I am headed to seminary this fall after 18 years in a career field. Big change, I know. I am not arguing what an idiot financial move this is. Would like to simplify as much as possible but also be as conservative as possible. Just wondering what like-minded strangers on the internet might recommend?
Current situation:
- Standard checking and savings with Ally, also have small savings at BofA
- Bulk of savings in Vanguard Cash Plus
- Retirement accounts with Fidelity, 100% FSKAX
- Two credit cards: Chase Freedom Unlimited and Fidelity Visa
The house will be sold, car paid off, and the remaining put into savings.
I am wondering about the need for "bank" accounts. BofA account will be closed. Ally is fine I guess. I would like stability and conservative safety, so I am not entirely sure about moving everything to Fidelity for one-stop-shopping, but open to it after reading through The Thread. I like the Vanguard Cash Plus for the FDIC insurance at 4.7%, so I am also willing to move everything there (including retirement) and one-stop-shop with credit card payments coming from there. I am open to other ideas, but not keen on opening another credit card.
Spending will be significantly minimized for the next eight years. So will income... If this doesn't work out, I will need to re-enter the real world so protecting what I have now is important. Thinking of moving retirements into target date funds.
Other than telling me I am a moron for doing this, what say you RE: reorganizing finances?
Current situation:
- Standard checking and savings with Ally, also have small savings at BofA
- Bulk of savings in Vanguard Cash Plus
- Retirement accounts with Fidelity, 100% FSKAX
- Two credit cards: Chase Freedom Unlimited and Fidelity Visa
The house will be sold, car paid off, and the remaining put into savings.
I am wondering about the need for "bank" accounts. BofA account will be closed. Ally is fine I guess. I would like stability and conservative safety, so I am not entirely sure about moving everything to Fidelity for one-stop-shopping, but open to it after reading through The Thread. I like the Vanguard Cash Plus for the FDIC insurance at 4.7%, so I am also willing to move everything there (including retirement) and one-stop-shop with credit card payments coming from there. I am open to other ideas, but not keen on opening another credit card.
Spending will be significantly minimized for the next eight years. So will income... If this doesn't work out, I will need to re-enter the real world so protecting what I have now is important. Thinking of moving retirements into target date funds.
Other than telling me I am a moron for doing this, what say you RE: reorganizing finances?
Statistics: Posted by midlife-weavers — Sun Apr 14, 2024 2:22 pm — Replies 0 — Views 87