Ask Lemmy

I have been very fortunate to receive a union construction job through a relative, and I am very excited about the position. I have no debt of any kind and currently live at home with my parents. The job is 7 days a week, with double shifts during the summer, which gives me a lot of overtime pay. I’m in shape, down 120 lbs, and muscular. I’m also stress-free because my diet is already planned out on a spreadsheet, and I have no college debt (didn't go) and no credit card debt.

According to my calculations, the job should provide take-home pay of $3,778/week, or $16,400/month during the summer. During the winter, it goes down to $1,430/week, or $6,200/month. The year-round average take-home pay is $8,800/month, which works out to about $2,020/week.

I currently have no money saved except for investments in XMR, and I want to invest around $10k–$12k into it. I also plan to contribute as much as possible to a 401(k). I do not plan on buying anything unnecessary, such as a new car, RV, computer, guitars, or anything else I do not really need.

My expenses are:

• $370/month for car insurance
• $50/month for my phone bill
• $150/week for groceries
• $15/month for Planet Fitness

Total: $1,085/month

I do not pay rent. My parents would not ask me to pay rent and are okay with me staying until I am able to move out and buy a house.

My plan is to build an emergency fund first, then set up automatic transfers into separate accounts for index funds, a house fund, a personal fund, a buffer fund, and a crypto fund so I can invest passively. I do not really want a credit card, but I need to start using one because my credit score dropped to 550 after not making a payment for a while.

Any advice is appreciated. Currently looking into HYSA and IRA, and will adjust this post later to show the amounts I want to transfer over to each account.