im 23 and i bring home $560-$715 weekly and ive never really invested into.. anything. ive been wasting money on sports betting and its burning me badly, i finally just want to stop completely, im sick of it.
i do not have a single bill or any debt and my main goal is to just save up as much as i can.. any advice is greatly appreciated.
How Should I Start to Invest/Save?
byu/ImTrevorr inpersonalfinance
Posted by ImTrevorr
3 Comments
Sounds like you are asking about a framework for what to do with money.
Start with reviewing the Prime Directive in the PF Wiki. It will answer your question and many other questions you didn’t realize you should be asking.
* https://www.reddit.com//r/personalfinance/wiki/commontopics
At 23 with no debt or bills, your highest-return move right now is probably building a system that makes betting impossible rather than trying to pick investments immediately. I would do it in this order: move a fixed amount from each paycheck into a separate savings account the same day you get paid, build a small emergency fund first, and only start broad index-fund investing after the saving habit feels automatic for a few months. If sports betting is the leak, add friction too: block the apps, self-exclude where possible, and make sure your spending money is the only money left in checking.
Get Ramit Sethi’s book – I Will Teach You to be Rich for the basics. Lots of stuff on his website also (same name). Then think about what you want your life to look like and create systems to support that. I will say Ramit is not big into the FIRE (Financial Independence/Retire Early) community, but if you think you might want to retire early – check out Mr. Money Mustache and then fall down the rabbit hole of all of the versions of FIRE.