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Finance Friday: 23 Years Old, Steady Pay, Low Income, Should I Invest?
Description
We’ve said it before and we’ll say it again: it’s never too early to start your journey to financial independence. Today we talk to Mackenzie, a 23-year-old college graduate, working a government job and paying for only minor expenses. She has a serious emergency fund she’s managed to save up and has questions on house hacking, setting up retirement accounts, and the fastest way to get to FI.
When you start your financial journey at such a young age, you have many different opportunities. Even just maxing out your Roth every year may be enough to make you a tax-free millionaire, but what about more aggressive strategies like owning rental properties or even shooting for a far higher-paying job? These are all questions that Mackenzie wants answers to, so we have Scott and Mindy here to help!
In This Episode We Cover
Living at home when you’re young to save money on rent and food
Graduating debt-free so you can come out of college ready to build wealth
TSP accounts, Roth accounts, and the 457 plan
House hacking as a way to fund future investments
Looking for other jobs or side income that can help you increase your investing rate
And So Much More!
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