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Started By
Message
Next move? Advice needed
Posted on 12/18/12 at 3:34 am
Posted on 12/18/12 at 3:34 am
Single. No kids. No debt
Plenty of liquid savings for an emergency fund. Close to a years worth.
Max out Roth and Company match 401K contribution.
Now what? I make enough to where I have plenty left over every month and instead of just stacking it in my emergency fund I'd like to put it to use somewhere.
What is the next step investment wise? Buy stocks? Mutual Funds? What...?
Plenty of liquid savings for an emergency fund. Close to a years worth.
Max out Roth and Company match 401K contribution.
Now what? I make enough to where I have plenty left over every month and instead of just stacking it in my emergency fund I'd like to put it to use somewhere.
What is the next step investment wise? Buy stocks? Mutual Funds? What...?
3
Posted on 12/18/12 at 7:00 am to WhalingVessel
Do you own a home? If not, invest in one.
Posted on 12/18/12 at 7:23 am to Layabout
quote:
Do you own a home? If not, invest in one.
This is not a bad idea if you plan to own for a few years even if you move out and rent it later. Even if single and no kids mortgage rates are cheap. I recommend the 30 year fixed if you can get the best rates.
Posted on 12/18/12 at 8:04 am to WhalingVessel
Are you maxing out your 401k (I think it is 17.5k this year), or just going up to the company match?
If you are doing all of this, and still qualify for a Roth income wise, you are being really frugal. My advice (based on life experience and not necessarily the most frugal one) would be to live it up a little while you are still single. Take a trip to Europe with a buddy of yours. Financial wise, I'd probably say buy a single family home that is cheap enough to rent out later, or large enough to hold a wife and two kids (if you are planning to stay in the area).
If you are doing all of this, and still qualify for a Roth income wise, you are being really frugal. My advice (based on life experience and not necessarily the most frugal one) would be to live it up a little while you are still single. Take a trip to Europe with a buddy of yours. Financial wise, I'd probably say buy a single family home that is cheap enough to rent out later, or large enough to hold a wife and two kids (if you are planning to stay in the area).
Posted on 12/18/12 at 9:05 am to Ric Flair
I agree, maybe make a purchase that you would really enjoy. Life is to short to not have SOME of the things you want.
However, I wouldn't agree with blindly buying a house as the next step unless you know you will be in the same area for at least 5 years. I would find a low fee wealth manager and have them build a risk adjusted portfolio. Equities will outperform any other asset class in the long run, you want to put away as much cash as you can early in life.
Once you pick up a wife, mortgage, and rug rats, putting away money will be much harder.
ETA: You also may want to consider getting a new ride. Cars eventually wear out, and it might be a good idea to pick up something reliable now while you have flexibility rather than being forced to drop the cash and/or a monthly note on a new ride.
However, I wouldn't agree with blindly buying a house as the next step unless you know you will be in the same area for at least 5 years. I would find a low fee wealth manager and have them build a risk adjusted portfolio. Equities will outperform any other asset class in the long run, you want to put away as much cash as you can early in life.
Once you pick up a wife, mortgage, and rug rats, putting away money will be much harder.
ETA: You also may want to consider getting a new ride. Cars eventually wear out, and it might be a good idea to pick up something reliable now while you have flexibility rather than being forced to drop the cash and/or a monthly note on a new ride.
This post was edited on 12/18/12 at 9:08 am
Posted on 12/18/12 at 12:26 pm to WhalingVessel
Make an investment in yourself. Take a trip. Go somewhere you have always wanted to see. Enjoy life while you can because once you marry and have kids it will NEVER be the same.
Posted on 12/18/12 at 8:20 pm to Blakely Bimbo
I do plan to buy a house within the next year or 2. Have about 30K saved up for that and expect to have about 50K to put towards a down payment on a home in the 160-190K range.
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