I'm 23, How Should I Be Investing?

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[HodgeChris]

I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.

[aaronkeyes]

I don’t agree with Dave saying you need to move out as quick as possible. If parents are fine with it and enjoy you living at home then use that opportunity to save and invest. Life doesn’t come with many safety nets built in so if you have one don’t burn it. I will say though that the appropriate thing to do is to contribute in some way to your household if you are staying at home with mom and dad.

[HugoBergmann-lund]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars

[Hellenpastor]

Dave is really telling a kid livin in NYC to move out...

[MegatPage]

I greatly appreciate your commitment to enlightening your audience. We share a common aspiration for financial security and an enhanced quality of life. Attaining these goals necessitates prudent investments, mindful spending, and meticulous budgeting. I'm thankful for grasping the significance of striving diligently for financial independence from an early stage.

[AJ-gnqu]

so waste $1, 800+ in rent or go $400k+ in debt AND THEN start saving/investing??? That’s make no sense. I normally agree w/ Dave.... but this is ignorant. Not everyone can buy a house for $40k in Tennessee like you, Dave.

[MS-onbv]

I usually agree with Dave, but this time.. well, he has to understand that "getting your own place" isn't as easy for millenials than it was for the boomer generation. House prices are impossible

[BrewNoCarbs]

I am fortunate to have $80k saved by the age of 24 without venturing into stocks. Now, I want to invest safely for growth in the next 3-4 years to buy a home. What's the best strategy?

[ItsMeCJ]

If he wants to live with his parents until 28 yrs old to save and invest so that he never has to pay a landlord or pay a mortgage, there’s nothing wrong with that. He’s already being responsible and showing maturity. It becomes dangerous when that mindset and discipline isn’t there.

[FredNoaPhoto]

Love the diverse age groups and the conversations taking place on this thread. I am 37 years old, all I saw growing up was bad financial decisions that at some point in my life consumed me and almost dragged me down. Love to see young people being guided correctly and considering things now that 20 years ago it was not part of my vocabulary or even a thought. Love The Ramsey Show, I make this part of my family watch list atleast once a week and share this with my three girls who are growing up understanding the meaning of money and freedom. Great job young man!

[Drodriguezblast]

Where that bus at? I'm in need of 43k for some stocks. On my way right now.

[sameshajones]

When I was 23 I bought my first house in 2013 and by the end of 2022 my mortgage will be paid in full!!

[neolithic]

They always try to shame people that live with parents. If you are a working adult and live at home not paying rent or helping with expenses, that's not right. But if you pay rent to your parents and are a contributing member of the household there is nothing to be ashamed of.

[somerandomgamer]

I was just like this kid and am so glad i didnt take daves advice here. Graduated engineering school a bit late at 26 but secured a good job in my hometown making 130k total package. I moved back in with my parents after 4 years of being away at college and have saved 140k in 2 years. Half of which is in retirement accounts. I am planning to move out now at 28. If you have a good relationship and aren't a burden on one another there is really no good reason why you shouldnt continue saving and live at home until you are truly ready. I fully intend on taking good care of my parents in the future since i earn more than them both combined and they have always supported me.

[matt]

Becoming adult is not weather you move out of your parent house or not, is about taking care of yourself and taking care of other. If you still living with you parent don’t be a dead weight. Help them out and save up for your future. I’m 225 still live with my parent, I pay for their car insurance/ utilities bill, food and they take care of the mortgage. That’s a win win to me.

[callmedave]

Theres absolutely no reason to leave your parents house as long as all parties are happy with the arrangement, especially if all that money that would be going towards rent is going towards building a robust portfolio.

[iWerli]

Living with my mom and paying only 500 in rent has allowed me to start my own business and make more than I would have if i moved out and worked my retail job full time at 15/hr. I would have made $2200 a month, but right now I'm making $2500 a month from my business and it's growing every month. If you can take advantage of living with your parents to allow for more time to work towards something, then do it. no shame. you don't need to immediately move out and waste $800+ a month that you could have saved or spent time working on something different.

[EdwinWatson]

I only moved out at 29. Best decision I ever made. I was able to save and build a foundation when I had very little income.

I understand why some move out, but my parents moved from disciplinarians to “friends” in my 20s, a time in my life I found a lot of value bouncing work and life off them in a different way from my childhood.

[Jaymake]

I still stay with my parents. I’m graduating college in May & I have been saving since I started school to move out when I graduated. Always was told don’t move out until I was financially secured. I believe I’m ready. Looking for jobs in my field & an bc apartment to start off with. It’s a process

[th]

Move out around 26-28 as you planned and save money.