Hey guys, I am an electrician, and I make 41600 USD before taxes.
How should I spend my money to set myself up for a successful future?
Aside from 401k and the S&P 500.
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Start by establishing an emergency fund, preferably in a HYSA. Then, max out your 401(k) contributions, at least to the level of your employer’s match. Since you’re young and your income is moderate, a Roth IRA could be a good choice. Invest in total market index funds, such as VTI, and consider a target date fund for your 401(k) if you prefer. Stick with this strategy throughout your career. Keep an eye on your expenses and avoid overspending. That’s the fundamental approach.
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Thank you. I will have to conduct research on what some of things are, but I am confident I will do it. I simply want to retire as a millionaire.
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Being your age and asking how to do it is a huge advantage to start. Good for you. I would recommend a Roth IRA; you would be in wonderful shape. $7000 does not seem like much, but time is your friend.