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Forum
-> Household Management
-> Finances
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amother
OP
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 Sun, Sep 15 2024, 7:53 am
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My DH and I just got married 6 months ago. I’m in school going for a high paying job but won’t be graduating for a few years. BH no student debt yet…we will see once I get into my masters program. My DH has his own company so really depends. He brings home between 75k-100k. Really depends on his year. We try our best to save as much as we can. We have some savings but don’t know so much about finances. We don’t have any investments or retirement accounts. We both just don’t know where to start. No one taught us anything. Does anyone have a financial planner they recommend or anyone have any tips at all?? Like any good high yield savings account, etc..
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amother
Honeysuckle
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Sun, Sep 15 2024, 8:06 am
My advise
First track your money so you know where it is going
It helps you understand if what you are spending on is worth the money
I like starting small and then building up my investing
I am very happy with Wealthfront
I use both their high yield saving and robo investing.
IOnce you have 3-6 months expenses saved up ( in a a high yield bank account)
I would advise investing.
I find that robo investors is the best investing for dummies.
Wealthfront and Betterment are great
You will be able to pick your risk level
I like that you can initiate an auto invest each month
I started with a small amount and gradually built it up.
There is no reason to stress most of us start out unaware and then build up knowledge.
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amother
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Sun, Sep 15 2024, 8:09 am
I’m in the same boat. I would let your dh handle it… just be there for support. It’s not as difficult as the YouTube gurus make it out to be. Honestly I think they over complicate everything bc they need something to talk about.
First figure out your financial goals. Do you own a home? do you want to own a home? And when? If you’re saving for a down payment make a savings plan. Almost all banks have high yield savings accounts these days. We use capital one but Wells Fargo also has.
Set up an investment account with Fidelity or Charles Schwab. Get the apps on your phone, it makes it easy. Call them to get help on how to set up a 401k or Roth IRA, whichever you’re more comfortable with. You can also buy stock through these accounts, I’d just go with classic S&P 500 until you’re comfortable investing in other stocks/mutual funds
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amother
Powderblue
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Sun, Sep 15 2024, 8:10 am
I recommend Elliot pepper for accountant/financial planning
But basically, set up an IRA or a Roth IRA and begin maxing out contributions
If you have a 401k or your dh can make one for his company, contributor there too
Savings for a house
Investments for kids’ simchos - vanguard, fidelity…
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amother
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Sun, Sep 15 2024, 8:11 am
| amother Honeysuckle wrote: | My advise
First track your money so you know where it is going
It helps you understand if what you are spending on is worth the money
I like starting small and then building up my investing
I am very happy with Wealthfront
I use both their high yield saving and robo investing.
IOnce you have 3-6 months expenses saved up ( in a a high yield bank account)
I would advise investing.
I find that robo investors is the best investing for dummies.
Wealthfront and Betterment are great
You will be able to pick your risk level
I like that you can initiate an auto invest each month
I started with a small amount and gradually built it up.
There is no reason to stress most of us start out unaware and then build up knowledge. |
Yes I second this poster. 3 - 6 month of expenses in emergency fund (high yield savings) THEN start investing
Dave Ramsey has a lot of great info on YouTube on financial planning. He focuses on getting out of debt, which you are not obv, but he has a step program that prioritizes when to save and when to invest
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amother
Amethyst
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Sun, Sep 15 2024, 9:39 am
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I recommend as a good book for starting to learn about finances: I will teach you to be rich by Ramit Sethi
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StylishTichel
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Sun, Sep 15 2024, 10:50 am
| amother Amethyst wrote: | | I recommend as a good book for starting to learn about finances: I will teach you to be rich by Ramit Sethi |
I second this. I love his videos on YouTube
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amother
Lightyellow
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Sun, Sep 15 2024, 11:09 am
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Big Dave Ramsey (baby steps to wealth) fan here. We customized his baby steps for a frum life style and we’re checking things off one baby step at a time.
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amother
Milk
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Sun, Sep 15 2024, 12:32 pm
| amother Lightyellow wrote: | | Big Dave Ramsey (baby steps to wealth) fan here. We customized his baby steps for a frum life style and we’re checking things off one baby step at a time. |
Can I ask what specifically you do differently?
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