I am 29 and live with my mother in a rented mobile home in California. I have a $25K emergency fund and $26K in a Roth IRA. What should I save for next?
Dear Quentin, I am doing OK financially as a single 29-year-old who unfortunately is still roommates with my mom. We split everything down the middle and I mainly stay with her since it is very expensive to live on your own in my city, and it also helps relieve a lot of financial stress on my mom and me.
I made it a priority to pay off my car in two years, and to save a hefty emergency fund because you honestly never know what could happen, and I don’t plan to learn the hard way. But now that those goals are met I really don’t know what to save up for next. As I have no boyfriend, fiancé, husband or kids, I know I have a little bit more freedom but honestly, Quentin, what should I save up for? The $4,000 in my savings account is fun money, but whatever I take out, I replace it so it’s never drained.
But from what you have told me about setting up your own Roth IRA, emergency fund and high-yield savings account, you have plenty of expectations. Owning your own home is out of reach for you at this moment, but I believe it can be on your journey if you keep doing what you’re doing: thinking ahead, saving and planning to gradually work your way up to a job that has better pay and, ideally, a 401 with an employer match.
“Families at the top of the income distribution in California have 12.3 times the income of families at the bottom — $262,000 versus $21,000, for the 90th and 10th percentiles, respectively, in 2018 — measured before taxes and safety net programs,” the PPIC said in a report released last year. “The disparity is present throughout the state. Current government policies substantially narrow the gap between rich and poor.
With inflation running at a 40-year high, van Doorn says it may take a long time before the rise in interest rates and fall in bonds’ market values reverses. “If you purchased a bond at a discount , you will have a gain when it matures,” he adds. “Vice-versa if you paid a premium for your bond. The day-to-day price fluctuation doesn’t affect the payout at maturity. You continue to receive interest until the bond matures.
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