I’m a 24yo dude living in the US. I still live with my parents paying cheap rent. I own my truck, I recently bought an Atv/quad that i owe about 8k on. An i just paid off 2k to finish off my school debt.
My salary isn’t great I make 41k and i run 2 side business I make some cash with here or there one of them being seasonal. At My job I have great benefits very good health insurance, a pension that’s transferable into the profession I’m trying to make a move into. I have 25 paid vacation an unlimited sick days and All my time now can be bought back down the road as accrued time toward retirement.
I have about 20-25k in my savings account. About 5ish k in cash. I have an around 25k in a Roth 401k i started at 19 with my last job they offered 4% match. I have around 2k in my E*trade account. My truck an Atv together id estimate around 30-40k in value. I recently inherited 100k from a family member passing. I can’t touch the money till I’m 30 with the supervision of the executors of the will my parents. At 40 i have full control.
For the near future ive been planning to move the lump sum into a hys account and taking 7500 from my account to start and pay off this years Roth IRA. I also have the ability to start a 457b with my job which id like to. I was thinking of taking 2 k an putting it toward the Atv, there’s no penalty to pay it off early. I’ve also been looking at townhomes a cheaper homes as i have skills an tools to remodel, but i don’t think i could afford payments right now even with the fha loan to help buy the house. I’m not sure if this would be a smart way to proceed. No one in my family is very literate with money, but we do live a nice life I just want to set that up for myself and future kids a level up if possible.
Looking for advice on how to set my self up best a take some calculated risks to increase it.