I opened a store November of last year and a few months ago I've managed to keep a steady $10k in my business account after paying myself, paying taxes, paying necessary expenses, etc etc.

I have about $7500 saved up in savings right now and I contribute $200-300 weekly to it. Currently I have around $1000 in my checking account. I usually pay myself $600/week and I would like to pay myself more but I don't want to ruin my store because I'm greedy. I pay $400/month towards my student loans, which are down from $12000 to $7800 right now.

My living expenses are under $300/month between rent and the light bills because I currently own the place I live in (a mobile home) but I don't own the land it's sitting on. My trailer has been doing good for me. I bought it when I was 19, so I've had it for almost 4 years now, I just want something better.

Some of the major goals I want to achieve in my life include owning land and owning my own home. I want to buy a home right now but I'm afraid that I'll be putting all of my eggs into one basket and I will fail miserably. I want to buy some land right now as well but I'm not sure how to go about it and I'm not sure what to do with the land once I have it.

I keep reading about Roth IRA's and saving for retirement and investing in the stock market but I have no idea what to do. I'm afraid, so I just leave my money sitting in the bank.


I'm not entirely sure what my question is either. I guess it would be: What's the best course of action for someone in my situation?

I need some advice guys. I need some motivation. I need some resources to get me on the right track. I don't want to jump into anything too quickly, but I also don't want to pass up any opportunities that may arise while I'm young.

Any advice at all would be much appreciated. If I didn't make anything clear above, please let me know and I'll gladly try to clarify it.

My advice,

Build your business first (it's good you're only taking out as much from your business as you need right now). Not to contradict my first statement, but also start your retirement now regardless of how much you can contribute each year.

Save for at least a 20% down payment on your personal residence. Don't buy land until you have your house paid off and have a plan for it (along with any other investing outside of retirement accounts).

Welcome to GRS!

I agree with tdel.

I'd go further to suggest that you begin the process of educating yourself by reading widely about finance, and maybe even taking a community college course or two on running a small business.

Most small businesses lose money for the first couple of years. If you are making a little bit from the start, and it sounds like you are, then you are off to a good start. You will want to learn enough about your business to know how much to set aside for slow periods and after that start saving for yourself, both for the short term and for retirement. There is nothing wrong with keeping the money in a bank until you find a better place for it that you understand and are comfortable with.

Good luck!