i just got a full time job for $19 an hour and now i can finally start investing at 28 years old
If you are just starting at 28 then you have missed out on 10 years of compounding and will never retire
>>62610737its my first job
Be very careful anon, act as boring as possible to your fellow colleagues and always suck up to your boss, be polite and respectful and nothing more.
>>62610658>>62610737>>62610746There’s a point where low-wage full-time work becomes an economic trap.If you’re making under ~$20/hr in much of America, you can end up working 40 hours a week just to afford the costs created by working: rent near the job, a reliable car, gas, insurance, work clothes, convenience food, healthcare premiums, deductibles, taxes, and childcare.Meanwhile, someone who keeps income low, crashes with family or friends, minimizes expenses, and qualifies for Medicaid/SNAP can sometimes have less cash but a comparable material standard of living—and 2,000+ hours of their year back.That matters.Sleep has value. Stress has a cost. Commuting has a cost. Car depreciation has a cost. Losing control over 5 days of every week has a cost.If working full-time only leaves you a few hundred dollars a month better off after all of that, you aren’t really selling your labor for $18–20/hour.You’re selling thousands of hours of freedom for the marginal difference between two lifestyles.The question shouldn’t be “Do you have a job?”It should be: “What is your actual return on an hour of your life?”
>>62610737>retire?
While your taxes are low, you can put away quite a bit into a Roth so that when you retire you can pull it out tax-free. $7,500 is the yearly cap, which comes out to $625/yr. And if you end up needing the money later, you can withdraw your contributions (not investment profits) early to cover your ass.Better yet, you can pair this with a robinhood gold account at $50/yr for 3% match, for an extra $225/yr, and just have that auto invest in VOO each month for 10% compounding YoY.Instead if you do a normal taxable account, you'll probably want to throw as much money as you can afford at a low cost index fund like VOO until you figure out how to trade and what the hell you're doing, so the rest of the pot can grow while you get your bearings. You can reinvest the money later.
>>62610771i dont pay rent i live at my girlfriend's place. her dad owns it outright and doesn't charge us for it so i can save a lot of the money>>62610881im canadian so instead of a roth we have registered retirement savings plan and a tax free savings account for investing long-term, but we don't have robinhood here afaik and im not really aware of any equivalents
