Help me save up and move out! - Page 6
my bills are about $1000 per mo. for a 1/1 (cheap, but this is $12,000 / year I could be saving). throw in another $500 per mo. for food that i spend per month and you've got a ton of money that could be saved.
to the OP: my salary is pretty much double yours -- this is not a gloat session-- (could be more since you live in LA and your taxes suck) and i'm still kind of "struggling" in the sense that i still have to scrimp a ton just to save a few bucks a month.
especially in this shit economy man i really suggest you stay at home. i wish i had the option to.
oh and don't bar creep dude.
1) STDs is no joke. that is some scary stuff man
2) the girls you meet will almost always have dragon breath when you wake up (dine and dash my friend!)
3) sometimes you meet some crazy chicks that will come to where you work and cause problems
As far as the OPs question, I think he should stay at home for 2 years and and save as much as he can. Having a solid $20k at 24 is a great way to start your life. You will need a car in LA, and since you are agetting in to the hollywood scene, I imagine that you will want to "floss". Please resist the urge to buy a car that you cannot afford. Get your self an older model civic or fusion for $10k and be done with it. If you think your car will get your laid, then your are in for a surprise. Most of the people in the industry will be dirt poor as well; no need to be another pretender. Work on your social skills and your game and it doesn't matter if you live at home, with roomates or in a pad in Malibu; the girls will come. With that said, you'd get a higher quality woman in your mid to later 20's than you are going to get now anyways.
Far from it.
Another question: When I'm putting away $850 monthly into my savings account, how can I make it grow besides just leaving it in a savings account? Should I learn some basics of trading and open an account on OptionHouse? What do you all suggest?
Anyway, instead of listening to the above, just don't trade on your savings. While you do that, read up on investing (not trading, investing) and maybe you will begin to understand how to manage your money.
Save a good 6K and put in a low interest, easily accessible savings accounts. That's your emergency fund.
With the rest, you can consider putting it in a passively managed index fund with low fees like Vanguard and leaving it there for the long-term.
Learn how to invest. I'd advise against dropping money straight into a fund. Many funds don't even beat the s&p, yet they still charge the fees.
Regardless you'd need to save a bit to invest anyhow. I'd say you'd need at least 2-5k capital to invest otherwise your risk is too high.
Vanguard has a great record and its fees are the lowest on the planet. Something like 0.15%. That's why it's a nice bet for someone with not a lot of money to invest.
I agree that the OP shouldn't start trying to pick mutual funds, though.
For God's sake, move the fuck out! You want to work in a creative field, to be "in the mix," as it were, don't take the Asian accountant path in life. Nothing wrong with staying at home for a few months to save up first and last, maybe buy a cheap car, but don't start down the "avoid every risk, think only about financial security" path this early in life.