48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don’t ever want to be in this situation again.
(Edit: I don’t need to buy a house or anything whatsoever related to a house, so please don’t mention the “h” word in your response, it’s triggering me for tangential reasons. Let me be clear, I will NEVER care about real estate whatsoever, mmmkay? Just trust me when I say I have a roof over my head and it’s completely paid off, no property taxes, and No, I will never sell it, so the whole h-word" aspect of life is not a concern for me, k?)
Just looking for guidance where to invest this relatively small amount of money every month so in a few years when I’m older & frailer I’ll have enough for retirement. I don’t want it to just sit in my bank account, I want it to grow.
For reference, I’ve been living on approx $1500 per month for as long as I’ve noticed, so I don’t need much per month, and the sooner I die, the less retirement fund I’ll need, but we can never predict when anyone’s death will happen, so let’s assume I’ll live to 100 because I’m ridiculously healthy & an exceptionally good driver, never been in an accident, one speeding ticket in my entire life, no social life so I never get into risky situations, so let’s just plan for the possibility I’m going to live another 50 years.
If all you have is a car then you should work to buy a house.
Nope. I don’t need a house. I already have a roof over my head and it’s completely paid off, no property taxes, and I live alone and I’m fine. End of discussion there.
Good stuff, however I would add that to the main post (lemmy lets you edit the post and even the title) as it sounds like your only asset is a car.
You could also potentially factor in appreciation on the house and whether you might downsize sometime in the future. If you have no inheritors you want to look after, then there’s also the possibility of releasing equity to get some extra cash to live off through retirement.
In your position, you’d probably really benefit from speaking to an actual professional, ie an estates planning accountant or lawyer (note, a lawyer has complete client confidentiality, but an accountant is a mandatory reporter - if you tell an accountant you’re doing something illegal then they are obligated to notify authorities or they could lose their licence). This will have a significant expense, but there’s a good chance they will help you make more than you can on your own. Just be sure to pay for their advice as a one off service, rather than letting them invest on your behalf with them taking a cut.
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