So I'm 41 and engaged, and we bought a house together. We keep all of our other finances separate for now, due to her having 2 kids and their expenses etc.. Other than the mortgage, I have a car payment (i pay my insurance yearly) phone bill, and 2 credit cards with around 2500 each on them. I have never saved for retirement and no savings after buying the house.
I just took a job as a 1099, and am ready to hunker down and try to build something for the future, but if you cant already tell, I'm not good with money. I've always been the type to say "you cant take it with you" and spent every penny I've earned. I didn't even have a bank account until I was 30. I've lived a very fulfilling life, seen and done it all, but the next phase is past due and I'm very financially illiterate.
As far as taxes go, I'm looking at putting 1k/month into a HYSA..
My first plan is to pay off the credit cards. Then the car. But what next? I've seen suggestions of a Roth IRA but the only thing I know about Roth is David Lee and Tim. I literally dont even know how or where to start.
HELP!
41, No retirement, very little debt other than house, just took a job as 1099. Need some guidance.
byu/justanothergearhead inpersonalfinance
Posted by justanothergearhead
3 Comments
https://www.reddit.com/r/personalfinance/wiki/commontopics
Remember you’ll have to pay quarterly taxes as a 1099 (I assume you know but just in case).
Just follow the wiki, it will put you in good shape.
Sounds like you need to find a local financial advisor and probably a CPA. Start with one or the other, they can make introductions for others. FInd someone you can trust, but also is different than you. You don’t need a sounding board, you need someone that will tell you what you need to hear. Also, you should probably rethink the financially separate angle, that’s a recipe for being separate.