this post was submitted on 20 Jan 2024
649 points (96.2% liked)
[Outdated, please look at pinned post] Casual Conversation
6591 readers
1 users here now
Share a story, ask a question, or start a conversation about (almost) anything you desire. Maybe you'll make some friends in the process.
RULES
- Be respectful: no harassment, hate speech, bigotry, and/or trolling
- Encourage conversation in your post
- Avoid controversial topics such as politics or societal debates
- Keep it clean and SFW: No illegal content or anything gross and inappropriate
- No solicitation such as ads, promotional content, spam, surveys etc.
- Respect privacy: Don’t ask for or share any personal information
Related discussion-focused communities
- !actual_discussion@lemmy.ca
- !askmenover30@lemm.ee
- !dads@feddit.uk
- !letstalkaboutgames@feddit.uk
- !movies@lemm.ee
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Congratulations!
I went from earning $12 under the table to 6 figures in 5 years. It's a really major change. Once you have a year or two of that, and enough saved to survive basically any adversity, you realize how stressful your life was before.
Some unsolicited advice:
Budget. I've never been good at it, so this is my strategy:
I Keep two months' basic expenses in checking account. Food, gas, rent, phone, internet, insurance, loans.
At the end of the month I transfer the remaining money to 3 accounts: 1/4 to long-term savings (this was initially my 3-month emergency fund, but turned into something more blended with a 3-month reserve). 1/4 to short-term savings (travel, gifts, clothes, fun). 1/2 to investments (stocks, ETFs, etc).To start out, all the money went into the long-term account. Having 3-month's savings is the true key to both feeling safe and avoiding credit card debt.
That's it. Literally. If I transfer less money at the end of the month, I either overspent or had some annual "surprise," like auto registration, Prime bill, etc. If I transfer more, it was a successful month.