Hi,
I posted to this forum for the first time in the spring (as I was preparing to enter the workforce) looking for advice on the best things to do with my first series of paychecks. I wanted to check back in and see how I have done so far and receive more advice for the future.
My compensation is $165,000/yr (w/ bonus). My employer has a 50% up to 8% of total comp 401(k) match.
Currently, my assets are as follows:
Taxable Investments (75.2K):
25,000 US Treasury BILL due 03/07/2024
$50.2K invested in 70/30 split VTI/VXUS
Tax-advantaged Investments (48.55K):
Roth IRA: $20.4K invested in 80/20 split SWTSX/SWISX (I want to change this to 70/30 US/Intl and only haven't done so already out of laziness)
401(k): $24.3K invested in FFIKX (Fidelity 2065 targeted date fund). I maxed the 22.5K here and it has grown a bit since. I believe an employer match will also be contributed sometime in Q1 2024.
HSA: $3.85K invested in FFIJX (also a Fidelity 2065 targeted date fund).
Savings (27.1K):
Marcus by Goldman Sachs: $27.1K earning 5.5% APY (4.5% + 1% referral rate)
Car (19.2K):
2018 Subaru Crosstrek with ~50,000 miles. Kelley Blue Book value $19.2K. Currently, I am planning on driving this into the ground, though I am mildly interested in buying an electric car for the tax benefits and because I care about the environment. I'm not really interested in a Tesla, though.
Total assets: ~$170K
Liabilities:
Credit Cards: -$2.8K. I have 3 cards, Chase Freedom Unlimited, Discover it, and Chase Sapphire Preferred. Pay these in full every month. Have been spending around 3K a month currently, which seems okay to me. I still live with my parents at they don't charge me rent, so I have saved there.
My questions:
1. Is there anything I should be doing differently right now? I plan to max my 401(k) and HSA again this year (currently have my paycheck set to 75% pre-tax 401(k)).
2. Given my lack of debt and decent assets, my appetite for risk is fairly high. I'm not interested in gambling, but is there a more aggressive asset allocation than the one I currently have that you would recommend for someone in my position?
3. Can I contribute to my Roth this year / if not what is a good alternative? I think my compensation might be too high, but I'm not completely sure of the rules about this.
Thank you.
I posted to this forum for the first time in the spring (as I was preparing to enter the workforce) looking for advice on the best things to do with my first series of paychecks. I wanted to check back in and see how I have done so far and receive more advice for the future.
My compensation is $165,000/yr (w/ bonus). My employer has a 50% up to 8% of total comp 401(k) match.
Currently, my assets are as follows:
Taxable Investments (75.2K):
25,000 US Treasury BILL due 03/07/2024
$50.2K invested in 70/30 split VTI/VXUS
Tax-advantaged Investments (48.55K):
Roth IRA: $20.4K invested in 80/20 split SWTSX/SWISX (I want to change this to 70/30 US/Intl and only haven't done so already out of laziness)
401(k): $24.3K invested in FFIKX (Fidelity 2065 targeted date fund). I maxed the 22.5K here and it has grown a bit since. I believe an employer match will also be contributed sometime in Q1 2024.
HSA: $3.85K invested in FFIJX (also a Fidelity 2065 targeted date fund).
Savings (27.1K):
Marcus by Goldman Sachs: $27.1K earning 5.5% APY (4.5% + 1% referral rate)
Car (19.2K):
2018 Subaru Crosstrek with ~50,000 miles. Kelley Blue Book value $19.2K. Currently, I am planning on driving this into the ground, though I am mildly interested in buying an electric car for the tax benefits and because I care about the environment. I'm not really interested in a Tesla, though.
Total assets: ~$170K
Liabilities:
Credit Cards: -$2.8K. I have 3 cards, Chase Freedom Unlimited, Discover it, and Chase Sapphire Preferred. Pay these in full every month. Have been spending around 3K a month currently, which seems okay to me. I still live with my parents at they don't charge me rent, so I have saved there.
My questions:
1. Is there anything I should be doing differently right now? I plan to max my 401(k) and HSA again this year (currently have my paycheck set to 75% pre-tax 401(k)).
2. Given my lack of debt and decent assets, my appetite for risk is fairly high. I'm not interested in gambling, but is there a more aggressive asset allocation than the one I currently have that you would recommend for someone in my position?
3. Can I contribute to my Roth this year / if not what is a good alternative? I think my compensation might be too high, but I'm not completely sure of the rules about this.
Thank you.
Statistics: Posted by sportsguy17 — Fri Jan 05, 2024 11:59 am — Replies 4 — Views 210