Hi, just small context — it’s taken me 10 years but I finally have 10k saved, & a 65k retirement through fidelity. My reasoning for the 10k savings is 6 months financial security in case of emergencies. That’s the amount I calculated. Now that I have that I’m not sure what to do with the $500 I’ve been putting away every month going forward.
I have built up my emergency savings & now idk where to put the extra money
byu/Dependent_Pear5872 inpersonalfinance
Posted by Dependent_Pear5872
7 Comments
Increase your retirement savings if you are not already maxing it.
Put some of the extra in a different HYSA to save for things that you need or want that are not emergencies.
Does 10k actually cover all expenses if you lose your job and can’t find another for that time? Beyond that the automod response is a good start.
10k is 6mos with rent/mortgage and everything?
Open a Roth IRA and invest in a total market index fund
Apportion your extra money this way.
50% – Buy ETFs – QQQ, S&P500
30% – Buy individual stocks of good companies eg Nvidia
20% – very high risk Gold BTC trading. I usually make 50-100 usd daily daytrading these assets. I keep my risk to 0.5-1% max daily.
i mean there’s several routes but there’s a lot of missing information. Age, what % you’re putting into retirement, if you have a roth, etc.
personally $10k would be too light for me, i’d keep putting that into a HYSA and have it grow.
Your HYSA should be around 6 months of expenses, that’s your emergency fund.
Then contribute to a 401k if you have, up to matching.
Then max an HSA if you have.
Then max a Roth IRA.
Then go back to try maxing your 401k if you can.
Then if you still have more, invest in a regular brokerage.
As for investments… total market index funds like VTI or VT.