[FunkCoup]

So, I'm about to come into some money; something close to a six figure per year or more type of job in web developing. I'm excited about it since, although I've held jobs for years at a time, I've never been totally financially independent before. Because of that, I'd like to develop a sense of how to handle money responsible. I know to save, invest, be frugal in the beginning, and spend money in a way that will return more money to me, but as for how to practically make it all happen, I'll need some advice.

There are also opportunities to do high-paying freelance work, which I'll be looking into so I can travel and work.

Question is, what should my first financial moves be in order to build a lasting legacy?

[The Beast1]

First off congrats!

I have a relatively good philosophy for myself that works so i'll throw it your way. Others may have better ideas.

If you haven't really done it yet, you should really budget your life down to the last penny to get a sense of where all of your ins and outs are.

For myself, I lead a comfortably frugal lifestyle that affords me extra spending cash at the end of each month which mostly gets banked. I keep a small cushion of cash and then invest the remaining into stocks. I don't have any long or short term debt.

The question is, what do you want? You said lasting legacy so do you want a house(s), artwork, stocks, etc? Beyond the general, "diversify your portfolio" are you looking to settle down or stay mobile?

Give us some life goals and I bet we could factor that in here!

[Onto]

If you are relying on that job to support you, then you are not financially independent.

Save money, cut expenses, find an investment vehicle (real estate, financial instruments, blog, etc) that will grow your assets and generate income so you won't need to work to live

[captain_shane]

(02-11-2016 07:13 PM)The Beast1 Wrote:  

First off congrats!

I have a relatively good philosophy for myself that works so i'll throw it your way. Others may have better ideas.

If you haven't really done it yet, you should really budget your life down to the last penny to get a sense of where all of your ins and outs are.

For myself, I lead a comfortably frugal lifestyle that affords me extra spending cash at the end of each month which mostly gets banked. I keep a small cushion of cash and then invest the remaining into stocks. I don't have any long or short term debt.

The question is, what do you want? You said lasting legacy so do you want a house(s), artwork, stocks, etc? Beyond the general, "diversify your portfolio" are you looking to settle down or stay mobile?

Give us some life goals and I bet we could factor that in here!

Ding Ding!

If you have any debt, get that paid down first before you start thinking about investing and bringing in more money.

Debt is going to reek havoc on a shit load of people in the future, and if you don't have any, you'll be a hell of lot better off.

[262]

Plenty of resources on the Internet about this topic.

See the first post in my relocation thread (in my signature) for a summary of the Mr. Money Mustache method: http://www.mrmoneymustache.com

[Svoboda]

Do you rent or own a house?

[RoastBeefCurtains4Me]

It sounds like you mean you are now fully self supporting for the first time. This is very good. I'd recommend you stsrt by banking some fuck you money. Live modestly, and seek to first have enough savings to cover your bills for a month, the several months, then a year.

Meanwhile, get your resume as strong as possible, so you always have a strong ability to change jobs. You don't want this new job to turn into a pair of golden handcuffs.

Once you have these things in place, you can start thinking about shaping your investment portfolio.

[roberto]

The number one thing to remember is that normal people live to their means. This is proven time and time again. When most people come into money (inheritance, pay rise, etc), they squander it on material possessions. A minority (myself included) spend it on assets that they can use to earn money, but still scratching the material possessions itch. An even smaller minority (the really smart ones) invest it so that it provides a passive income.

I'm still trying to join the last group, but the number one thing I'd say is to never let your lifestyle budget increase along with your income, otherwise it's a slippery slope, and you'll always be in the same position.

[Yeti]

See this post about where you can read up on financial independence and investing your money:
thread-47705...pid1027673

[NASA Test Pilot]

There are some good posts on this thread as well that may help you.

thread-53390...pid1210785