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First and foremost id like to introduce myself to the forum. My name is Willard. Im 32 and a manager of a a chick fil a. I don't make alot of money (somewhere around 23,000 a year) but I like to think im ok a saving money. Right now this is where my money goes. I recently recieved a raise so I figured out how much that would equal to based on an 80 hour week and that money goes into a savings account. Im also doing the money challenge which is going to a separate account and my emergency fund gets 20% of each paycheck deposited into it. These accounts are done through smartypig which is gaining 1% interest. I also just opened up a mango card account in whice case ill transfer $4,717 to that savings account that has a 6% interest rate. I do have a ROTH account that has like $14 in it and hasn't been funded in a while. I have no debt, no car loan, I rent an apartment which is dirt cheap and I have a good credit score. Someone guide me.....if you have any suggestions or ideas please let me know. Thanks for having a great forum and imformational site, Kingwillard
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You sound like you're headed along a pretty good path right now. I don't know how much you have in available money each month, but if you can manage it, funding your Roth IRA would be hugely beneficial for you. You can put in money that is taxed at your present (very low) tax rate, then it'll grow tax-free for the next 30-35 years until retirement. Even just $100-$200/mo would make an impact. Plus, given your income, there is a tax credit for retirement contributions to IRA's & 401k's (for details, search for "IRS Form 8880") that would you a 50% tax credit on up to $2000 in IRA contributions.
Otherwise, you seem very smart about saving, so that will only benefit you. Keep learning, and ask questions. -
Welcome, Willard, and congratulations on the good work you have done so far with staying out of debt and saving.
Two things come immediately to mind:
1. Are you covered in case of a medical emergency? Do you have medical coverage?
2. Are you eligible for Chik-fil-A's 401K? Are you participating? According to Bright Scope, they offer a good one but the participation rate is low: http://www.brightscope.com/401k-rati...-Sharing-Plan/ If you are eligible but are not currently participating I suggest that you do so, at least up to the company match.
Please stick around and ask more questions and keep us posted on your progress. You could be a great role model.Comment
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