- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Funds Management Advice
Posted on 1/27/15 at 12:01 pm
Posted on 1/27/15 at 12:01 pm
Looking for some ideas as to what some of y'all would do if you were in my shoes.
25 year old single guy, 2.5 years out of college. Consulting for Oil and Gas design company, approximately $80K yearly salary. I mention my job because projects are starting to get slow. The company just made some cuts, but I think I'm safe unless oil prices stay like this for a lot longer. Taking the PE in the fall to increase my worth.
I put 14% of paycheck into 401K, company matches 3%. 401K is up to about $29,500 after 2.5 years. Not sure if this is good or bad...
Have about $12,600 in bank between normal checking and savings account.
I owe $11,800 on a car which is being paid over the next three years.
I also have about $1200 in an HSA account for emergency medical expenses.
I guess I should me more active in investing the money in my bank account since its not really earning anything. I've just always been nervous about investing on my own.I'm just looking for ideas/suggestions if you were in my position.
25 year old single guy, 2.5 years out of college. Consulting for Oil and Gas design company, approximately $80K yearly salary. I mention my job because projects are starting to get slow. The company just made some cuts, but I think I'm safe unless oil prices stay like this for a lot longer. Taking the PE in the fall to increase my worth.
I put 14% of paycheck into 401K, company matches 3%. 401K is up to about $29,500 after 2.5 years. Not sure if this is good or bad...
Have about $12,600 in bank between normal checking and savings account.
I owe $11,800 on a car which is being paid over the next three years.
I also have about $1200 in an HSA account for emergency medical expenses.
I guess I should me more active in investing the money in my bank account since its not really earning anything. I've just always been nervous about investing on my own.I'm just looking for ideas/suggestions if you were in my position.
1
Posted on 1/27/15 at 12:04 pm to elleshoo9
Your retirement account is in good shape, although you may want to start a Roth IRA for tax diversification purposes. Additionally you would be able to draw the principal out after two months in the event you got laid off.
What is the interest rate on your car loan? Also, one of the easiest investments you can make is to keep your resume and linkedin up to date. Sounds silly, but most people do not.
What is the interest rate on your car loan? Also, one of the easiest investments you can make is to keep your resume and linkedin up to date. Sounds silly, but most people do not.
Posted on 1/27/15 at 12:09 pm to LSUtoOmaha
2.9% on the car. I pay $344 a month over 5 years.
Yeah, my linkedin is up to date, and i'm often getting contacted by recruiters. I like the company i work for though, so i wouldn't be looking to leave unless i could get on with a major like shell in nola.
My manager has given me some high praises lately, so i think my job is safe unless the oil industry just continues to tank.
Yeah, my linkedin is up to date, and i'm often getting contacted by recruiters. I like the company i work for though, so i wouldn't be looking to leave unless i could get on with a major like shell in nola.
My manager has given me some high praises lately, so i think my job is safe unless the oil industry just continues to tank.
Posted on 1/27/15 at 12:13 pm to elleshoo9
OK, that's a pretty low interest rate so I would keep the note.
I would scale back on your 401k contributions, open up a Roth IRA, and max the Roth IRA out at $5500 a year.
It seems like your cash savings covers probably 4-6 months of basic living expenses if I had to guess. I would just leave it alone personally.
I would scale back on your 401k contributions, open up a Roth IRA, and max the Roth IRA out at $5500 a year.
It seems like your cash savings covers probably 4-6 months of basic living expenses if I had to guess. I would just leave it alone personally.
Posted on 1/27/15 at 10:23 pm to LSUtoOmaha
You are doing well. Age 25 with 40 large ones.
Looking at buying a home?
I'd drop $6000 of the cash into a health care mutual fund. Look at the Vanguard, T.Rowe or Fidelity.
Looking at buying a home?
I'd drop $6000 of the cash into a health care mutual fund. Look at the Vanguard, T.Rowe or Fidelity.
Posted on 1/28/15 at 6:07 am to matthew25
You likely already know this but when opening a Roth ( a great idea) make sure you max out your companies match into their retirement plan first. Meaning if they match 3% on the first 10,000 make sure you put 10K in there first before the Roth. You companies match is free money, so it automatically adds to your portfolio no matter what the market does. Once you have taken full advantage of this then load up the Roth as much as you can.
Posted on 1/28/15 at 10:41 am to matthew25
quote:
Looking at buying a home?
Not right now. Although I feel that my job is relatively safe, it does depend on the oil market, and i don't feel that buying a house right now would be a good idea.
Roth IRA probably sounds like the way to go while doing some shorter term investments with "spare" money.
Posted on 1/28/15 at 1:21 pm to elleshoo9
Short term investment is an oxymoron. If there is a possibility of layoffs, beef up the emergency fund... If oil/ng goes back up along with your job security or you hitch on with Shell, dump the extras into the Roth. Although you can get to your contributions in the Roth at any time with no penalty, it really does establish a bad behavior if you pull it out any time things get hairy...
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News