no idea what im doing????

**Broken Arrow** · 04-01-2009, 11:59 AM

Well, do you plan to move out some day? Might need some money for that.

What about a car? Saving up for one would be great.

There's always a Roth IRA for retirement. The sooner the better.

**financialnut** · 04-01-2009, 03:55 PM

$1,100 over two weeks is okay for where you're at, but unless you're making steps in building your resume or getting education, you're probably not moving in the right direction. You wouldn't be able to support a family off of an income like that.

IMO, you better start improving your resume so you can increase your earning potential.

**maat55** · 04-01-2009, 05:44 PM

So far you are doing better than the average 23 year old. You need a life long financial plan.

Good rule of thumbs are:

Pay cash for consumer items like cars, etc.
Invest 10% for retirement(Stock mutual funds)

I highly recommend these books:

The Automatic Millionaire by David Bach
The Total Money Makeover by Dave Ramsey
The Millionaire Next Door by Stanley/Danko

Read these three books and you will have a good knowledge of how to prosper.

I also recommend a basic personal finance book for general knowledge on all financial decisions like: insurances, IRA's, financial planning, debt management, taxes, budgeting, banking, etc.

**financialnut** · 04-01-2009, 06:50 PM

I love "The Millionaire Next Door." It's a must read, IMO.

**ukey** · 04-05-2009, 08:52 AM

putting x amount away sounds a good idea. How much, you have to decide yourself. I'd suggest an easy read: "The Richest Man in Babylon" and see if it can help you decide on your follow up plans

**BigVic** · 04-06-2009, 03:55 PM

I am in the same boat as you without the $7,000 in savings (Recently paid off my credits card debt). 24, at home, and only have a car payment and cell phone bill. My main priority is moving out of my parent's house but yours may be different. I am currently contributing 5% to my 401K to get the full company match, and am looking to start up a Roth IRA in the near future. My goal is to pay off my car loan ASAP to free up some extra money every month.

I hope to see some good responses here as it would help me out as well!

**Hot dog** · 04-07-2009, 12:26 PM

I'd like to add the Wealthy Barber to Matt's list of suggested books

no idea what im doing????