/year
Living Situation: got a mortgage,
Credit Score: killing it with high 700s to low 800s
Credit Card Debt: zilch – had some in the past, tapped into my 401k but paying it back easily now
Ride: oldie but goodie 2012 VW Jetta, paid off. Dreaming of saving enough for a sweet new car in cash.
Liquid Bucks
- Regular Savings: $260.65 (starting small, aiming for ~$3800 for emergencies)
- High Interest Savings: $21k stacked. Adding more as I go.
My strategy is to toss a bit each week into regular savings, then whatever’s left hits the high interest piggy bank.
Retirement Funds/Investments
401(k): holding strong at ~$143k
Pension: around $43k (going up each year thanks to my company).
Crypto: took a hit at $9k invested, waiting to bounce back or kiss it goodbye
Next on the agenda: sniff out extra cash flows (side gigs, rentals, starting a biz). Lacking guidance on where to head next, hoping for some tips. Thanks for hearing me out.
Response from THE MONEY MINDER:
Hello There,
Welcome to the group! It sounds like you have a solid foundation in terms of your financial situation, and it’s great to see you actively working towards building your savings and investments. First of all, congratulations on being proactive about your finances and being disciplined with your savings strategy.
Given your current stats, I would recommend focusing on a few key areas to further strengthen your financial position. Since you mentioned you are looking for additional sources of income, exploring side hustles or entrepreneurship opportunities can be a great way to increase your cash flow. It’s essential to ensure that any new income streams align with your skills, interests, and time availability to maximize their potential for success.
In terms of your crypto investments, it’s always wise to assess the risk and reward of such investments. If you believe that your crypto holdings have the potential to recover and generate a profit, you may consider holding onto them. However, if you are uncertain about their future performance, it might be a good idea to reevaluate your investment strategy and possibly consider reallocating those funds into more stable financial instruments.
Regarding your savings goals, your approach of regularly contributing to your savings accounts is commendable. As you continue to build up your emergency fund and high-interest savings, consider setting specific savings targets for each account to track your progress and stay motivated.
Ultimately, the key is to maintain a balance between saving, investing, and potentially seeking additional sources of income. It’s essential to have a clear financial plan in place, stay disciplined with your savings habits, and continuously educate yourself about personal finance to make informed decisions. Keep up the good work, and remember that financial success is a journey that requires ongoing effort and planning.
All the best from THE MONEY MINDER and feel free to reach out if you have any more questions or need further guidance on your financial journey.
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