Related Posts
Best place for some authentic Indian food?
Why is Patagonia so expensive
Hello All,
Need 11 likes to enable DM.
Thanks
Additional Posts in Advertising
Marcel will be descoped to a filing cabinet...
What's the email format for Facebook employees?
BAE = Bacon and Eggs 🍳 🐷
New to Fishbowl?
unlock all discussions on Fishbowl.
Sign up for your company sponsored 401k immediately and put in as much as you can afford.
^This!
Actually look at your bank statements. Spending “little money” (coffee, ubers, takeout, ect) often adds up much faster than you’d think. See what you can cut out and put that money in savings or towards a bigger spend. $6/day for Starbucks is way more than it feels like it is.
Because this industry is so volatile, it’s wise to also save up to three to six months worth of salary so you’re good if you get laid off. You should do the 401k company match and this, then all the other kinds of investments.
Write up an actual budget. Think of it as an exercise in just knowing what you spend on and see how you do 3/6/12 months in.
1. Three to six months emergency fund
2. Contribute to 401K up to company match, it’s free money.
3. Contribute what you can to a Roth IRA
4. Choose low fee index funds over high fee managed mutual funds, 95% of mutuals don’t beat the market
5. Understand compounding interest and how much your money and time is truly worth
6. Make your own lunch at home, do not buy coffee at Starbucks
7. Use a budgeting app (Mint) or create an Excel sheet, monitor where your money is going
8. Pay yourself first (savings and investments) before you pay someone else (buying things you don’t need)
9. Money is a lot of things but it’s not everything, remember to treat yourself for all your hard work
Have to echo what a lot of these other folks have said.
Participate in your company’s 401k.
Try to stay at the agency for at least 3 years to take advantage of their match (5% at most shops).
Save as much as you can and have at least 6 months of living expenses to back you up if you lose your gig under unfortunate circumstances.
Invest in stocks. You can buy shares of index funds that replicate what a 401k might do. Or take a risk in companies or markets you trust. I was fortunate to get into Apple really really early. Maybe the growing cannabis industry will provide a healthy future. They’re relatively cheap right now.
DO NOT buy shares of a holding company if they’re offered to you at a discount. This industry has very poor performers on the market. That being said, if you work at a healthy brand, definitely consider it. Even if it just has a decent dividend and no big projections for the future (ex: Verizon).
Stuff lasts a lot longer than most people use it for. I save exponentially more than most of my friends just because I buy used items/clothes and then use them for ages. Doesn’t work for everyone, and of course there are things I splurge on that I don’t need, but I’ve really tried to be conscious about being less of a consumer and taking a more sustainable approach to acquiring life’s necessities
Chief
Stock market/money mutual fund in a merrill lynch like institution/roth ira
All of this was really helpful information! I really appreciate very much!
I put a decent amount into a Vanguard mutual fund with low to moderate risk. ETFs can also be good. But just a low risk mutual fund will see it grow steadily. Just don’t let it sit in your savings. 401k match as much as you can
Lol when your company doesn’t provide 401k...
Open an IRA, then. The power of compounding interest will still amaze you even if you don’t get the match.
Rising Star
Dogecoin.
What’s the point in investing in a 401K when the vesting period is 3 years? Nobody stays at agencies that long.
Even if you change agencies every year, and have a collection of 401k accounts, they’ll all still do their magic to make you rich in the aggregate.