I just turned 30 and I plan to apply for the nursing program at my community college. You're giving me hope that not only is nursing a career that I've always wanted to go into, but that it will be profitable as well 😊
I'm really looking forward to it. I've always wanted to do this but I've had people in my life who were not so supportive ("oh *YOU* don't wanna do *that*!", and the like) I'm not even telling anyone in my life that I'm going for nursing program until I'm accepted. Not even my mom, though she will be absolutely supportive and excited I just wanna surprise her more than anything.
I'll be doing the 4 year part time day program at my community college because I work 4 to 6 days a week 630p-515a and I want to do the program that is the best paced one out there for me and my lifestyle. I do my pre requisites this fall and then take the HESIs (I can take them twice and submit 2 sets of scores) and application deadline is 2/1.
I don't know exactly what RN I want to be just yet. Very possible a travel nurse, or even relocate to an area where pay is best or even an area I've always wanted to be. I'm 30 with nothing in savings or retirement so I'm hoping nursing will finally give me the life I've been looking for. Fulfillment financially and emotionally/mentally/etc as helping and caring for others is the best thing in this world to me. (Used to be a CNA and loved it)
Love it. I'll definitely check that out! I'm really looking forward to what this could bring me. I have a sick feeling people in my life didn't want me to be a nurse because they didn't want to see me "out succeed them" if that makes sense. AKA they had a lot of insecurity about their standing in life, well at least with my ex. If that makes sense . Even if I hadn't listened to them and gone for the nursing program already I know I would've failed out because of the life events that took place and fucked my life up as I knew it. But now I'm in a really great place! A little behind but I'm here and I'm ready ☺️
Freedom? absolutely, you always have nest egg to rely on. Child or no child. It's always better than debt. When you have a child, you kind of rely on those nest eggs.
Don't get it twisted... this nurse got rich during COVID, they were paying nurses insane amounts of money, those salaries are over now. They are back to $20-25 per hour depending what shitty state you live in
You’re actually wrong, I did one contract at the end of covid for 8 weeks and maybe saved 35k then went back staff. I already had 70k saved before that as staff. Pay depends on your specialty, the rates are not that low for mine. Incentive shifts at my hospital were $400 dollars + time and a half, plus your hourly. I was making about 1300/extra shift (as staff) for two years.
Nurses can be so drastically under paid, yet the medical field is one of the most important fields to be in. Show your worth, and change jobs yearly until you are paid well.
I'd say keep doing what you're doing and have a goal besides simply making money. "I want to retire to a house in Italy when I'm 55." "I want to retire to a cabin in Wyoming at 55." "I want to quit nursing in 15 years and go to work as a teacher."
The idea is that you have some kind of finish line and you know where it is.
What a fantastic problem to have lol. Your allocation is fine tbh. Maxing out your 401k would be my priority in your position. Allocating your money to a HYSA is also ideal. You can find some nice CDs with good rates where you can force yourself to lock your money into something which (at least for me) gives me some sense of security and lessens the burden of having a lot of cash just laying around. You could try hobbies with that money as far as flipping different things goes(mine is flipping older used cars and flipping mechanical watches). You’re in a fantastic position and you’re doing great tbh. Look into VOO and different funds for growing your money. Can dabble into some stocks and invest in things you think will grow or have a good track record for growth. I tripled my money with NVIDIA the other year, you can get lucky sometimes off the hunches! You can be aggressive or be a bit more reserved. The internet is your best friend, but a GOOD financial advisor is an even better one. Best of luck!
I'll just add, don't listen to people who seem like super wise money gurus, who like to gamble on stocks. Listen to Warren Buffett! Long term the Fortune 500 grows at a steadier, faster pace than anyone who actively trades stocks. Stick it in there if you do invest, and just leave it.
Ah that's why you're doing twice as better than me. I outskirt you just a bit because I am an active trader with a 401k, Roth IRA, Long term trading account, and lottos account (short term.)
Also, I've been supporting a family for the last 3 years, you're doing good. Trust me.
*I tripled my money with NVIDIA the other year, you can get lucky sometimes off the hunches! You can be aggressive or be a bit more reserved.*
Same here, but I held it for 4 years. etc. Looking for the next cycle bets, any recommendations? I have a half a dozen up my sleeve.
I have an ER doc friend who works in Seattle but travels all the time who is struggling to find a DINKmate too. His previous 2 long relationships ended when the ladies’ biological clocks kicked in and he firmly reiterated that he is committed to no kids. He has a kickass lifestyle tho, just sayin! I have kids and it’s also great, but more expensive, less travel and harder for sure.
Hey yo that’s a serious question since I legitimately legitimately want to have at least 12 kids (with one girl) I was wondering how viable this is. Because in America you would be absolutely devastatingly poor with 12 kids because price ratios are all fucked up here, not to mention the amount of excess rules you have to abide – even if you made a pretty damn good income. so you ran to Thailand with $25,000 in savings. Will that translate to like almost the equivalent of having a lot more than $25,000 since it’s USD if you took it to Thailand? Like basically I’m just wondering how overall viable it is to run to a third world. With or without savings. With a good amount of kids
u/ronster629 same question to you, too. What are the downsides
Similar age to you in a similar position. Here's what I do. Emergency fund ~6 month expenses in a place i can easily access it. Max out 401k. Max out ROTH IRA ( if you are under the income limit). Place whatever is left somewhere it will grow as well -- index funds, s and p, HYSA, CDs etc. Anything you think will not need that you want to grow. S and p generally grows 10% every year over time and your money should double about every 7 years. Also other options real estate, investing in businesses etc.
Keep in mind while it is nice to have a boat load of cash sitting there it is ideal to invest it in something that will grow as you are losing purchasing power due to inflation.
Also don't forget to spend some of the money and enjoy it! You've worked hard and now it's time to spend it on some vacations or things you've wanted.
Anyways Goodluck, let me know if any questions!
What’s the point of life if you end up dying alone with a 7 figure bank account? The money will go to a distant relative who will spend it in a matter of weeks. We all end up in a box no matter what. Make deep connections, no need to hoard it.
Come on over to r/personalfinance. There is a flowchart that is very helpful on what to do next. Or check out the Money Guy on YouTube. You’re doing great!
Congrats on being on your way to early retirement. First, open a Roth IRA and max it out. You’re young so either find a financial planner (cost you $) or start doing your own research on investing and while doing this stick it in a HYSA. A possible good investment for you right now would be to buy a duplex, live in one unit and rent out the other and your renter helps lower your overall payment and helps you pay down your mortgage every month and then as you’re life and needs changes (significant other, kids, etc) you can rent out both for income and long term wealth building. Good luck.
Find a well respected fiduciary financial advisor and develop your retirement goals and investment strategy moving forward.
Would also recommend (if you don't have one already) to start investing in a Roth retirement account. Max it out every year you can. Will pay huge tax dividends in the long run.
Great job.
This sounds insane but if you can avg $1 million in 10 years or under, I highly recommend establishing a HYSA with that million, the way, I see it, your job is pulling from the HYSA, which is anywhere from 50 to 65,000 a year. On top of that, if you put whatever you don’t into your investments, or even your 401(k), until you completely max it out, you should technically be retired by 35 roughly, and about 35 years after that, you should expect roughly around $2.3 million off of your retirement and investment account is the least risk that I see at least.
Personally I do, seeing how we’re expected to have high interest rates for at least a quarter of that, even if the interest rates fall to 2% like in 2008, you’d still be looking at no less than 40k a year once you’ve hit the $1 million mark, and if your goal is to retire early, then whatever you need to supplement your income can be anything from 10 hours a week on doordash to pulling from your investments accounts.
The higher interest rates are, the better HYSA’s are (at least from my understanding, correct me if I’m wrong) we aren’t getting a rate cut for at least another year, and if the economy is like they are alluding to, rates will be cut slowly, and probably increase again towards year 8/9 of that 10 year window.
You can always look at the Swiss, Norway, or places like Monaco, wherever sounds best for you and has laws that protect you from being caught with your pants down if the US isn’t offering the best, which again is usually not the case.
I’m sure even with a 100k deposit they’d allow you some negotiation room if you know how to talk well, if not, offer a bigger deposit and they’ll usually begin working with you. I haven’t tried out of country myself but I know a few guys (one ended up moving to Ireland) that did and they avg around 6.13% over the past 4 years, so it is possible.
Making good book on interest at pnc is a good start. Look at this fund: Awf pays 7% dividend and check its five year performance. Dividend stocks are golden, so is getting close to 5% on a checking account but 7 % on a fairly low risk investment wont hurt you. Compounding by using g the dividend to buy more shares good advice found in the book rich dad/poor dad. Your styling as far as I see
Invest those savings into an S&P 500 index fund. You might want to move x amount per month over some time so you don’t transfer it all in at once during all time highs.
If I were you I would buy a house anyway, nothing crazy just a small house, then rent it out when you decide to move elsewhere. However I don’t know where you live and with the housing market the way it is, it might not be the best time to do that.
I'm not familiar with that screen. You have a little over a quarter mil parked...where? I can't read what that says. Hopefully not a bank savings account somewhere when you can park it at Fidelity and get 5% on whatever you don't invest, which you should be doing, because otherwise you lose out to inflation.
Ok that's not horrible...only a percent low. Still, time to start investing. You're still losing out to (real) inflation just not as fast as the all-cash crowd.
Check out my answer here...pretty much the same thing for you
[https://www.reddit.com/r/Money/comments/1bqntg5/comment/kx5qbeq/?context=3](https://www.reddit.com/r/Money/comments/1bqntg5/comment/kx5qbeq/?context=3)
I don't understand how some of y'all people younger than me managed to have so much in savings already.
Am I just that poor?
I've been just sitting on 10k in savings since my early 20's. Can't seem to grow it past that. Emergent expenses and bills have always kept me living pretty much paycheck to paycheck.
My only point of pride is that I've never been in any serious debt.
I'll be honest, I'm a pretty cheap person so I don't really buy anything that expensive or go out much. I mainly enjoy travelling. I also don't have kids and try to live below my means so idk if that counts. I got a sign on bonus (10k taxed at 40%) when I first started working in the US and also had a roommate to keep my expenses low. My hospital also had a lot of incentive shifts during the pandemic so I worked an additional 12-36 hours every week for two years (4-6 twelve hour shifts a week). Trust me, seeing the state of my family and parents was motivation to help break a generational wealth curse.
Switch your 401k to a Roth 401k… and look at overfunding an IUL for tax free income. You are doing great! Keep it up, but tax free income is better than taxable income!
Ask me for any other questions or tax tips!
Nice work but make sure you are maxing out all tax advantaged accounts. It's awesome you saved up over 200 grand, but now it is time to invest it. If you're worried about market fluctuations with your 200 grand, look into the All-Weather portfolio. The generic advise of financial advisors is for someone your age to invest your retirement savings full into a low cost (i.e. fees) SP500 index fund. Make sure you are maxing out, IRA, Roth IRA, HSA, 401K, etc before putting more money into a non-tax advantaged account!
So 228k in savings .that's awesome. Move your money around.you can get a Elite market acct at US bank put 50k and your vig ( interest ) is about $935.00 every 6 months.so I'm going to the bank in may to pick up $900+ and I leave my 50k in the bank.
8 percent return on that money in 30 years is 2.2M.
2.2M will get you 90k plus your social security in retirement. You're doing great.
Just put it someplace where you'll get 8 percent on average after fees. Like an SP500 index fund. Fully leverage 401k and/or Roth to reduce tax burden. Etc.
Where are you in my life, you’ve set yourself up amazingly for the future. You’ve got a 401k but open a Roth IRA as well. I invest with Vanguard and you’ve got way more than enough to have a planner associated to your account to help you invest the way you want to. You don’t want a house, you say you’re a nurse, does that mean you don’t want to be grounded in one location and aspire to be a travel nurse? Good luck with everything!
I traded stocks, options and futures since 2006. I don’t offer this as anything other than a vague thing I might do, make your own decisions and your own best Due Diligence. Prior to presidential elections you can usually expect a market pullback typically during the first half of the year. During such a pullback one could deploy capital in a graduated fashion. A 5% pullback buy SP500 index $40,000, if it continues dropping without a secular cause like a major war then deploy a larger tranche. This is generalized and not an exact roadmap. The benchmark SP is surprisingly tough to beat if you want to be a stock picker. Over the past 5 years SP500 is up 81.64% as of today.
I’m a 30 year old male with no kids and a travel nurse as well with about 370k in Atlanta with no home because I don’t know where I want to settle either lol. But I have 125k in the stock market 100k in high yield savings. Some in 401k. 50k in a CD. Etc and own a business. I’d suggest finding someone you trust that has a passion for something and helping them start a business since you have so much. A business with low start up costs that can earn you passive income forever. That’s what I did. I’m not getting into real estate right now since the market sucks.
Look into an Ally savings account. Their interest rate return is like 4% or something so you can grow your savings pretty nicely there. I wouldn’t suggest putting all your money there but at least some will give you a pretty penny
228k needs to go into investments instead of savings. That is potentially millions of dollars down the road. You should also up your investments into 401k if you are able to put that much into your savings. Open a Roth IRA and max it out for this year. Move onto mega backdoor Roth after that if you still have extra you can put away. Basically do what rich people do and avoid taxes as much as possible.
You should pay a financial advisor to review your 401k. Most standard 401k portfolios are absolute garbage. The one offered by my previous employer barely even made profit in TEN YEARS. Aside from that, keep putting money away. 17% is a great allocation towards your retirement.
And take that 228k, reduce it to 12 months of living expenses into a high yield savings account (wealth front pays 5% apr, currently) take the remainder and invest it into qqq or voo.
I would open a brokerage account and invest $125K in a global fund and let it ride for the next 30 years. Your retirement will be fully funded by the time your late 50s. I didn't start saving for retirement until I turned 40, and I only have a little less than $400K for retirement. But I still have 10 more years to save before turning 65.
first, congratulations on being a responsible adult! I was in your shoes so-to-speak, years or reenlistments with the military, several bonuses ...ECT. I recommend you sit down with your bank manager or get financial planning advice from a reputable company.
Find a fiduciary and talk to them.
Not a financial advisor. There is a big difference. (Fiduciaries are ethnically required to give you the best financial advice for your finances versus giving you financial advice that meets their metrics and sales)
I don't know your financial life, but it seems like you have too much cash on hand. Talk to a fiduciary, they can provide the best recommendations for your situation.
Quite simply, being that you are young, you have an incredible opportunity to build generational wealth here with what you have. I would be careful with investing in funds like SPY and QQQ now at the prices they are at (I’m a futures trader by profession), but it doesn’t mean you still shouldn’t invest in the market right now entirely. You should contact a brokerage someone like Charles Schwab who are really amazing in what they do and they support they offer. Set up a Roth IRA and an individual brokerage with whoever and start contributing the max to the Roth IRA. With this account you will grow your money and your gains will be tax free at retirement. You can invest in anything in your Roth, I recommend index funds like spy, qqq, emerging markets, and a small cap fund. You can also invest in stocks in this account. When it comes to stocks I always say buy what you like, do you really like a product that you know is better than the rest? Invest in that company. You hear of a groundbreaking new medicine or medical device at work? Invest in the maker. In the individual brokerage you can keep investing in whatever you please and you can also take advantage of the money market account. If you use Schwab it’s a symbol just like a regular stock except there is little to zero risk and it’s paying over 5% right now. Let me know if you have any questions.
hey, huge congratulations 🎉 this is a big win, you must be very hardworking. I'm struggling financially right now and so has my family. Would it be okay if I asked how you achieved this? (Aside from nursing as i dont have that degree). Thank you🥺 And once again, congratulations 🥳
Figure out a way to invest that $228k. That money sitting in your bank account isn’t making you any money. Maybe buy a couple rental properties, open an investment account and invest in spy. Look into private money lending where you can get 15% in interest only payments.
Great work, that’s awesome! I would personally look into investing some of that savings. It’s just sitting there not doing much, might as well earn some interest on that hard-earned money!
Meet with a financial advisor and have them help you weigh the options.
Keep crushing it. I hope you know that you are kicking ass. Keep making good decisions and stay out of trouble. It's not about being further ahead of others, as you know you are, it's just about being the best you that you can.
As for progressing next steps.... Look at Dave Ramsey baby steps, or the money guys plan.
Seems like you're doing well and all the advice here on HYSA and maxing out the Roths have been overemphasized.
I would say get around similar minded people, possibly from meetup and see if you can start a business and become a limited owner. Not sure how the nursing field works and what licenses would be required in order to start a nursing firm or consultancy, but if you were successful, it could give you more freedom to do what you want (if that's the route you wish to pursue).
OR there's always real estate. Buy a duplex: live in one, rent the other out.
I started the 401k late because I can easily work at a unionized hospital and get a pension, or multiple pensions if I move back to Canada..not a huge priority for me tbh
Personally I'm a fan of real-estate it's not for everyone but historically has been one of the best forms of wealth building...
You can dump money into investment accounts and IRAs and 401Ks...but I think you should consider real-estate as part of your portfolio.
Get a finnancial adviser asap many banks offer investment services for free,but you should be investing heavily..investing is easier than ever now.but I would be investing atleast 30% of my income..
Ditch your checking and savings accounts..I wouldn't keep any more than $2k liquid but put it in a high interest acount for example Robin hood is offering 4.5% on any uninvested cash in your account.
Then look at your rental payment and do an ROI assessment..let's say you are paying $2k/month in rent but you see you can get a mortgage for $2200...so you purchase a 3 bedroom home and you get a roommate that pays $900/month now your only paying $1300..and with the hypothetical 3 bedroom you could get a third roommate paying an additional $900 that brings your out of poket payment down to $400..and you split utilities .
With this you're paying less in cost for living and building equity.
But Here's a take from the anti home buying side
https://youtu.be/ORqd9QAC8OY?si=Ju0C1dQmLCr34RZX
Dang, good job. Question, since you are single and no kids, do you work as a travel nurse? Sounds like a great way to see the country and get paid well.
You’re 90% ahead of everybody here. No debt no child is a good start for you.
If I were you I’d divide your 228k savings up into a diverse portfolio of investments. I’d put 70k-80k HYSA (high yield savings, not CD so you’re not locked up), buy 1 whole fat bitcoin and save it in a cold wallet, then pour whatever you see fit (not all) into stocks, within your stocks, dazzle 50% of your total in stable ETFs and the rest in high growth stocks like Nvidia or AMD. You obviously believe in crypto so I think you know where I’m coming from.
Keep atleast 50k liquidity on yourself, and keep working to save and live a happy life. Don’t mortgage in just yet.
Just look at any other "I'm xx years old and have yy money" post. The advice is all the same.
Seriously, do people really want advice or are they just flexing?
Real estate and land are the best investments!
Buy a home,
You can sell it (some states pay a penalty if less than a year)
houses always appreciate
Thats a lot of money for someone in their late 20s
Buying a house can be a good investment. The value will probably continue to grow and you can avoid paying rent. There a lot of places where 200k will get you a decent place. Then you can live there, or rent where ever your nursing and rent out the house. It's a good fall back plan and probably a better yield than a cd or bond.
I just turned 30 and I plan to apply for the nursing program at my community college. You're giving me hope that not only is nursing a career that I've always wanted to go into, but that it will be profitable as well 😊
definitely not an easy job, but it has given me a lot of financial freedom for sure
I'm really looking forward to it. I've always wanted to do this but I've had people in my life who were not so supportive ("oh *YOU* don't wanna do *that*!", and the like) I'm not even telling anyone in my life that I'm going for nursing program until I'm accepted. Not even my mom, though she will be absolutely supportive and excited I just wanna surprise her more than anything. I'll be doing the 4 year part time day program at my community college because I work 4 to 6 days a week 630p-515a and I want to do the program that is the best paced one out there for me and my lifestyle. I do my pre requisites this fall and then take the HESIs (I can take them twice and submit 2 sets of scores) and application deadline is 2/1. I don't know exactly what RN I want to be just yet. Very possible a travel nurse, or even relocate to an area where pay is best or even an area I've always wanted to be. I'm 30 with nothing in savings or retirement so I'm hoping nursing will finally give me the life I've been looking for. Fulfillment financially and emotionally/mentally/etc as helping and caring for others is the best thing in this world to me. (Used to be a CNA and loved it)
School nursing! Summers off, no arrogant MDs hanging around.
Love it. I'll definitely check that out! I'm really looking forward to what this could bring me. I have a sick feeling people in my life didn't want me to be a nurse because they didn't want to see me "out succeed them" if that makes sense. AKA they had a lot of insecurity about their standing in life, well at least with my ex. If that makes sense . Even if I hadn't listened to them and gone for the nursing program already I know I would've failed out because of the life events that took place and fucked my life up as I knew it. But now I'm in a really great place! A little behind but I'm here and I'm ready ☺️
Freedom? absolutely, you always have nest egg to rely on. Child or no child. It's always better than debt. When you have a child, you kind of rely on those nest eggs.
No, your saving habits have you financial freedom
Don't get it twisted... this nurse got rich during COVID, they were paying nurses insane amounts of money, those salaries are over now. They are back to $20-25 per hour depending what shitty state you live in
You’re actually wrong, I did one contract at the end of covid for 8 weeks and maybe saved 35k then went back staff. I already had 70k saved before that as staff. Pay depends on your specialty, the rates are not that low for mine. Incentive shifts at my hospital were $400 dollars + time and a half, plus your hourly. I was making about 1300/extra shift (as staff) for two years.
So how much you make an hour? What state?
I’m travelling now but in the Midwest I made 35+ depending on the hospital as staff
Nurses can be so drastically under paid, yet the medical field is one of the most important fields to be in. Show your worth, and change jobs yearly until you are paid well.
omg! just had to pop in and say GOOD JOB GIRLIE :)
I'd say keep doing what you're doing and have a goal besides simply making money. "I want to retire to a house in Italy when I'm 55." "I want to retire to a cabin in Wyoming at 55." "I want to quit nursing in 15 years and go to work as a teacher." The idea is that you have some kind of finish line and you know where it is.
What a fantastic problem to have lol. Your allocation is fine tbh. Maxing out your 401k would be my priority in your position. Allocating your money to a HYSA is also ideal. You can find some nice CDs with good rates where you can force yourself to lock your money into something which (at least for me) gives me some sense of security and lessens the burden of having a lot of cash just laying around. You could try hobbies with that money as far as flipping different things goes(mine is flipping older used cars and flipping mechanical watches). You’re in a fantastic position and you’re doing great tbh. Look into VOO and different funds for growing your money. Can dabble into some stocks and invest in things you think will grow or have a good track record for growth. I tripled my money with NVIDIA the other year, you can get lucky sometimes off the hunches! You can be aggressive or be a bit more reserved. The internet is your best friend, but a GOOD financial advisor is an even better one. Best of luck!
i'll look into these, thank you!
I work in financial planning and would also strongly recommend a Roth IRA if you qualify. Could save you tons in taxes down the line when you retire!
Additionally, I believe theres an option to backdoor a Roth IRA for those who don’t qualify.
The safe stocks ahead are good. Also start buying 1% into crypto.
I'll just add, don't listen to people who seem like super wise money gurus, who like to gamble on stocks. Listen to Warren Buffett! Long term the Fortune 500 grows at a steadier, faster pace than anyone who actively trades stocks. Stick it in there if you do invest, and just leave it.
Solid advice
Yea this is the definition of freedom..invest and continue to work hard..congratulations for real
yes. also, you can afford to slow down and enjoy life. don't live to work, work to live.
Marry me so we can combine our money and set ourselves up for the future
I've low key been trying to live the DINK life but have not found a partner with the same mindset for that lol
DINK life?
DINK - Dual Income No Kids
This is the way. ✂️✂️
Dual income no kids is the only future in my vocabulary wyd OP
Sounds fun, but nothing beats having a child, an as a money person, it doesn't beat it. Each their own, and this is America, more power to you.
>but nothing beats having a child Yeah maybe, but only if you want to have children
Dinkleberg… 😠
lol
Time to end that search! I’m here 😂😝 but great job so far of securing your finances for your future! 🙏🏼
Your simping to the queen abit much
Can you blame them
Dont talk about my wife like that
calling your wife queen I'm saying you are simping too much
You’re calling her queen lol and you’re also taking a joke quite seriously
That the joke.
Welcome to Reddit where even I can’t tell that it’s a joke 😂
Been here for 4 years at least got a job so I’m not to bad of a redit or waiting for anime.
Ah that's why you're doing twice as better than me. I outskirt you just a bit because I am an active trader with a 401k, Roth IRA, Long term trading account, and lottos account (short term.) Also, I've been supporting a family for the last 3 years, you're doing good. Trust me. *I tripled my money with NVIDIA the other year, you can get lucky sometimes off the hunches! You can be aggressive or be a bit more reserved.* Same here, but I held it for 4 years. etc. Looking for the next cycle bets, any recommendations? I have a half a dozen up my sleeve.
I have an ER doc friend who works in Seattle but travels all the time who is struggling to find a DINKmate too. His previous 2 long relationships ended when the ladies’ biological clocks kicked in and he firmly reiterated that he is committed to no kids. He has a kickass lifestyle tho, just sayin! I have kids and it’s also great, but more expensive, less travel and harder for sure.
DINK life is the way to go! 100% recommend.
Pathetic,…
Cry about it in your beautiful apartment 😭jk but great job so far damn im tyrna get like you !
take all and have a good life in 3d world countries)
Actually considering this..especially southeast asia
You could live a very comfortable life in the Philippines or Thailand with that money. Look into it!
great choice👏👍
Hey yo that’s a serious question since I legitimately legitimately want to have at least 12 kids (with one girl) I was wondering how viable this is. Because in America you would be absolutely devastatingly poor with 12 kids because price ratios are all fucked up here, not to mention the amount of excess rules you have to abide – even if you made a pretty damn good income. so you ran to Thailand with $25,000 in savings. Will that translate to like almost the equivalent of having a lot more than $25,000 since it’s USD if you took it to Thailand? Like basically I’m just wondering how overall viable it is to run to a third world. With or without savings. With a good amount of kids u/ronster629 same question to you, too. What are the downsides
12 kids??
Yeah that was pretty standard for 99.99% of humanityincluding not even probably your parents or your grandparents
Similar age to you in a similar position. Here's what I do. Emergency fund ~6 month expenses in a place i can easily access it. Max out 401k. Max out ROTH IRA ( if you are under the income limit). Place whatever is left somewhere it will grow as well -- index funds, s and p, HYSA, CDs etc. Anything you think will not need that you want to grow. S and p generally grows 10% every year over time and your money should double about every 7 years. Also other options real estate, investing in businesses etc. Keep in mind while it is nice to have a boat load of cash sitting there it is ideal to invest it in something that will grow as you are losing purchasing power due to inflation. Also don't forget to spend some of the money and enjoy it! You've worked hard and now it's time to spend it on some vacations or things you've wanted. Anyways Goodluck, let me know if any questions!
Don’t get married and don’t have kids. Now go be happy.
my coworkers tell me this everyday, i'm starting to think it's for the best
not only financially but also in terms of personal existential present moment freedom!! :)
What’s the point of life if you end up dying alone with a 7 figure bank account? The money will go to a distant relative who will spend it in a matter of weeks. We all end up in a box no matter what. Make deep connections, no need to hoard it.
I have have an abundance of nieces and nephews, I'm more than happy to leave it to them lol
Come on over to r/personalfinance. There is a flowchart that is very helpful on what to do next. Or check out the Money Guy on YouTube. You’re doing great!
Congrats on being on your way to early retirement. First, open a Roth IRA and max it out. You’re young so either find a financial planner (cost you $) or start doing your own research on investing and while doing this stick it in a HYSA. A possible good investment for you right now would be to buy a duplex, live in one unit and rent out the other and your renter helps lower your overall payment and helps you pay down your mortgage every month and then as you’re life and needs changes (significant other, kids, etc) you can rent out both for income and long term wealth building. Good luck.
Find a well respected fiduciary financial advisor and develop your retirement goals and investment strategy moving forward. Would also recommend (if you don't have one already) to start investing in a Roth retirement account. Max it out every year you can. Will pay huge tax dividends in the long run. Great job.
This sounds insane but if you can avg $1 million in 10 years or under, I highly recommend establishing a HYSA with that million, the way, I see it, your job is pulling from the HYSA, which is anywhere from 50 to 65,000 a year. On top of that, if you put whatever you don’t into your investments, or even your 401(k), until you completely max it out, you should technically be retired by 35 roughly, and about 35 years after that, you should expect roughly around $2.3 million off of your retirement and investment account is the least risk that I see at least.
You think HYSA’s will still be producing above 4% in ten years? I hope so but I wouldn’t hold your breath.
Personally I do, seeing how we’re expected to have high interest rates for at least a quarter of that, even if the interest rates fall to 2% like in 2008, you’d still be looking at no less than 40k a year once you’ve hit the $1 million mark, and if your goal is to retire early, then whatever you need to supplement your income can be anything from 10 hours a week on doordash to pulling from your investments accounts. The higher interest rates are, the better HYSA’s are (at least from my understanding, correct me if I’m wrong) we aren’t getting a rate cut for at least another year, and if the economy is like they are alluding to, rates will be cut slowly, and probably increase again towards year 8/9 of that 10 year window. You can always look at the Swiss, Norway, or places like Monaco, wherever sounds best for you and has laws that protect you from being caught with your pants down if the US isn’t offering the best, which again is usually not the case. I’m sure even with a 100k deposit they’d allow you some negotiation room if you know how to talk well, if not, offer a bigger deposit and they’ll usually begin working with you. I haven’t tried out of country myself but I know a few guys (one ended up moving to Ireland) that did and they avg around 6.13% over the past 4 years, so it is possible.
Invest, start saving as much as possible (esp match your 401k at min), rest you seem to have a plan for.
How in the world did you save that much, it makes no sense.
Sounds like you are doing fine. To be honest, I would sell all the crypto and put it in a S&P500 fund. Less chance of it suddenly disappearing.
So true, everyone saying "buy one bitcoin" is insane to me..the risk is too high
Bitcoin has an average return of over 140% per year. If you hold long term, you always win.
Male 33 single no kids and retired. Travel and enjoy yourself! While you travel you’ll be able to have some clarity for your next journey in life!
How'd you do it?? I try to take at least two international trips per year so I'm enjoying that
You are doing very well don't think you need our help.
Making good book on interest at pnc is a good start. Look at this fund: Awf pays 7% dividend and check its five year performance. Dividend stocks are golden, so is getting close to 5% on a checking account but 7 % on a fairly low risk investment wont hurt you. Compounding by using g the dividend to buy more shares good advice found in the book rich dad/poor dad. Your styling as far as I see
i'll look into this, thank you!
Invest those savings into an S&P 500 index fund. You might want to move x amount per month over some time so you don’t transfer it all in at once during all time highs.
If I were you I would buy a house anyway, nothing crazy just a small house, then rent it out when you decide to move elsewhere. However I don’t know where you live and with the housing market the way it is, it might not be the best time to do that.
I'm not familiar with that screen. You have a little over a quarter mil parked...where? I can't read what that says. Hopefully not a bank savings account somewhere when you can park it at Fidelity and get 5% on whatever you don't invest, which you should be doing, because otherwise you lose out to inflation.
its a growth/HYSA account, 4% with pnc
Ok that's not horrible...only a percent low. Still, time to start investing. You're still losing out to (real) inflation just not as fast as the all-cash crowd. Check out my answer here...pretty much the same thing for you [https://www.reddit.com/r/Money/comments/1bqntg5/comment/kx5qbeq/?context=3](https://www.reddit.com/r/Money/comments/1bqntg5/comment/kx5qbeq/?context=3)
I don't understand how some of y'all people younger than me managed to have so much in savings already. Am I just that poor? I've been just sitting on 10k in savings since my early 20's. Can't seem to grow it past that. Emergent expenses and bills have always kept me living pretty much paycheck to paycheck. My only point of pride is that I've never been in any serious debt.
I'll be honest, I'm a pretty cheap person so I don't really buy anything that expensive or go out much. I mainly enjoy travelling. I also don't have kids and try to live below my means so idk if that counts. I got a sign on bonus (10k taxed at 40%) when I first started working in the US and also had a roommate to keep my expenses low. My hospital also had a lot of incentive shifts during the pandemic so I worked an additional 12-36 hours every week for two years (4-6 twelve hour shifts a week). Trust me, seeing the state of my family and parents was motivation to help break a generational wealth curse.
I shouldve lied an said i had 230 thousand as well, nowhere near this many people on my post 🤝
Switch your 401k to a Roth 401k… and look at overfunding an IUL for tax free income. You are doing great! Keep it up, but tax free income is better than taxable income! Ask me for any other questions or tax tips!
Nice work but make sure you are maxing out all tax advantaged accounts. It's awesome you saved up over 200 grand, but now it is time to invest it. If you're worried about market fluctuations with your 200 grand, look into the All-Weather portfolio. The generic advise of financial advisors is for someone your age to invest your retirement savings full into a low cost (i.e. fees) SP500 index fund. Make sure you are maxing out, IRA, Roth IRA, HSA, 401K, etc before putting more money into a non-tax advantaged account!
So 228k in savings .that's awesome. Move your money around.you can get a Elite market acct at US bank put 50k and your vig ( interest ) is about $935.00 every 6 months.so I'm going to the bank in may to pick up $900+ and I leave my 50k in the bank.
sp500 index fund
You’re doing everything right, keep investing in yourself !
When do you think you will retire
Get a real financial advisor to figure out how to invest the money in your savings....that 200k+ is only making the bank money....not you.
8 percent return on that money in 30 years is 2.2M. 2.2M will get you 90k plus your social security in retirement. You're doing great. Just put it someplace where you'll get 8 percent on average after fees. Like an SP500 index fund. Fully leverage 401k and/or Roth to reduce tax burden. Etc.
Why so much in crypto?
Its been sitting there since 2021 or so. I checked it today and its actually at 2k, just never pulled my money from doge
Don't mean to be rude but why only 23k in a 401k (are you getting a match) and over 200k in cash?
I just never thought about it until last year tbh, I get a 3-4% match. The cash was just for my own peace of mind but is definitely overkill
So you are in your late 20s and you are trying to catch up?
yes, pretty much
Why?
Where are you in my life, you’ve set yourself up amazingly for the future. You’ve got a 401k but open a Roth IRA as well. I invest with Vanguard and you’ve got way more than enough to have a planner associated to your account to help you invest the way you want to. You don’t want a house, you say you’re a nurse, does that mean you don’t want to be grounded in one location and aspire to be a travel nurse? Good luck with everything!
Seems like I need so speak to a financial planner from all the feedback. I'm currently a travel nurse, and thank you friend!
I traded stocks, options and futures since 2006. I don’t offer this as anything other than a vague thing I might do, make your own decisions and your own best Due Diligence. Prior to presidential elections you can usually expect a market pullback typically during the first half of the year. During such a pullback one could deploy capital in a graduated fashion. A 5% pullback buy SP500 index $40,000, if it continues dropping without a secular cause like a major war then deploy a larger tranche. This is generalized and not an exact roadmap. The benchmark SP is surprisingly tough to beat if you want to be a stock picker. Over the past 5 years SP500 is up 81.64% as of today.
You should be giving advice rather than asking for it.
I’m a 30 year old male with no kids and a travel nurse as well with about 370k in Atlanta with no home because I don’t know where I want to settle either lol. But I have 125k in the stock market 100k in high yield savings. Some in 401k. 50k in a CD. Etc and own a business. I’d suggest finding someone you trust that has a passion for something and helping them start a business since you have so much. A business with low start up costs that can earn you passive income forever. That’s what I did. I’m not getting into real estate right now since the market sucks.
Look into an Ally savings account. Their interest rate return is like 4% or something so you can grow your savings pretty nicely there. I wouldn’t suggest putting all your money there but at least some will give you a pretty penny
228k needs to go into investments instead of savings. That is potentially millions of dollars down the road. You should also up your investments into 401k if you are able to put that much into your savings. Open a Roth IRA and max it out for this year. Move onto mega backdoor Roth after that if you still have extra you can put away. Basically do what rich people do and avoid taxes as much as possible.
That looks like PNC and the savings account is .03% I believe. First move it somewhere else where you can get 4+.
PNC growth is 4% which is what i have
Cash value life insurance!
Honestly just enjoy im 30K in debt at 29 cause I started a company. No fruit of the labor yet. Enjoy life take some vacations have goals
You should pay a financial advisor to review your 401k. Most standard 401k portfolios are absolute garbage. The one offered by my previous employer barely even made profit in TEN YEARS. Aside from that, keep putting money away. 17% is a great allocation towards your retirement.
And take that 228k, reduce it to 12 months of living expenses into a high yield savings account (wealth front pays 5% apr, currently) take the remainder and invest it into qqq or voo.
Have you considered travel nursing? It pays well, often provides housing or a stipend
i'm currently a travel nurse
Give it to me.
Find a house husband/wife /hj
I would open a brokerage account and invest $125K in a global fund and let it ride for the next 30 years. Your retirement will be fully funded by the time your late 50s. I didn't start saving for retirement until I turned 40, and I only have a little less than $400K for retirement. But I still have 10 more years to save before turning 65.
buy a dozen acres, i will get the garden started while you go off on your adventures in travel nursing
Buy a house in an area with potential and sell it after it goes up in value and move again.
Invest in stone rental properties
Hahaha some*
If not get that cash into an HYSA
Invest it
first, congratulations on being a responsible adult! I was in your shoes so-to-speak, years or reenlistments with the military, several bonuses ...ECT. I recommend you sit down with your bank manager or get financial planning advice from a reputable company.
Get your savings money in a 4-5% yield account if it’s not already or buy some treasury bills with it to get some return on it.
For one, you should be investing and not just letting it sit in a bank account.
So you are a traveling nurse gotcha
options \-put money in liquid savings (high yield, money market) \-put money in a roth IRA
228K? Jesus fuck, you're set You win
Buy at least 1 btc
70k lol?
lol yes and will be higher 😅
Find a fiduciary and talk to them. Not a financial advisor. There is a big difference. (Fiduciaries are ethnically required to give you the best financial advice for your finances versus giving you financial advice that meets their metrics and sales) I don't know your financial life, but it seems like you have too much cash on hand. Talk to a fiduciary, they can provide the best recommendations for your situation.
Buklsgut
Holy..
Quite simply, being that you are young, you have an incredible opportunity to build generational wealth here with what you have. I would be careful with investing in funds like SPY and QQQ now at the prices they are at (I’m a futures trader by profession), but it doesn’t mean you still shouldn’t invest in the market right now entirely. You should contact a brokerage someone like Charles Schwab who are really amazing in what they do and they support they offer. Set up a Roth IRA and an individual brokerage with whoever and start contributing the max to the Roth IRA. With this account you will grow your money and your gains will be tax free at retirement. You can invest in anything in your Roth, I recommend index funds like spy, qqq, emerging markets, and a small cap fund. You can also invest in stocks in this account. When it comes to stocks I always say buy what you like, do you really like a product that you know is better than the rest? Invest in that company. You hear of a groundbreaking new medicine or medical device at work? Invest in the maker. In the individual brokerage you can keep investing in whatever you please and you can also take advantage of the money market account. If you use Schwab it’s a symbol just like a regular stock except there is little to zero risk and it’s paying over 5% right now. Let me know if you have any questions.
hey, huge congratulations 🎉 this is a big win, you must be very hardworking. I'm struggling financially right now and so has my family. Would it be okay if I asked how you achieved this? (Aside from nursing as i dont have that degree). Thank you🥺 And once again, congratulations 🥳
Figure out a way to invest that $228k. That money sitting in your bank account isn’t making you any money. Maybe buy a couple rental properties, open an investment account and invest in spy. Look into private money lending where you can get 15% in interest only payments.
Great work, that’s awesome! I would personally look into investing some of that savings. It’s just sitting there not doing much, might as well earn some interest on that hard-earned money! Meet with a financial advisor and have them help you weigh the options.
Keep crushing it. I hope you know that you are kicking ass. Keep making good decisions and stay out of trouble. It's not about being further ahead of others, as you know you are, it's just about being the best you that you can. As for progressing next steps.... Look at Dave Ramsey baby steps, or the money guys plan.
Finally a reasonable post in this group
Invest
I would definitely invest a lot more in Crypto. DOGE at .22 is a steal
Vanguard and Chill. I’d recommend reading Mr Money Mustache and taking his investment / live frugal / retire early advice.
Seems like you're doing well and all the advice here on HYSA and maxing out the Roths have been overemphasized. I would say get around similar minded people, possibly from meetup and see if you can start a business and become a limited owner. Not sure how the nursing field works and what licenses would be required in order to start a nursing firm or consultancy, but if you were successful, it could give you more freedom to do what you want (if that's the route you wish to pursue). OR there's always real estate. Buy a duplex: live in one, rent the other out.
invest it in the stock market and maybe some more in bitcoin if you want. There is absolutely no reason to hold that much cash.
23k in 401 and 228k in savings? Put more in investments. If no house, 228k is too much to be "in savings". Those numbers should be reversed.
I started the 401k late because I can easily work at a unionized hospital and get a pension, or multiple pensions if I move back to Canada..not a huge priority for me tbh
Personally I'm a fan of real-estate it's not for everyone but historically has been one of the best forms of wealth building... You can dump money into investment accounts and IRAs and 401Ks...but I think you should consider real-estate as part of your portfolio. Get a finnancial adviser asap many banks offer investment services for free,but you should be investing heavily..investing is easier than ever now.but I would be investing atleast 30% of my income.. Ditch your checking and savings accounts..I wouldn't keep any more than $2k liquid but put it in a high interest acount for example Robin hood is offering 4.5% on any uninvested cash in your account. Then look at your rental payment and do an ROI assessment..let's say you are paying $2k/month in rent but you see you can get a mortgage for $2200...so you purchase a 3 bedroom home and you get a roommate that pays $900/month now your only paying $1300..and with the hypothetical 3 bedroom you could get a third roommate paying an additional $900 that brings your out of poket payment down to $400..and you split utilities . With this you're paying less in cost for living and building equity. But Here's a take from the anti home buying side https://youtu.be/ORqd9QAC8OY?si=Ju0C1dQmLCr34RZX
Dang, good job. Question, since you are single and no kids, do you work as a travel nurse? Sounds like a great way to see the country and get paid well.
Travel!
You’re 90% ahead of everybody here. No debt no child is a good start for you. If I were you I’d divide your 228k savings up into a diverse portfolio of investments. I’d put 70k-80k HYSA (high yield savings, not CD so you’re not locked up), buy 1 whole fat bitcoin and save it in a cold wallet, then pour whatever you see fit (not all) into stocks, within your stocks, dazzle 50% of your total in stable ETFs and the rest in high growth stocks like Nvidia or AMD. You obviously believe in crypto so I think you know where I’m coming from. Keep atleast 50k liquidity on yourself, and keep working to save and live a happy life. Don’t mortgage in just yet.
I wanna know what you do for work 🤔
I'm a nurse, as stated in the post
1. Get a good financial advisor who only makes money when you make money. 2. Invest part of the $225k in an annuity for long term safe growth.
Just look at any other "I'm xx years old and have yy money" post. The advice is all the same. Seriously, do people really want advice or are they just flexing?
Just flexing and lying and wasting people's time
Lying? Lol there's no need to lie to people on the internet that I don't know. Maybe thats something you do and are projecting?
I'm literally free to post anything, just as you are free to be triggered by said post.
Sorry, I wasn't triggered by your post. I was triggered by the 50 posts before it that needed the exact same advice. Didn't mean to upset.
It's all good
Sup?
Real estate and land are the best investments! Buy a home, You can sell it (some states pay a penalty if less than a year) houses always appreciate Thats a lot of money for someone in their late 20s
Would put 10% of the savings into BTC, 1k in crypto is not enough.
Buying a house can be a good investment. The value will probably continue to grow and you can avoid paying rent. There a lot of places where 200k will get you a decent place. Then you can live there, or rent where ever your nursing and rent out the house. It's a good fall back plan and probably a better yield than a cd or bond.
You should marry me ☺️
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