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Reply to "I am X years old and have X saved in a retirement fund"
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[quote=Anonymous][quote=Anonymous]27, no retirement, I net $2700/month, and have about $1800 in monthly expenses (including rent, phone, utilities, car payments, car/health insurance, credit card). I have zero idea where to begin. I need to start saving, NOW. Should I just start building up savings and once I get to a decent amount ($5-$10k), figure out where to invest/allocate it? (I have no 401k through work). Someone just tell me what to do.[/quote] Step 1: Build approx 6 months of cash reserves just in case you loose your job Step 2: Place said 6 months of cash into ING or Ally or some other simple low-interest fund Step 3: Begin saving more cash, get to $5,000 and put that into an IRA every year. Step 4: Save more than that, and start putting the cash into a series of mutual funds Step 5: Save even more and begin buying real estate and renting it out Step 6: Retire on the income streams[/quote]
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