Submitted by SlothRick t3_zzjnku in personalfinance
As the title states I have a minimum of $5000 a month in surplus income. I have no debt (besides a mortgage for where I live). Any comments or suggestions on how to apply this to better myself financially in the future would be appreciated!
I’m covered for retirement
I have 10000 which is enough for 6 months plus my partner
No I have not first time on this sub
You’re in an enviable position. Spend time on that side bar. I wish I had that resource when I was younger.
I’m sure others will have more detailed recommendations as the thread progresses.
I understand I’m in an enviable position that’s why I don’t want to squander the opportunity I have
Go through the prime directive.
I assume you are maxing out retirement?
Here's a link to the PF Wiki for helpful guides and information.
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I’m covered for retirement
Follow the flowchart or ask specific questions to it.
I will check the flowchart
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I would recommend reading the richest man in Babylon.
5k is pretty nice every money extra money.
I would learn of ways to invest is in ways that have the best tax advantages on returns.
I’ve done some research and I’ve found Wealthfront. They seem like a good option for someone like me that doesn’t really know what they’re doing.
Here is the thing, if there is something you don't know and want to know, someone has probably wrote a book on it. The knowledge in a book is normally 10:1 from online content (in most books).
Spend some time digesting books on the topic of currency, economics and finance and you'll start to understand good places to invest.
Additionally the money I’m receiving is non taxable as it is
You'll want it's children to be as low tax as you can as well. Invest in the areas the government wants you to invest in and it's typically tax free or low tax.
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TheSpatulaOfLove t1_j2c192i wrote
Might be helpful to give a little more detail.
Are you contributing to a retirement account of some sort?
Do you have a six month reserve in accessible savings?
Have you read side bar info? (It’s an EXCELLENT resource!)