Ok, so I am 21 years old and made some moves when I was younger to get this money. So far this year (6 months), I have made about $80,000 but I have pretty bad spending habits, and what I do really doesnt have guarantees (I own my own business and pay myself 800 a week and disperse profits to myself sometimes when Im doing good. Ive blown 10 grand this month on stupid stuff (clothes, jewelery) plus have a car payment of $1100 and $1000 month rent (haha yes my car costs more then my place, sad).
Im goin to vegas...what do you think I can afford to gamble with?
Hey I am the same way but now I am 28. I would pay off the car get a house and not spend any more then 2-3k in vegas. Buckle down as age will creep up fast.
you only gamble what you can afford to lose.
better not to gamble, you seem to be doing ok any way, just keep on doing what your doing, theres no need to gamble in your position.
I make allot more than you -and to me it makes no sense to give it to the tables -
if you want to have fun in Vegas - go to the shows - and stay away from the gambling - it just doesn't pay - and if you must gamble keep it to a minimum
keep the bets low - you can have as much fun losing a little money as you can losing allot
When ever you have the need to spend, just tell yourself you'll sleep on it first. If you still have the urge the next day, try to talk yourself out of it again until it works. There is no guarantee that you'll always be making money,
you're going on vacation - enjoy your time. Make this your "last time to spend" sort of deal before you start saving, big time.
take between $2000-$3000. That's it. Don't even bring your debit card or anything with you into the casino or you'll be tempted to take out more.
When you return - whether you won or not - save save save.
put at least $1000 into the bank a month, and stop spending on frivilous things such as clothes and food, etc. Treat yourself once in a while only and you'll be surprised how much you save. you may even get to retire early if you play the cards right.
You need to keep at least 6 month's expenses in your personal bank account.
I would open up a second personal account, and park it in there.
Plus you need to keep another 6 month's of retained earnings in your business.
BTW, a single $4,000 contribution into a Roth IRA at Age 21, invested in good growth stock mutual funds, will grow to over $400,000 at Age 65. Just set-and-forget.
So do that now, while you can.
Out of that 800/week, I would also set aside about 40% for the IRS.
Regular income tax is about 20%, the Self-Employment tax is another 15%, and state tax is about 5%.
Can I make a suggestion: Stop dispersing those huge profits, and give yourself a raise instead.
It'll help you get used to a steadier income.
Once all of that is out of the way, the rest can go to Vegas.
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