Increase Investments

[ndwilli6]

I am 23 years old and I am interested in networking with avid savers and investors. I am an avid saver, but could use advice on how and where to invest for the greatest ROI.
I am also trying to earn
$50k by the age of 25.
$60k by the age of 27.
$75k by the age of 29.
$100k by the age of 30.


I currently have
Checking: $3,086.15
Savings #1: $1,053.93
Savings #2: $1,250.31
Savings #3: $17,609.15

My savings #3 will decrease by $3,750.00 on December 30th because I am closing on my first home.


Lets chat!

[97guns]

you are light years ahead of where i was at 23, keep it steady as she goes and you will hit paydirt quickly

[autoxer]

I like the income goals. Make sure you also increase your savings rate every time you get a raise.

There are tons of different ways to invest, but i prefer index funds. I don't have faith that active managers can beat the market, i try to keep the fees as low as possible.

How much of a down payment are you putting on the house?

[A-Aron1]

Nice job on the savings thus far. 100k by the time you are 30 is extremely doable!

[snafu]

ndwill, Welcome to SA. I believe your plan is do able if your goals are better developed. I suggest you review the SMART acronym. on-line. A few questions... were you required to add [expensive] mortgage insurance to your PIT along with regular insurance? What interest rate? Any HOA or Condo fees? Have you printed out your 3 year mortgage amotorization schedule to fully understand how your payments will be applied? What is your budget for furniture, appliances & outfitting your new digs?

Increasing income: What will account for significant increases in income? Do you expect to manage a part time job in addition to full time work? Do you plan to operate your own business? What is the basis of listed savings?

Investing model: What type of investment are you currently tracking? What is your risk tolerance?

[ndwilli6]

Update--almost 3 years later

26 now.

Earning around 50 grand.

Checkings (1): $5,531.21
CD accounts (4): $17,312.32
Savings (3): $20,231.92
401K: $7,231.34

All in all about $50k in various accounts.

and, about $80k-90k in equity from 3 homes. And, earning income from rental properties.

by the end of year I want to own 3 additional properties. by end of year, I want 100k saved. by the end of 2018, I want to own a minimum of 10 properties. And, I want 160k saved.

You can tell, majority of my investments are tied into Real ESTATE. What would be other ways to invest funds and receive great ROI.

[ndwilli6]

100k immediately.

Nice job on the savings thus far. 100k by the time you are 30 is extremely doable!

I hope to hit 100k in 3-4 months! Lets go!

[greenskeeper]

invest as much as you can in a market index fund for the next 30-40 years

buy a house you can afford

don't waste money on cars

retire comfortably

[ndwilli6]

invest as much as you can in a market index fund for the next 30-40 years

buy a house you can afford

don't waste money on cars

retire comfortably

Good advice, I already have a house, and car is paid off. Yessir. I gotta get focus on pushing more funds into 401k or IRA.