Investment/tax question: I’m single 20 and live alone.
I make about 1000-1100 a month net income. My assets include a car worth about 3k and a house worth about 30k (needs repairs)and 1k in a checking account. I have about 19k in liabilities (student loan, morgage) I’m spending roughly 50% of my monthly income on essentials and about another 30-40% on misc items (entertainment ect) I’m re-budgeting and reducing costs to total about 60-65% of my income. I want to invest in something secure and short term like a money market fund (this invests in short term securities like t-bills) but I’m not sure how this will effect my tax bracket. I am getting hit hard with about 29% of my income being taken off the top. Does anyone knows how I can reduce my taxable income and any suggestions about a easily liquafiable secure investment?
This open post was written 6 years, 1 month ago | V/U/S: 385, 0, 1 | Edit Post | Leave a reply | Report Post
Reciprocity (0) 
Since writing this post corley98 may have helped people, but has not within the last 4 days. corley98 is a verified member, has been around for 6 years, 2 months and has 16 posts and 350 replies to their name.
Invite Others to Help
A logged in and verified Help.com member has the ability to setup a Friends List and invite others to help with posts.