Oh fair money-wise people out there, can anyone spare some healthy advice on fattening the savings account and investment income for a 26 year old? I review many forums and listen to YouTube videos regarding finances, but I struggle to apply the long-term ideals or lifestyle planning concepts to my life. i.e. I do not have a mortgage, I do not have children, and I have minimal monthly expenses.
Here is my situation: I only recently started a real career with a 50k salary. I have been living at my parents home for the last year and a half and have only managed to put away about $15,000 (by the end of this month), while also maxing out my ROTH IRA for the past two years. I have had the ROTH IRA through EJ since maybe 2010? But before two years ago barely contributed anything. I also put 6% of each paycheck into my ROTH 401k through work. I do not think I can live at home for too much longer, but I am milking it while I can.
I have a long term goal of owning a home but being able to put 50% down. I would like to get there sooner than later, so I am considering taking up a part-time or flexible hour job to fatten up my savings account. Also, housing in the Seattle area is ridiculous so this goal does move further and further out of reach. Nonetheless, I would rather put a good percentage down and hold little debt than jump into something big.
Aside from purchasing my own home, I also have a goal of traveling a lot (someday). It would be ideal for me to establish investments or some other sort of platform where I can retire somewhat early and also travel. It is hard for me to imagine what I need to retirement per month since I have never had any mortgage/long-term rental expenses or other lifestyle costs. I don't have any debt or wild monthly expenses, so I'd like to consider my situation as a blank slate.
So wise ones, if you had a blank slate, what would you do?
The only somewhat proactive idea I have it so move some of my savings into a 1% APR online banking account.