Hi everyone, 37F here, just trying to build financial security completely on my own. I don’t make much and I don’t have much yet, but I recently started taking investing and retirement planning more seriously. I try to invest and contribute to my Robinhood Roth IRA and Investment whenever I can. I recently went through Micro vascular Decompression (MVD) brain surgery and have been focused on recovering and getting my life back on track, which also pushed me to start thinking more seriously about my future and financial stability. I’m curious what advice people wish they knew at this stage in life and what you would focus on most to build long-term stability and wealth from here. Any advice and tips will be greatly appreciated. Thank you in advance! 🙏🏽
Financial tip from people further ahead financially
byu/Bingcuse2010 inpersonalfinance
Posted by Bingcuse2010
5 Comments
Make investing a habit, done automatically from your paycheck (like a 401K) or automatically from your bank account as soon as you get paid (like an IRA or taxable account).
Pay yourself first. Save and invest before you do anything else, and make it automatic.
Best wishes for your recovery.
Stick to basics of saving and investing. Keep at least 6 months of living expenses in high yield savings acct. Contribute to 401k, if available, to get full employer match. Then max out Roth IRA. Max out HSA, if available. If you have $ left over contribute more to 401k. Choose low cost stock index funds for instant diversification. Stay the course no matter what market news you hear.
The thing I knew but really wish I took seriously earlier was the more you can invest sooner, the better. Compounding interest and time invested in the market is so powerful.
consistency wins, build an emergency fund, automate investing, protect your health.
You’re trying to do it completely on your own but you’re asking us? Sorry I just don’t get what you mean by completely on your own and english isn’t my first language. Doesn’t every person thats single do it “completely on their own”?