Planning—Other / Planning Advice
Jan 13, 2023
I’m turning 30 and want to set myself up with something that will give back in the future! I'm single, rent, no kids and data as follows: $23k in the bank, $2k emergency cash, $16k in my brokerage account, and about $36k in my 401k. Given that what should I do get myself in better shape? I have been told to look into a Roth IRA and put the full amount into. Is that a good start (birthday gift to myself)? Open to any ideas, thanks in advance.
Jan 14, 2023
@Anon, that's a neat idea to give yourself a gift like that! Can't say here for certain what you should do but a Roth IRA sounds like a smart idea. You might want to bulk up your emergency cash (to something between 3 to 6 months of expenses) and if you have a high deductible health plan, you have the choice to add $$ to a health savings account too.. these are 3 solid choices in my humble opinion!
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Boost Your Retirement Savings
Jan 14, 2023
@Anon, Do you have any debt? If you do like high interest ones like credit card or personal loans even, you might want to wipe those out for good and a great way to celebrate a birthday IMHO.
Jan 16, 2023
@NataliaTWS, good Q! No, I have student debt and no other debt.