48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don’t ever want to be in this situation again....
This flowchart was key to helping me logically lay it all out. As the chart and others have mentioned, get your emergency fund in order before you start investing.
The goal is essentially incremental financial independence, with retirement being the final “stage”. Early on, you want to limit higher interest debt and have the cushion to absorb day to day “surprises” without taking on more debt. Then you get to move into the exciting world of retirement saving, starting with employer tax-advantaged accounts and then into brokerage. I found https://www.bogleheads.org/wiki/Three-fund_portfolio helpful in simplifying the overall decision making (TL;DR index funds).
Definitely worth familiarizing yourself with the flowchart to give you the high-level familiarity. Then you’ll be hooked and pulled down the rabbit hole with the rest of us!
Can you offer investment advice? I'm debt-free, about to start earning $2k more per month than I need to survive. Please offer any suggestions for optimal investment method(s).
48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don’t ever want to be in this situation again....