Advice/Thoughts on my finances for the future?
Hey everyone I’m 25 years old and looking for some advice on what to do with my finances in the future.
Gross Income: 135K
High Yield Savings (3%): 75K
Checking: 27K
401K (4% match/maxed): 47K
Schwab Brokerage: 20K
Schwab Roth IRA: 9.5K (no contribution 2026)
Car Loan (3% interest): 16K – paying $500 monthly
Medical Bill: 5K – paying $200 monthly.
I feel like my money is sitting around too much even with the high yield savings interest. What should be my first step next? I don’t want to lose access to a lot of my money until retirement. Thoughts? Thanks!
Any advice or thoughts about my financial planning for the upcoming future? Thanks!
byu/Prior_Anything_9328 inpersonalfinance
Posted by Prior_Anything_9328
2 Comments
Pay those debts off immediately with money from the HYSA.
Keep a 6 month emergency fund in it. This is basic needs to survive.
The rest should go into investments or sinking funds. A sinking fund is for something you can pretty confidently count on happening in the future, vacation, wedding, move, car, tires, Christmas, ect.
Next you can think about your next financial goals. Want to own a house? Want to travel? Want to have a child someday? Want to just be generous and help people? Want to retire early? Foster or adopt a child? Will you need to help your elderly family members? Stuff to think about…
Go to reputable financial advisor like some one at fidelity for example and just do it