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?
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