Advice plssss🙏😘

I'm in my early 20's, graduated college and working 2 jobs rn, one full time one part time. I have $12,000 saved up and am living at home helping my parents with some bills while saving. I have an old old car that's currently in the 200,000 mile range, which I'm scared will break down on me anyday 😭 I make about $1400 ish a month after taxes..I know not alot. And I paid off $6000 in student loans with just another $6000 left, but thanks to covid no interest is being added on yet.

Pls help give me advice if I am in a good financial place at my age and how to better it, i.e investing or anything bc the money is just sitting in my savings rn and I feel like I'm not doing enough 😩😭

This page is a permanent link to the reply below and its nested replies. See all post replies »

ViciDraco · 36-40, M

For the short term, I'd knock out that debt.

Figure out what the going rate for used cars in your area is. You'll probably want to keep a down payment for such an amount liquid in bank in case you need it quickly.

The rest depends on how much work you want to do. If not much, index funds like the S&P tend to do well over the long term. But you need to be able to let the money sit and ride out the short term market waves.

If you are interested in something a little more active, I'd investigate dividend stocks with a DRIP set up. That basically buys new stocks with the dividend money made. But you'll need to do more work to understand the health of companies.

Crushedstrawberries · 22-25, F

@ViciDraco okay thank you! Truthfully I did not understand half of what you suggested so I will do more research on those topics😁