Hi all. Apologies if this is not allowed here. I know people out there are struggling, but I just want to share my good news with someone.
It’s a big milestone of accomplishment in my life, but I feel weird just telling family members or my online friends about it. The only other people who know are my coworkers because we all got the same raise. Money doesn’t go as far nowadays due to crazy inflation post COVID and my area has higher cost of living than where I grew up, but I’m still very happy about this. I remember back when I used to only make minimum wage. All those years of schooling eventually made their way back to me. I’ll never make as much money as someone like a doctor, but it’s definitely enough for me to live comfortably as a single person.
Anyway, I’ll delete this in a bit (or sooner if it gets removed by a mod), but I hope you guys out there have a good weekend.
Edit: Thank you guys very much :)
Edit 2: Jeez there are so many more comments than I expected. You guys are so nice!!
Yeah I’m bad at figuring out how stuff like that works tbh lol. I think the last time I looked at my 401k stuff it said that I should be contributing more than I am for some reason. Gotta figure out how to adjust that.
I’m going to have some new financial goals now, but I’m not sure what they’ll be. If it should be something like working towards paying down loans first, which loans to pay down first (I have a very large amount of student loans after all this and I also have a mortgage), or if I should work toward improving my living space and making it nicer. We’ll see I suppose!
Might be worth working with a financial advisor, we just got one and I feel much more comfortable with my money stuff
I’m sure there’s a personal finance thing around here somewhere!
Personally, I’d work on making sure I have a cash safety net. Something like 6 months expenses in my favorite high yield savings account.
After that I would pay off any loans with a high rate. If the rate is <5 percent, it may be worth putting that money into a 401k or investment account. If it’s above 5 percent, I’d consider paying it off early. The idea being that if it’s a low rate then you can invest that money and earn a higher return than it would cost you.
Aside from that, I’d do my best to max my 401k contribution to take advantage of those sweet tax benefits. If nothing else, make sure you’re taking advantage of any employer matches.
Again, awesome work on the job!
Hi, congratulations! I’m so happy for you. Please consider a reputable financial advisor. Not some slick, well-advertised person, but someone who comes with a decent reputation. When meeting with them, use some intuition, don’t fall for flattery or wild promises. You can always say you want to consider their advice. Some lawyers also offer this type of service. I woods encourage you to be kind to others and our environment, with your investments.
Congrats again, well done!
Check out The Money Guys on youtube, they give good financial advice
Thanks for the recommendation!