How I Save Money And The Best Advice When You Need To Invest

Community matters most to me

I grew up upper middle class. My mom was a middle school teacher, and my dad was a banker. I love to travel, whether alone or with people. My favorite trip was visiting Alaska with a friend to see the Northern lights. I knew it would be cold, but I was stunned by how cold. It was worth it, though. The lights were more beautiful than I had imagined – a moment I will remember forever.

Community matters most to me. I want a husband and kids and to spend my days surrounded by good people. I’d love to maintain my relationships with my friends, who are essentially family, and experience life alongside them.

I watch a lot of TV, especially reality TV and crime shows. I work 50 to 70 hours a week. TV helps me unwind after working long hours. I also love hanging out with friends. What we do doesn’t matter – I have fun with friends, whether watching TV or soaking in a hot tub at a spa.

If money wasn’t an issue, I would travel more. I would be on a beach with a drink, living my best life. 

For privacy, several identifying information has been changed

How did you get to where you are now?

I was always interested in healthcare. My mom’s sister lived with us. She was like my big sister. I wanted to be her when I grew up. She is a doctor, so I wanted to be one too. In college, I took pre-med classes. I liked anatomy and biology…chemistry not so much. That’s when I realized being a doctor wasn’t in the cards for me. 

I like my public health classes the most. I liked the math and statistics element of it. I majored in public health and then got a master’s in biostatistics and epidemiology. My first job after grad school was in data science and analytics for a healthcare company. I loved it. We helped states improve outcomes for Medicare and Medicaid patients using data. 

After a few years, I joined a large consulting firm. I wanted to use their wider reach to help more people. I do healthcare analytics and broader healthcare consulting focused on improving patient outcomes. I am passionate about helping more people get high-quality and affordable healthcare.

What’s your relationship with money?

My family was solidly middle class. Food was always on the table, and I never worried about money. College was the first time I thought about money. I went to a private college and was floored when I realized how much my parents paid for tuition. I wanted to help however I could, so I got a job to pay for groceries and personal expenses.

What does financial success look like for you?

I want financial security and freedom. I don’t want any small emergency to throw me off track. I think about what life will be like when I’m older.

Financial success is enjoying life without worrying about money. I want enough money so that no emergency will render me homeless. I want to do whatever brings me joy without stressing about it. I never want to choose between affording a dinner with friends and groceries. 

I don’t have a number. Thinking off the top of my head, having between $5 to 10 million would allow me to retire. I can get good investment returns with that amount and not touch the principal. 

What do you do with your money?

I spend about $3500 each month and save about $4500. I take my savings out first. I automatically transfer $4500 from my bank account to my brokerage account each month. I use Betterment for automatic investing. This means Betterment uses machine learning to figure out how to invest my money. I like this approach as I spend no time thinking about investing, but my money gets invested every month. 

Monthly budget

• Invest – $4500
• Housing – $1925 ($950 mortgage + $500 additional pay off my mortgage early + $475 HOA fee)
• Personal expenses (e.g. groceries, entertainment, shopping, sending my brother money) – $1250
• Transport – $350

What purchase brought you the most joy last month?

I visited my brother in Florida and took him to Disney World. We had a lot of fun.

What purchase do you now regret?

Nothing. Once I take out my savings, I spend what’s left in my account without overthinking it.  

What advice do you have for beginner investors?

The best advice I ever got is “You don’t need a lot of money to start”. You also don’t need to become a financial expert to invest. I save and invest automatically, so I don’t have to do anything or make any decisions. The automatic transfer from my bank account kicks in when I get paid. Then the lovely investment algorithm in my brokerage account decides what to do with my money. I take advantage of how technology to make investing easier. I started with $200 a month as I was skeptical at first. After a few months, I increased the amount and have never looked back. So start small with whatever you have. As your tolerance goes up, you can do more. Consistency is key. 

My comfort level with other types of investments has increased. For example, I’ve started investing in real estate with some friends. They have more experience in real estate investing, so I’m learning from them. We have a few rental units that we manage together. I would also like to flip properties down the road. I am more comfortable taking more risks in my investment approach now that I know more. The automatic investment is my conservative approach, and then I do real estate for higher returns. I want my money to do more for me.