Went from making $12.50 a hour to $50k a year what do I do?

[Anonymous No.11974074]

Hi all. I recently got hired as a junior web developer for a company making $50k a year salary (roughly $3200 a month after taxes and $3000 after health insurance is taken out).

I do not have debt. At the moment my rent is only $300 per month as I'm living with family but I will be moving out early next year and I expect my rent + utilities to be around $1200-1400. After we take into food, gym membership, commute costs I should have around atleast $1500-1700 of income left over.

The problem is I do not know how to handle this amount of money. I want to invest, I never want to feel poor again or live check to check again. I come from a poor family who lives check to check and I've had to train myself out of that mindset that as soon as I get money I spend it because instant gratification, etc. As long as I take my career seriously I should continue to see my salary rise but the fundamental problem is I still do not know what to do with my money.

I never even knew this board existed until 10 minutes ago.

Do we have a guide on what to do with your money?

[Anonymous No.11974082]

>>11974074
link

[Anonymous No.11974087]

dogecoin

[Anonymous No.11974098]

>>11974074
leddit is useful sometimes

[Anonymous No.11974107]

>>11974087
>dogecoin
I'm not sure how stock markets and crypto work. I literally don't know anything about money. I'm basically a NEET who taught himself how to code and kept pursuing it until I got good enough for a job. I even had to have my family help me fill out my health insurance papers..

I'm guessing most of this board invests their money into stocks? Like using RobinHood?

[Anonymous No.11974109]

>>11974074
leddit is useful sometimes

[Anonymous No.11974111]

Sometimes I have to remind myself that investing is smart and not an instant gratification purchase.

[Anonymous No.11974117]

>>11974107
dont follow any advice on this board

a savings account and a 401k will suffice. the earlier you invest in retirement the better it will be in the end

[Anonymous No.11974118]

>>11974109
OP here, thank you so much. This is priceless to me and exactly what I needed to see.

[Anonymous No.11974125]

>>11974074

>one third into precious metals such as gold and silver to hedge against deflation over time.
>one third into the stock market or index funds
>one third into your savings account.
>Put a thousand or so in crypto's just for the heck of it.
>be comfy

[Anonymous No.11974131]

>>11974098
cringe and bluepilled
DCA 50/50 in eth and btc and be a millionaire in 2022

[Anonymous No.11974143]

>>11974109
Wow this is great thanks

[Anonymous No.11974144]

>>11974074
all in the dogecoin

[Anonymous No.11974145]

>>11974107
Good starting point would be download Robinhood, read Intelligent Investor(optional but helpful) and choose some ETFs you want to buy. Buy a set dollar amount every time you get paid.

Learn about crypto and buy a little bit here and there. Especially Chainlink

[Anonymous No.11974153]

>>11974118
You're welcome anon, best of luck.

As far as long term investing I'd recommend low cost index funds like VTSAX.

I also recommend going down the rabbithole of FIRE (financial independence / retire early). Give the article below a peep and it might change your life like it did mine.

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

[Anonymous No.11974291]

>>11974107
Oh you poor soul, this is a crypto board. We’ll all be millionaires come 2020.

[Anonymous No.11974312]

>>11974153
VTSAX is only accessible if you use vanguard as your broker. If OP decides to go with a different broker for whatever reason and still wants something like VTSAX, then ticker they should look for is VTI.

[Anonymous No.11974390]

>>11974145
This is actually pretty good. If you want to get your feet wet with stocks/crypto, then get Robinhood and Coinbase, and just put a little bit of stocks and crypto. From there, you can go down the rabbit hole more once you feel like you are an owner of some of this stuff. Most people just go balls deep with everything they saved and then get rekt. Buy a little bit (I'm talking a couple hundred of each at most), then research, learn, get used to the market, what people talk about, and then take it from there

[Anonymous No.11974516]

>>11974107
>I'm guessing most of this board invests their money into stocks? Like using RobinHood?

[Anonymous No.11974565]

>>11974074
Some may disagree with me but I went through something similar, OP. I encourage you to relearn the value of a dollar by treating yourself to something. Nothing crazy, but more than you would have at your former pay grade. Plus you deserve it, congrats. Your investments will feel more natural after. I don't know how to explain it but it helped me greatly.

[Anonymous No.11974588]

stop renting. buy a duplex and rent out the otherside. your cost of living will be significantly lowered, or you may turn a small profit. if you don't like that idea, buy a small house with room for fitness equipment. the quicker you stop renting the quicker you will make it.

[Anonymous No.11974683]

>>11974074
Insane.

I live in cali, make 80k, max 401k and other benefits

My take home is only 2k

[Anonymous No.11975166]

>>11974117
This.

Most people here are broke students investing their pocket money in some shitty digital coins hoping they would go x1000 one day. I only come here to watch them bleed and laugh at them.

[Anonymous No.11975261]

>>11975166
As if that's any less pathetic

[Anonymous No.11975549]

>>11974683
>I live in cali
You mean commie

[Anonymous No.11975555]

>>11974074
I went from making 30k a year to 55k a year and realize I'm still broke because the price of everything is fucked