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Good advice for Investing, and Saving for Retirement? Any advice?

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    Good advice for Investing, and Saving for Retirement? Any advice?

    I ask this because I know just the basics, bare bones, growing up nobody was there to actually teach me how to be with money and how to make it really work for later years. I've always had the mentality of "You Only Live Once", and that flat out got me into financial hell, here I am 4 months into my Chapter 13.

    All is going well, my plan will be confirmed in the next few months, and it has been the best learning experience to be completely honest. I no longer go out to eat 4-5 times a week, I don't buy stupid stuff like a new big screen TV every year, or spend on clothes, guns, etc etc.

    Currently I can save roughly $100-$500 per month depending on the commission, it's a roller coaster ride. I cook my meals, eat fast food maybe 3 times a week because it's quick and fast because Retail hours are not set in stone.

    So far I have $2000 saved in my emergency fund, and around $4500 in my 401K just from starting my job in January 2018. I just want to ask you all for advice on how/what to do for a secure retirement, or any advice on what to do to make my money work for me? I'm 38 years old and literally just starting over again. I just want to be able to be comfortable years and years from now, any tricks, or what to do to invest? Stocks? Silver? What?

    Just today I was smiling ear to ear thinking about the next 56 months in my plan, just knowing that it will be all over soon, and I will have a 2017 Truck (secured debt in plan) payed off and no more payments of almost $800 per month for my Chapter 13. It will feel GLORIOUS!!!!!!!!!!!!!!

    2018 I made $57,000 and my job is weird in the fact that I can make $52,000 just relaxing, or mid $60K if working my butt off.

    Any advice is welcome!

    #2
    You sound like it's going very well! I don't have any great advice. I am older than you and about 10 months in our 5 yrs and I do agree things are going well and my husband and I are learning. I have worried about retirement since my husband is very close and I am about 7 yrs behind him (though Lord willing I plan to work longer and it's very possible in my field).

    I was listening to some financial planners on the radio and their big push was to save 20% of your income and live on 80%. They did not give away any investment tips, but did mention to take advantage of 401K. Their thought is if you are use to living at 80% when you retire you will be able to live at 80%. I don't know if I am expressing it right. They talked about young people saving money, where time is used to their advantage and then they talked about 55 and older which made me feel better because I am very concerned about it. But it made me realize it's not too late.

    Since you are 38 and will be out of bankruptcy by age 43 you have plenty of time.

    Look in your community for financial planners that offer seminars--get info don't sign up for anything impulsively--get the info, go for a consultation even. You have time even though you are close to 40 yrs old. I say research with different planners and search online or purchase books to learn. After you research you can then you can decide what is the best investment for you.

    I love the idea of saving 20%, but my husband and I cannot do that with our 100% pay back and current mortgage and still helping to support our recent college grad daughter who has good degree, but starting off with internships that do not pay much over minimum wage.

    I am researching for my husband and myself over the next year and then within a year after that go to financial planners to see what they may recommend. We will start saving, however we must start with an emergency fund and money to buy an older car cash.

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      #3
      Thank you Carmella! Yeah it is a rough road right now but it's doable. One of my coworkers is 47 years old and he has only $36,000 to his name, I don't want to be that old and have that little. Granted, he is quite happy, and is married, dual income etc, but still that is chump change and would last like 6 months in the real world. Personally I have to contact my attorney and ask how much extra can I work to save money in order to prepare for later years. I believe it was 10%, meaning if I made 10% more each year the Trustee would demand more $$$.

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