– i’m a 30 year old, single person in NYC who just started a job making $120k, own no property, rent is $1560 a month
– i already have $40k saved, $34k of that just came out of a CD that matured last month
– i have a 401k with about $22k from previous jobs and will continue adding to it with new job. also going to start an HSA
– i plan on setting aside about $1k-$1.5k a month in savings (i have a high yield savings account with Ally bank)
i need advice on how grow my money i already have and the money i will be saving every month now.
where should i put this $40k? should i open another CD? should i put some into a roth? should i split up into different accounts?
what about the money im saving every month. should i keep it in a HYSA?
would be nice to have enough money down the line for a car and or a house. but ultimately would like to just grow what i already have to set myself up later.
thanks in advance!!
Need advice to grow my money
byu/Ill_Salamander_3556 inpersonalfinance
Posted by Ill_Salamander_3556
4 Comments
Follow the steps of the Prime Directive: https://www.reddit.com/r/personalfinance/wiki/commontopics
pop open a roth IRA and max it with 7500. put that into VOO 80% and something else for 20%. keep 6 months of expenses in the HYSA
Follow the flow chart in the pf wiki
Don’t look for the needle, buy the whole haystack. Total world is the biggest haystack. https://www.bogleheads.org/forum/viewtopic.php?t=414923
I guess only you know if you really gonna want that car or house, but if that’s a strong possibility I’d put some in HYSA if < 5 years or taxable brokerage if goal is out > 10 years.