I'm in my early 40s with no debt and 200k in savings. I didn't start working til I was in my mid 30s… Not long enough to my knowledge to put a dent into any retirement/social security I may or may not have so there's the high concern of how my living situation will be when I'm of age to be able to retire.
Bottom line… I want my money to work for me. Not the other way around. I just don't know what the best course of action is. I don't need to be rich…of course it'd be awesome to never have to worry about money again. I'd love to be able to retire early if possible but I don't want to worry about anything drying up. I don't even know enough about investing/stocks/CDs/savings…to ask the right questions. I do have a meeting set up with a financial advisor but it's not for another couple weeks so I thought I'd see what reddit says.
How to make my money work for me?
byu/UseYourRightWords inpersonalfinance
Posted by UseYourRightWords
3 Comments
You don’t want an advisor that’s going to charge you a %, only one who charges you hourly.
Total world, VT, chill https://www.bogleheads.org/forum/viewtopic.php?t=414923
Click the pf wiki click investing
I’m basically just going to quote the wiki but:
1. Emergency Fund (6 months)
2. Start maxing out tax advantaged accounts (401k etc)
3. Throw the rest of your money in investments
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Then just keep going. It can be really boring, there’s no magic but compound interest and time. Also scrap the financial advisor, your situation and assets are not complex enough for it to really help
Read “The Simple Path to Wealth” – it’s very accessible and gives a very clear view of where to start. If that’s the only book you read and follow you’ll be much better off than the majority of your peers.