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This may be kind of long, but I’ll try to sum things up. Up until 21 I had a rough life, personal things and was in and out of rehab. I just got my life “together” a few years back, including a new career. I did get into debt from a family emergency and had to take multiple loans out that I’m hardcore paying off. Basically;
Loan 1: $900 left ($60 biweekly.)
Loan 2: $2,259 left ($251 a month.)
Loan 3: $8,347 left ($333 a month.)
Loan 1 will be paid off by next month, easily. I plan on snowballing heavy as well considering every payment the weekly amount goes down. It was just at $1800.
I make $4,084 a month if I work my full 4 days a week, which I always do. However I always get extra money my second pay because of “matrix pay.” Which is based on production multiplied by hours worked that month. This month we had a matrix pay that gave me a $2,893 pay instead of my usual $2,040. A happy medium of how much extra I make a month is usually $500-$750, sometimes $1,000+ if production is good. So really about $4,500-$5,000 a month but I don’t include that matrix into my budget.
I’m including all of that information so maybe someone can better help me allocate or give advice to my contributions.
My wife and I split things. My bills;
$1,424 mortgage.
$104 phone.
$306 child support.
(The loans.)
$25-$30 credit card (it’s paid off, but I use it for gas and pay full balance.)
$40 internet
$514 car and truck payment
And some small things. Essentially according to my budget sheet, I have about $646 leftover excluding matrix pay for whatever. Completely disposable.
I have an emergency fund of $2600.
I contribute 6% to my companies 401K which the details of it are (dollar for dollar for the first 3% of your contribution, then 50% of the next 3% you contribute. Maximum match is 4.5% of the first 6% you contribute)
I have a Robinhood HYSA with $250 (4.5% APY.)
Fidelity account with $100 I started for mutual funds.
I am financially illiterate. I do not know where to start. I know people follow the “don’t invest until your debts paid off.” But I want to invest a little in things, I just don’t know numbers, contributions, account types, etc.
My matrix pay solely goes to my loans, smallest first, working my way up to biggest. And ive been on top of it real good.
I don’t buy things that aren’t necessity. We are minimalists. The loans were emergency and we have great credit surprisingly.
I know this is all over the place and if you read it all, bless your soul.
I just need some guidance from someone or others who are actually literate in this and some advice on account types that may be of use in early investing stages