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Help!!!
Financials SUCK! & that is my defensive statement.. after looking back at this last year with my poor record keeping skills I can say I made anywhere between 77,000-100,000 last year.. But where did it go!!.. I want to start investing & saving money.. Can anyone give me some steps to take to start doing this..?? ANYONE? lol What have others in my situation done? What are you doing? What do you plan on doing?
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Re: Help!!!
Without know what you're doing now, all I can say is that you need to make yourself a budget and stick to it. That'll help keep the money from disappearing. Open up a savings account and put any extra in there and don't touch it unless there's an emergency.
Do you only use cash or something? Cash burns a whole in some people's pockets and they can't not spend it, so if that's your case, hit up the bank or an ATM after every shift to put it away.
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Re: Help!!!
I would suggest immediately taking 10% of any money your receive and put it aside. Ideally you could put this 10% into some kind of stable well performing mutual fund or similar low risk investment that offers a stable return. You'll never really notice the 10% coming off, but over time and earning a little bit of interest, it will accumulate rapidly. It should be considered "off-limits" for any expenditures and even emergencies- do your best to convince yourself you don't even have it. Just keep adding and let it accumulate. You can call this a retirement or future security fund or something like that, you can figure out down the line when you are in a more stable financial position the best use for this fund. For now just start it and don't touch it and always put the 10% in off the top.
You may also want to take an additional 10% off the top of any money that comes in and use that for a vacation fund, investment fund or emergency fund. Same rules as above, but you would obviously spend it whenever it was needed for the desired purpose.
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