Hello, I’m 19 years old currently working an overnight 9-5 job with 4k saved. I don’t pay anything but my car insurance (120 a month) and want to start investing. I’m not sure where to start or what I should do with the saved money. Does anyone have any advice or how I can make more money besides my job. I have no debt, not in school, and my car is paid in cash, not being rushed to find any housing atm. Anything helps, thank you.
Next financial move as a 19 year old
byu/Extension-Ad-845 inpersonalfinance
Posted by Extension-Ad-845
8 Comments
401k or IRA. You’ll retire way early at this rate.
401(k) up to the match if your employer offers one, then work on maxing out Roth IRA.
Have an emergency fund on hand.
What’s your car? $120 for a 19yo is interesting
What do you do and what do you make on the job side? On the investing side, see if your job offers a 401k or retirement plan. Max out savings on that and set up a Roth IRA and max out savings on that
Max out your employer match on your 401k, it’s free money. Put aside money for an emergency fund in a high yield savings account (3-6 months of expenses). After that then maybe open a roth IRA or invest but ideally you don’t want to touch that money which is why I recommend the emergency fund.
The most important thing you could do is increase your income. No side gigs or hustles, actual marketable skills that will earn you high incomes over the years.
Just in general, look for barriers of entry in job markets. Like licenses, certifications etc.
That will quickly raise your income
I’m currently 22 and I was in the same position basically at 19 and I started to do $100 a week in fidelity’s Roth IRA and $150 into a general savings. I would recommend doing the same, if not something similar