I have a full time job, albeit a baby big boy job so I don’t get paid a lot. 24 years old, hourly employee so it’s hard to estimate what I make with biweekly paychecks bc it’s always different. I averaged it out to 35hrs/week brings in about 2280 a month after taxes. I also have a side job making about 500 a month…
My FT job income I put 20% into savings ($450ish) and 5% of my side job income into savings. So I’m adding about 600, maybe slightly more into savings every month. I have 10k in savings in a HYSA (~5 months expenses).
Here’s where I need help:
With my job, I have a 401k and get the full match (5% gross and they match 4%). I put $100 into a Roth every month (all I can do… it’s controlled by a financial advisor so I can’t make manual contributions). I have $700 in my own brokerage (VTI/VXUS 60%/40%). So I put less from my side job into my savings and invest more now? Keep on doing what I’m doing?
Visualized my income and expenses. Unsure of what to do!
byu/InvestigatorThat5062 inpersonalfinance
Posted by InvestigatorThat5062
1 Comment
> it’s controlled by a financial advisor so I can’t make manual contributions
Get out of this relationship.
Open up a Roth IRA at Fidelity/Vanguard/Schwab. Click the buttons to transfer from your financial advisor. If you have troubles, call Fidelity/Vanguard/Schwab and they’ll have someone sit on the phone with you as you click buttons.
The fees associated with a financial advisor for your Roth IRA are completely unnecessary. Follow the PF Wiki for the rest.
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Sounds like you are asking about a framework for what to do with money.
Start with reviewing the Prime Directive in the PF Wiki. It will answer your question and many other questions you didn’t realize you should be asking.
* https://www.reddit.com//r/personalfinance/wiki/commontopics
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Review the section on Financial Advisors.
* https://www.reddit.com/r/personalfinance/wiki/financialadvisors