So, as a young professional I have started acquiring decent money for the first time in my life.
I live pretty cheap, have a roommate, and we split bills so my monthly expenses are 600-800, where I'm taking home over 2000 each month.
I don't quite understand saving, or how to set myself up properly for a nice long and easy life, so help me out.
I don't even have a bank account, should I?
I don't know what is worth spending money on in the long term, or why I should save it instead.
Like, of course I'd like to have a new computer, and maybe a new bed or couch for the house, but should I?
>>16903531
Yes, set up a bank account. Takes a few minutes.
Then, set up an account with a big-name retirement investment company like T. Rowe Price, Merrill Lynch, Vanguard, or Schwab.
Pick some of their 5 star rated mutual funds. If you don't want to research them pick index funds or the target date funds (the ones that are set up to help you retire in such-and-such year).
They will usually allow you to waive minimums if you set up an automatic periodic investment from your bank account. Do that for as much as you feel you reasonably can. 2-500 a month sounds like it should be easy for you.
Walk away and forget it. You have now started saving for retirement.
If you want to get fancy and are in the US, make two accounts, one Roth IRA and one regular.
>>16903541
I forgot to add you can do all of this online, it's a piece of cock.
>>16903541
I don't want to over commit myself to something and then lose my job and go back to working a counter for 8 bucks an hour with all this committed savings debt, ya know?
>>16903566
>committed savings debt
I don't even know what that is.
If you're worried you won't have cash if you get fired, then A) don't stick it in an IRA or other tax-deferred account, and B) also save up 4-6 months of living expenses and keep it in a plain bank account.
