So I'm deciding to place my money in a savings account for the first time, just need quick advice.
Thanks for reading and replies in advance.
I'm not fond of saving, I've always been one to just blow money that I have left over after I've budgeted and paid all my bills, but I've come to realize that I'm 25 and have a lot of big financial decisions to make over the course of a year and beyond.
I make $51,456 a year passively and I plan on getting a full time job as security patrol officer to build upon the passive income which, at minimum, would bring my total income to $89,800. Currently have a very minimal amount of bills to where I have around $2000 to spend on whatever. This job that I am going to get would make it roughly $5200 After Bills (or slightly more based on several hiring factors that they pay extra by the dollar per hour for up to five dollars)
How much of that would be logical to put into savings? Also what kind of account would I place the money in to build upon it over the course of say 5+ years. Putting even just $3000 a month for the next 5 years would put me in a position to put $180k towards a future or existing mortgage at just 0% interest on savings, but I know nothing about how to compound it or maybe even build it until I'm 40 (15+ years and assuming I make the same amount or higher over that time, but as of now thinking short term)
Posted Jul 5, 2025, 11:58 AM UTC