Where Should You Be Focusing Your Money

One of the reasons I titled this site My Next Buck was because I wanted to keep track of where my next dollar was going. Was it being spent on food, drinks, or put into a savings account?  While this is important for me, there are some ways to take what I am trying to do and apply it to your life.

Many are in agreement as to where our money should go after we get paid. Here are the typical steps a young professional’s money should flow out of their wallet:

1: Contribute to 401(K) to your employer match – this is free money, take advantage of it. (varies on company match – max of $16,500 in 2010)
2: Pay off consumer debt – if you have credit card debt, it’s time to pay those things off.
3: Max out your Roth IRA – you can’t beat tax free earnings. Every person in their mid 20s should have a Roth IRA if they qualify. ($5,000 annually)
4: Build an emergency fund – pick a number that will be able to sustain you anywhere from 1 month to 6 months and start socking the money away. (1-6 months of expenses)

(After priority four, things get a bit fuzzy. The next four financial priorities are all equally important in my opinion. If you do any of them, regardless of order, you are in good shape. Or you can do a bit of each and diversify your money.)

5: Pay off low interest debt – this is your car payment, your school loans and your home mortgage. Anything with less than 8% interest.
6: Build savings goals – start saving for those near future expenses. Want to go on a rockin’ cruise or relive spring break with your friends?  Start saving so you don’t have to dump it on the credit card.
7: Invest in the market – let your money work for you by putting it into the market and watch it grow in a brokerage account.
8: Max out the rest of your 401(K) – some people would say this would be the natural number “5” as it’s the last of the priorties that has a “real” number as it’s limit. However, depending who your 401(K) is through, you may have a hard time investing in some of the better funds out there. That’s why I am putting it last on my list. (max of $16,500 in 2010).

Do you want to see where My Next Buck is prioritized?  Take a look at the image and you will get a sense of where my 2010 priorities lie.

As you can see, at the bottom, my lowest priority (but still important) I put my money into savings goals, the market, and I pay off low interest debt.

Does your money flow like this? Do you prioritize something differently than myself?

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Trackback URL http://mynextbuck.com/where-should-you-be-focusing-your-money/trackback/

Where Should You Be Focusing Your Money

One of the reasons I titled this site My Next Buck was because I wanted to keep track of where my next dollar was going. Was it being spent on food, drinks, or put into a savings account?  While this is important for me, there are some ways to take what I am trying to do and apply it to your life.

Many are in agreement as to where our money should go after we get paid. Here are the typical steps a young professional’s money should flow out of their wallet:

1: Contribute to 401(K) to your employer match – this is free money, take advantage of it. (varies on company match – max of $16,500 in 2010)
2: Pay off consumer debt – if you have credit card debt, it’s time to pay those things off.
3: Max out your Roth IRA – you can’t beat tax free earnings. Every person in their mid 20s should have a Roth IRA if they qualify. ($5,000 annually)
4: Build an emergency fund – pick a number that will be able to sustain you anywhere from 1 month to 6 months and start socking the money away. (1-6 months of expenses)

(After priority four, things get a bit fuzzy. The next four financial priorities are all equally important in my opinion. If you do any of them, regardless of order, you are in good shape. Or you can do a bit of each and diversify your money.)

5: Pay off low interest debt – this is your car payment, your school loans and your home mortgage. Anything with less than 8% interest.
6: Build savings goals – start saving for those near future expenses. Want to go on a rockin’ cruise or relive spring break with your friends?  Start saving so you don’t have to dump it on the credit card.
7: Invest in the market – let your money work for you by putting it into the market and watch it grow in a brokerage account.
8: Max out the rest of your 401(K) – some people would say this would be the natural number “5” as it’s the last of the priorties that has a “real” number as it’s limit. However, depending who your 401(K) is through, you may have a hard time investing in some of the better funds out there. That’s why I am putting it last on my list. (max of $16,500 in 2010).

Do you want to see where My Next Buck is prioritized?  Take a look at the image and you will get a sense of where my 2010 priorities lie.

As you can see, at the bottom, my lowest priority (but still important) I put my money into savings goals, the market, and I pay off low interest debt.

Does your money flow like this? Do you prioritize something differently than myself?

922 Responses to Where Should You Be Focusing Your Money
  1. Denna Botner
    May 19, 2018 | 10:17 am

    GoodGreatVery good infoinformation. Lucky me I foundI discoveredI came acrossI ran acrossI recently found your websiteyour siteyour blog by accidentby chance (stumbleupon). I haveI’ve bookmarked itsaved itbook marked itbook-marked itsaved as a favorite for later!

  2. agen casino online
    May 19, 2018 | 2:07 pm

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  3. website berikut
    May 19, 2018 | 3:19 pm

    Awesome write-up. I am a normal visitor of your web site and appreciate you taking the time to maintain the nice site. I’ll be a regular visitor for a really long time.

  4. pelajari lebih lanjut
    May 19, 2018 | 4:03 pm

    Hiya, I’m really glad I’ve found this information. Today bloggers publish just about gossip and internet stuff and this is actually annoying. A good site with exciting content, that’s what I need. Thanks for making this site, and I will be visiting again. Do you do newsletters by email?

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    May 19, 2018 | 4:27 pm

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    May 19, 2018 | 5:55 pm

    Excellent read, I just passed this onto a friend who was doing some research on that. And he actually bought me lunch because I found it for him smile So let me rephrase that: Thanks for lunch!

  12. Isaiah Perdew
    May 19, 2018 | 6:15 pm

    HeyHowdyHi thereHeyaHey thereHiHello! I knowI realizeI understand this is kind ofsomewhatsort of off-topic buthowever I hadI needed to ask. Does running aoperating abuilding amanaging a well-established blogwebsite likesuch as yours take arequire a lot ofmassive amountlarge amount of work? I’mI am completely newbrand new to bloggingoperating a blogwriting a blogrunning a blog buthowever I do write in my diaryjournal dailyon a daily basiseverydayevery day. I’d like to start a blog so I canwill be able tocan easily share mymy ownmy personal experience and thoughtsviewsfeelings online. Please let me know if you have anyany kind of suggestionsideasrecommendations or tips for newbrand new aspiring bloggersblog owners. Appreciate itThankyou!

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  16. Home Product and Service
    May 20, 2018 | 4:21 am

    Excellent read, I just passed this onto a friend who was doing a little research on that. And he just bought me lunch as I found it for him smile Thus let me rephrase that: Thanks for lunch! “We know what happens to people who stay in the middle of the road. They get run over.” by Ambrose Gwinett Bierce.

  17. Home Product and Service
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Leave a Reply


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