I've been thinking a lot about my long-term financial goals and how to better plan for them. I’m in my early 30s and while I have a decent job with a steady income, I feel like I could be doing more to ensure financial stability in the future. Here are a few things I'm considering:
Retirement Savings: I'm currently contributing to my 401(k) but not the maximum. How much should I aim to put away monthly to ensure I have a comfortable retirement?
Emergency Fund: I have about three months’ worth of expenses saved up, but is that enough? What do people recommend as a safe amount?
Investment Strategies: I've dabbled in stocks and mutual funds but don’t feel confident about my strategy. Are there any resources or advice for understanding investment strategies better, particularly for someone relatively new to this?
Debt Management: I have student loans and a car loan. Should I prioritize paying these off more aggressively, or continue with the minimum payments to free up cash for investments?
Home Buying: Is it wise to think about buying a home within the next five years given the unpredictable market, or should I focus more on other investments?
I'd love to hear about others' experiences and any advice you can offer on setting and meeting financial goals. How do you balance saving, investing, and paying off debt? What have you found works best for you? Thanks in advance for your insights!
