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Message
Give me an idea of what to do with my money
Posted on 7/25/18 at 8:01 pm
Posted on 7/25/18 at 8:01 pm
I've got about 13k of cash right now just sitting idle. My only out of pocket bills are $1100 for rent and $300 for student loans so cash flow isn't an issue. I put between $500 and $1000 a month into that savings account and should get a fairly substantial raise in October.
I'm in public accounting in more of a consulting role so job security is 0 issue, we have more work than we can do. My thoughts are open a Roth, but I'm might be buying a vehicle soon so I don't want to put too much cash away to where I won't have a down payment, but that's not a sure thing so I was trying to feel out other ideas as well.
Thoughts?
I'm in public accounting in more of a consulting role so job security is 0 issue, we have more work than we can do. My thoughts are open a Roth, but I'm might be buying a vehicle soon so I don't want to put too much cash away to where I won't have a down payment, but that's not a sure thing so I was trying to feel out other ideas as well.
Thoughts?
Posted on 7/25/18 at 8:06 pm to Mingo Was His NameO
Keep 6 months expenses in savings, invest the rest.
Posted on 7/25/18 at 8:12 pm to weagle99
quote:
Keep 6 months expenses in savings
Truth is if I ever got in a real bind I have family I could lean on. With that said, I don't really think I need more than 5k of liquid cash factoring in that and my job security mentioned above.
I guess part of my question should be would a CD or something be a good idea since I might need to cash to buy a vehicle or should I go ahead and start a Roth? Maybe just a regular investment account and eat any capital gains were I to need to money? Just trying to bounce some ideas around.
Posted on 7/25/18 at 8:15 pm to Mingo Was His NameO
quote:
thoughts are open a Roth, but I'm might be buying a vehicle soon so I don't want to put too much cash away to where I won't have a down payment, but that's not a sure thing so I was trying to feel out other ideas as well.
Open a Roth. Deposit the max for the year. Save the rest or put a little down on vehicle.
Personally I don't like putting money down on a vehicle
Posted on 7/25/18 at 8:17 pm to Mingo Was His NameO
Roth allows you to withdraw your contributions at any time, however you are taxed with penalty on early gain withdrawals. Max you can contribute as a young individual is $5500, assuming you aren’t highly compensated at which point the contribution limit will start to incrementally drop to $0.
CD only makes sense to me if you can outpace inflation.
CD only makes sense to me if you can outpace inflation.
This post was edited on 7/25/18 at 8:18 pm
Posted on 7/25/18 at 8:19 pm to Mingo Was His NameO
Start investing ONLY IF you don't have any short term plans for the money past the emergency fund.
Dump it all immediately in a total market fund, then start doing more research so you can invest it in whatever you come up with after your research.
Dump it all immediately in a total market fund, then start doing more research so you can invest it in whatever you come up with after your research.
This post was edited on 7/25/18 at 8:20 pm
Posted on 7/25/18 at 8:23 pm to Mingo Was His NameO
How do you pay rent and not gas/food/utilities/insurance/etc?
Posted on 7/25/18 at 8:26 pm to Mingo Was His NameO
quote:
Truth is if I ever got in a real bind I have family I could lean on.
Not worth it IMO
I don't like owing people anything whether or not they ask for it back or not
Posted on 7/25/18 at 8:29 pm to Mingo Was His NameO
quote:
I ever got in a real bind I have family I could lean on
I was going to say pay off the student loans like a normal person but shite, hookers and blow it is after this statement.
Posted on 7/25/18 at 8:35 pm to Powerman
quote:
I don't like owing people anything whether or not they ask for it back or not
Me either and I'd pay it back, but the only situation where that would happen is if I got in a real bind like permanently disabled or something so I'd have bigger fish to fry at that point anyway.
Posted on 7/25/18 at 8:37 pm to castorinho
quote:
Start investing ONLY IF you don't have any short term plans for the money past the emergency fund.
Yeah I guess this was my question. My only possible use for it would be for a car down payment, but I'll be moving close enough to my office to work next month so I don't really want to buy a vehicle to sit in a parking garage. I just feel like I'm doing something wrong having like an extra 8k doing nothing.
Posted on 7/25/18 at 10:04 pm to Mingo Was His NameO
Max out your 401k or at least contribute to maximize any employer match, take the rest and pay down student loans
This post was edited on 7/25/18 at 10:05 pm
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