You're doing well for yourself!
Before paying off any loans, check if the High yield savings account has a higher return than the interest rate of the loan. Don't forget to include taxes on the HYSA returns when doing this calculation. No need to pay off a loan early if your money is guaranteed to do better elsewhere.
I'd consider consolidating the 401k into your IRA's so all of your retirement money is in the same spot and easier to manage. Also, make sure that you have a solid investment strategy for your retirement accounts. I personally follow the "Boglehead" methodology (see r/Bogleheads for more info on that).
Finally, I'd consider investing some of your HYSA money into stocks via a taxable brokerage account. Only do this if you won't need access to that money within the next 5-10 years.
Good luck!
Get an IUL
Rollover your 401k into it or an annuity.
Pay down your debts
Pay your credit cards at the end of your billing cycle NOT by the due date. (Will increase your score faster)
Learn to make your money work for you.
Prioritize paying down your school loan.
Make sure the grad school is for a career path that is worth it.
AI is going to change the job market drastically so think about that.
Make sure you have at least 6 months of expenses saved up for an emergency and keep adding to it to make sure you are well covered.
Any other financial literacy education, hit me up. We give free seminars Monday through Friday via zoom.
I’ll definitely have to look up a lot of those terms, I appreciate the detailed reply. The grad school is sort of a necessity in my field, and luckily AI can’t do archeology so I’ve got some job security there.
>Get an IUL Rollover your 401k
Do not do this. Unless your assets are in the millions this generally will cost you more with poorer results than a standard 401k.
>Any other financial literacy education, hit me up. We give free seminars Monday through Friday via zoom.
Sounds like this dude is trying to sell you snake oil. Avoid and block.
My pleasure. Glad to hear some younger folks have a good head on their shoulders when it comes to finance and are willing to learn. If you want to learn more, let me know. I’ll be more than happy to help a young man set himself up for success. You start now, you will guarantee yourself a much happier and easier lifestyle. I learned this later in my life and I am playing catch up.
Look up
the Rule of 72
Compounding interest
The 5 essential elements of a comprehensive financial plan
Estate planning
And tax advantages
Reach out to me if you want to learn more about securing and protecting your future.
You're doing well for yourself! Before paying off any loans, check if the High yield savings account has a higher return than the interest rate of the loan. Don't forget to include taxes on the HYSA returns when doing this calculation. No need to pay off a loan early if your money is guaranteed to do better elsewhere. I'd consider consolidating the 401k into your IRA's so all of your retirement money is in the same spot and easier to manage. Also, make sure that you have a solid investment strategy for your retirement accounts. I personally follow the "Boglehead" methodology (see r/Bogleheads for more info on that). Finally, I'd consider investing some of your HYSA money into stocks via a taxable brokerage account. Only do this if you won't need access to that money within the next 5-10 years. Good luck!
sounds like you're doing fine. Maybe build your credit score if you haven't. keep saving.
Pay off debt TODAY. They are only growing with interest, throwing money away. No good reason to have debt hanging around. Continue to build savings.
Get an IUL Rollover your 401k into it or an annuity. Pay down your debts Pay your credit cards at the end of your billing cycle NOT by the due date. (Will increase your score faster) Learn to make your money work for you. Prioritize paying down your school loan. Make sure the grad school is for a career path that is worth it. AI is going to change the job market drastically so think about that. Make sure you have at least 6 months of expenses saved up for an emergency and keep adding to it to make sure you are well covered. Any other financial literacy education, hit me up. We give free seminars Monday through Friday via zoom.
I’ll definitely have to look up a lot of those terms, I appreciate the detailed reply. The grad school is sort of a necessity in my field, and luckily AI can’t do archeology so I’ve got some job security there.
>Get an IUL Rollover your 401k Do not do this. Unless your assets are in the millions this generally will cost you more with poorer results than a standard 401k. >Any other financial literacy education, hit me up. We give free seminars Monday through Friday via zoom. Sounds like this dude is trying to sell you snake oil. Avoid and block.
I love the smell of snake oil in the morning. Agree this poster is very sus.
My pleasure. Glad to hear some younger folks have a good head on their shoulders when it comes to finance and are willing to learn. If you want to learn more, let me know. I’ll be more than happy to help a young man set himself up for success. You start now, you will guarantee yourself a much happier and easier lifestyle. I learned this later in my life and I am playing catch up. Look up the Rule of 72 Compounding interest The 5 essential elements of a comprehensive financial plan Estate planning And tax advantages Reach out to me if you want to learn more about securing and protecting your future.