Personal Finances

What's up Savages,


A while ago I made a post asking what y'all would recommend to your 26-year-old self.


Tons of great advice, a lot of it on money.


So, I'd love to hear your advice when it comes to money and personal finances, plus any resources you'd recommend.


I know personal situation plays a big role as you wouldn't give the same advice to an 18-year-old with no kids as you would a 40-year-old dad of 5, or a 60-year-old about to retire.


Personally, I'm focusing on increasing my income but keeping my expenses the same.


I'm working remote now and decided to move out of the U.S. for a while. So I can live cheaper but with a higher quality of life. I don't have any kids, I do have two dogs though, so still a bit challenging to travel with them haha.


Thanks in advance, my fellow sales savages.

🐱 Off-Topic
💸 Investing
🧠 Advice
17
braintank
Politicker
12
Enterprise Account Executive
Don't live above your needs and invest wisely
CuriousFox
WR Officer
5
🦊
Simple yet truthful. I like it.
Sunbunny31
Politicker
3
Sr Sales Executive 🐰
That's really it.
champchamp
Arsonist
1
Certified Savage
Thank you. 
unclespacejam
Politicker
9
ur dad’s brother
Live on your base and invest your commissions
champchamp
Arsonist
1
Certified Savage
Yes, sir, this one is a basic one for sales. Almost made the mistake of not following this advice at my first SaaSgig.

Was straight out of college, was stupid, excited about the role, and inexperienced. Not a good combo. Dodged the bullet though lol. 
Salesandcoffeedude
Valued Contributor
0
Business Development Representative
That's me now. Any advice lol
1nbatopshotfan
Politicker
6
Sales
Read John Bogle, the little book of common sense investing. That’s a huge helper. 
champchamp
Arsonist
0
Certified Savage
Awesome, downloading it on my kindle rn. thank you. 
SADNESSLieutenant
Politicker
4
Officer of ♥️
Broke people act rich
champchamp
Arsonist
0
Certified Savage
Yep. 
NotCreativeEnough
Big Shot
4
Professional Day Ruiner
budget off your base, not off your commission. that's the best advice you can get in sales. Base salary is for living expenses, commission is for fun stuff like trips and investing. If you need that commission check to make rent or eat you're doing it wrong. 

1. Max out your employer 401k match. never leave free money on the table

2. have an emergency fund with a minimum of 3 months expenses it

3. Invest every penny you can. Have a diverse portfolio and a planned strategy. Real estate, stock market, custom dildo manufacturers, whatever works for you. This should be separate from your 401k contributions

4. As an add on to number 3, start a Roth IRA and max it out if possible. unless you're over the income threshold in which case do a traditional IRA. 

5. Have a savings account for fun too. Some people go off the deep end with investing and forget to enjoy the fruits of their labor. 

Here's how I have my pay set up every single paycheck 

7% into my 401k (Roth)
10% automatically into my savings account (post tax 10%)
10% into a different account for investing (post tax 10%)
10% into a savings account for my wedding. Of course regular savings will go to this as well, but this is money being set aside specifically for that which I don't touch for any other purpose

I have my emergency fund at 3 months and don't feel a need to grow it more than that. I have my "fun" savings account I do the 10% into which never hits 0, plus a healthy investment portfolio I can cash out of if it ever reaches the point I need to
champchamp
Arsonist
1
Certified Savage
Love the breakdown man. Appreciate the solid strategy. Thank you!
Boutdamtime
Politicker
1
Client Executive
This is the way.
TennisandSales
Politicker
2
Head Of Sales
its really not hard. 

1. Invest 10-12 % of your income for retirement (tons of people make this part super complicated when it doesnt need to be. read The Simple Path to Wealth by JL colins) 
2. Save a certain % of your income for emergencies 

live below your means. 

keep this up even when your income rises and you will be ahead of 99% of people/
champchamp
Arsonist
0
Certified Savage
Thank you. Fundamentals win the fight. 
Gasty
Notable Contributor
2
War Room Community Manager
Start living with a miser. In 2016, I got my minors in Finance for free. My roommate turned out to be a CA. Spending time with him meant knowing about taxes, investments, budgets, assets, liabilities, side hustles, even. how to bargain on MRP. In fact, my spending habits got aligned with his as well. All because we spent time with each other.
P.S.: not gay
hunnybunny
Opinionated
1
SaaS Sales
It’s super simple but use more than one account for direct deposit. Have a set amount (enough for your essentials and a little cushion) deposited into your checking account and then have the rest go into savings and an investing account. Never look at the savings and do your research on where to invest. You’ll see that money start stacking up in no time 💰💰💰
champchamp
Arsonist
1
Certified Savage
This is great. Thank you. 
FoodForSales
Politicker
1
AE
Buy low and Sell high!
sketchysales
Politicker
1
Sales Manager
Aim to save or invest over 50% of your income.  Buy property
looper1010
Celebrated Contributor
1
Solutions Specialist
I see a lot of good stuff here already so I won't repeat them.  

But one of the most important financial decisions you'll be making is choosing the right partner in life.  

Your S/O will make or break you despite being financially stable/savvy.
Justatitle
Big Shot
0
Account Executive
Honestly, be frugal with your money. Not saying to be cheap but just because you can buy something and want it doesn’t mean you should. Invest in your retirement, the stock market and you’ll be happy with the payback over time