@Jin
Sure, but if they’re scraping by, they should save for unexpected costs first.
@Tan
Thanks for this! I just joined the board.
You’re already doing great putting $100 aside every 2 weeks on a $25k salary! Keep upping it as you start making more. Remember, it’s not all about saving every penny; focus on growth too. And don’t miss out on experiences — you’re only in your 20s once. Enjoy it!
@Mal
I think I forget to actually enjoy life because I’m so focused on saving and school. Thanks for reminding me!
Investing in yourself is the best investment. Choose a field where you can excel, keep learning, and think about jobs for how much you’ll learn, not just what they pay. Passive investments are great, but my best returns came from investing in my education and career.
Interview for jobs with better pay or new opportunities at least one week each month.
You’re a full-time student. Right now, the best investment is in your future earning potential. Any money you can save is just a bonus!
What’s your major? There’s a big pay difference between degrees in the arts and those in science/engineering. Tech and engineering jobs usually start around $70k, while social sciences and liberal arts degrees might start lower.
@Vega
I’m in healthcare, studying to be an EEG tech so I can transition out of CNA work and eventually travel with it. Not sure where I’ll go after that, maybe further into healthcare or something like engineering.
Best advice is to find a job that pays well. What are you majoring in?
Use any extra cash to build skills that increase your earning power. Hard to save much when you’re earning this little.
You’re on the right track. I’m doing well in my 40s, and I still budget every month. Keep doing what you’re doing and build good habits, and don’t hesitate to treat yourself now and then if you’re able.
Focus on making more money by investing in yourself before focusing on the market.
Get a higher income, and while you’re at it, don’t waste cash on stuff you don’t need. Put even more into savings and investments if you can.
Your savings rate depends on your income at the start, so focus on getting into an industry with high demand and put effort into skill-building.
Right now, your best investment is in finishing your education and setting up solid money habits. As your income grows, invest more aggressively. You’re off to a great start!
You could look into a Fidelity card that puts 2% of your spending into an investment account automatically. Sofi and others have similar cards. Just make sure to budget and pay it off every month!
Mark said:
You could look into a Fidelity card that puts 2% of your spending into an investment account automatically. Sofi and others have similar cards. Just make sure to budget and pay it off every month!
Never heard of that; I’ll check it out, thanks!
@Mica
It adds up over time, and compounding will do its job.
If you have any extra cash, throw it in a Roth IRA. You’ll want to max that out early so it can grow tax-free as you get older.