Wanted to see if anyone has advice on what to do next, if anything, to maximize how my money works for me. I did the thing people do- got a bachelors degree and got a decent job 1 year ago. It’s been a huge blessing!
My base salary is $79,000. After incentives about 90k. I live in a MCOL area with roommates, spending $1,100/mo on rent. I’m investing in my 401(k), as well as contributing the max amounts to my Roth IRA and HSA (about $20,800 total in investments annually) After that, whatever I’m not spending goes into an HYSA. I own a 13 year old car that works great for now, and may be looking for another reliable used vehicle to replace it in the next year. My net worth is sitting around 50k. (About 1/2 in investment accounts and 1/2 HYSA).
Been trying my best to learn from those in this sub- just wanted to thank those that have shared their experiences or answered questions. Now I want to know, what should I do next?
Career started, what else?
byu/Ok-Resource1277 inpersonalfinance
Posted by Ok-Resource1277
2 Comments
Assuming you’re done figuring out your investments, setting up different short and long term savings and spending goals beyond retirement.
A bucket of money to help buy the new car, if you want to save for a house one day, if you want to save for travel, or early retirement if you would rather save for that than spend. If you’re happy with how your long term retirement money is pacing and you have a decent emergency fund, the rest is at your discretion.
Use this to make a budget that reflects your priorities: https://www.reddit.com/r/personalfinance/wiki/commontopics
If you want to replace your car in the next year, then one priority you need to include is saving enough to buy the car you want in that timeframe.