Dear Pay Dirt: Everyone in leadership at my well-known company has advanced degrees.
I’m 29 years old and for most of my life, had really severe money problems. I grew up in poverty, and the ages 18 to 22 were some of the hardest years of my life. I went to college full time, worked a full-time job and a second part-time job, and battled an undiagnosed mental illness. I was making about $20,000 at the time. When I was 23, I had such a severe manic episode that I got $30,000 into credit card debt.
You’ll want to take advantage of investing, especially since I’m assuming based on your letter that you are in. The younger you are when you start investing, the more you’ll end up with at retirement due to compound interest. You’ll also be able to get away with investing smaller amounts each month than someone who starts investing later in life.
. Her reels on Instagram will make you laugh but she also provides free classes on how to invest for all stages of your life.Now, for your debt. I recommend two repayment methods that will come down to personal preference: the debt snowball and the debt avalanche. When using the debt snowball method, you line up all of your debts and pay them off in full, lowest to highest.
My financial planner has been encouraging me to save and invest less than I do, which I imagine is different than what usually happens. While I know she’s right, it’s still hard to overrule the thoughts of “Do I really need this?” or “Wouldn’t this substitute be a more responsible choice?” A portion of this is reasonable—I don’t want to blow through my resources on things I don’t really value—but some of it is not.
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