I have been very fortunate to receive a union construction job through a relative, and I am very excited about the position. I have no debt of any kind and currently live at home with my parents. The job is 7 days a week, with double shifts during the summer, which gives me a lot of overtime pay. I’m in shape, down 120 lbs, and muscular. I’m also stress-free because my diet is already planned out on a spreadsheet, and I have no college debt (didn’t go) and no credit card debt.

According to my calculations, the job should provide take-home pay of $3,778/week, or $16,400/month during the summer. During the winter, it goes down to $1,430/week, or $6,200/month. The year-round average take-home pay is $8,800/month, which works out to about $2,020/week.

I currently have no money saved except for investments in XMR, and I want to invest around $10k–$12k into it. I also plan to contribute as much as possible to a 401(k). I do not plan on buying anything unnecessary, such as a new car, RV, computer, guitars, or anything else I do not really need.

My expenses are:

  • $370/month for car insurance
  • $50/month for my phone bill
  • $150/week for groceries
  • $15/month for Planet Fitness

Total: $1,085/month

I do not pay rent. My parents would not ask me to pay rent and are okay with me staying until I am able to move out and buy a house.

My plan is to build an emergency fund first, then set up automatic transfers into separate accounts for index funds, a house fund, a personal fund, a buffer fund, and a crypto fund so I can invest passively. I do not really want a credit card, but I need to start using one because my credit score dropped to 550 after not making a payment for a while.

Any advice is appreciated. Currently looking into HYSA and IRA, and will adjust this post later to show the amounts I want to transfer over to each account.

  • rabber@lemmy.caEnglish
    3·
    3 days ago

    I was in a similar position. Honestly man, travel and enjoy. You earned it.

    I went to iceland 10 times in my 20s and I don’t regret spending that money at all.

    I started saving when I was 30 and I now own a condo at 32 and have slowed down. If you can make money now then you can later too.

    I think that my travels in my 20s made me into the man I am today and you should do the same thing.

    Rent a 4x4 in iceland and drive to askja volcano and swim in it. Go to wacken open air in Germany. Buy a truck and drive through Yukon and NWT to the Arctic ocean. Or with your money, spend 30k on a porsche and put studded tires in it and do it in style. Not all cars depreciate. 987.2 Cayman will double in price in 10 years. It’s a stock you can buy that you can physically enjoy

    You seem set on investing so I would invest the portion you would otherwise spend in rent, and spend the rest. You don’t get your 20s back

    If you take anything from this, buy a porsche, it’s a stock on wheels if you shop for the right one. There is no money better spent than on the best car ever made that increases in value as it gets older. Look for a manual transmission 2009-2010 cayman with an interesting colour spec and you can drive it and make money.

    What are your hobbies? I have collected made in japan shredder guitars over the years that have quadrupled in price. Tangible objects can make you money without being boring stock investments.