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Hey Everyone, Here is my background. I come from a extreme poverty and grew up in a super poor country. I am currently in the US, and just finished an advanced degree( took 7 years). I started a full time job that pays >200k. I am 30M, no debt, and not married. This is not a lot of money for my domain, but it’s insane for me. Here is the issue: I don’t know what to do with this money. Please don’t get me wrong, I read a lot and I know the theoretical aspects of investing and managing money. But, psychologically, I feel like I am drowning. My family back home needs money, and I have been supporting them for last 7 years with my graduate student stipend. I used to send them a few hundred dollars every month. Now, they are indirectly asking how much my salary is.
First, would please tell me how you would handle this family issue? I am ok sending them money to support their basic needs, but there is going to be increasing demand for various things. I am scared that it will destroy the relationship with my parents. My parents and other people don’t understand what I do, they just think about my salary and multiply it with exchange rate and go crazy, even when I was a graduate student.
Second, investment wise how to approach this? I will have a few thousands dollars per month to invest. I don’t know what to do with this other than dumping most of it into S&P 500. I am super scared that I will yield to life style inflation.
People who climb socioeconomic ladder like this what were some of your strategies and rules that helped you to achieve financial independence?
submitted by /u/lutus5789
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First, would please tell me how you would handle this family issue? I am ok sending them money to support their basic needs, but there is going to be increasing demand for various things. I am scared that it will destroy the relationship with my parents. My parents and other people don’t understand what I do, they just think about my salary and multiply it with exchange rate and go crazy, even when I was a graduate student.
Second, investment wise how to approach this? I will have a few thousands dollars per month to invest. I don’t know what to do with this other than dumping most of it into S&P 500. I am super scared that I will yield to life style inflation.
People who climb socioeconomic ladder like this what were some of your strategies and rules that helped you to achieve financial independence?
submitted by /u/lutus5789
[link] [comments]
Continue reading...
