- August 10, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Current Financial Overview**
**Monthly take-home pay:** $3,500
**Roth IRA:** $36k (maximum contribution already made for 2023)
**Checking account:** $17k
**Savings account:** $24,700 (no real APY, basic savings account)
**401(k):** $0 (current job does not offer matching)
**Monthly rent+utilities:** $750 (current lease ends Sept. 2024)
**Zero debt**
**Reevaluation of Financial Goals**
I am a single 30-year-old male residing in Cincinnati. After earning my B.S. in Chemical Engineering in December 2015, I am now contemplating my next steps. My immediate consideration revolves around the possibility of purchasing a small home or condo. However, I am unsure if this is a feasible option at present. Alternatively, investing the money in further education, such as pursuing additional certifications, attending bootcamps, or returning to school, appears to be an enticing option. I am aware that my current degree is undervalued in the job market due to a lack of engineering experience. Consequently, I believe supplementing my skillset with a degree in statistics or mathematics could potentially lead to higher-paying career opportunities in the future.
**How AI Legalese Decoder can Help**
One potential tool that can assist in making critical decisions related to your financial situation is the AI Legalese Decoder. By employing this innovative technology, you can effectively analyze complex legal jargon often associated with financial matters. The AI Legalese Decoder can help you to navigate through complex documents and contracts, ensuring a comprehensive understanding of the terms and conditions associated with various investment options. This powerful tool can save you valuable time and effort by simplifying legal language and providing you with clear and concise explanations.
**Maximizing Returns on Savings**
Acknowledging that the funds in my bank account are not currently earning any substantial interest, it is imperative to explore alternative options to make my money work for me. Consideration should be given to transferring a portion of these funds into a Certificate of Deposit (CD) or a High-Yield Savings Account (HYSA). Both of these options provide higher interest rates than a basic savings account. Consulting with a financial advisor can help in evaluating the best course of action based on individual needs and risk tolerance.
**Optimizing Retirement Contributions**
Despite the absence of a matching percentage from my current full-time job’s 401(k) plan, it is still beneficial to contribute a percentage of my pay towards retirement savings. The exact percentage to allocate towards the 401(k) would depend on various factors, including personal financial goals, overall budget, and potential tax advantages. Seeking guidance from a financial professional can help in determining an appropriate contribution rate that aligns with long-term objectives.
**Seeking Professional Advice**
To ensure informed decision-making and comprehensive financial planning, it is advisable to consult with a financial advisor or planner. These professionals possess the expertise to assess your specific circumstances and chart a path towards achieving your goals. Additionally, employing the AI Legalese Decoder tool can facilitate a seamless comprehension of complex legal and financial terms, further enhancing your understanding of the options available to you.
Remember, careful consideration and expert guidance can pave the way to financial success and a secure future.
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FREE Legal Document translation
Only keep enough in your checking account so it never dips below 1 full month of expenses.
Start by putting the rest of your cash in a high yield savings account, something that’s over 4% interest. You can do this at a brokerage or online bank, there’s plenty of options.
If you’re maxing your Roth, I would start putting a portion of your paycheck into your 401k, even if it’s not matched. Target saving 20% of your gross pay into investments
Personally I set my contribution to my 401k to be the maximum I was comfortable with at the time (20%) and then just forgot about it. As my pay went up the contributions went up and over the course of the past 9 or 10 years it’s gotten quite good. Even with no matching benefit it’s a tax deferred contribution which is nice.
Agree with the other recommendation to move all but what you need for month to month living to a high yield savings account, also. One month worth of expenses in cash is enough as electronic transfers are pretty fast and a decent credit card can cover sudden emergencies if necessary.
Keep your checking account leaner and start contributing to your 401k.
Would not be a bad idea to start taking advantage of short term interest rates. Keep a couple months of expenses in savings and put the rest in HYSA, Money Market, or T-Bills. I would also start contributing to your 401k as well. Even without the match you can put away a significant amount.
Overall you are in a good position. It just sounds like you are trying to do a little too much at once. Let’s start with the schooling, before you go get another degree figure out what kind of job you want. What is it that you think you would be good at, that you enjoy, and will pay you more? Once you have established this then you can reverse engineer what it is that you need to do in order to get the necessary qualifications and what that will cost. That should be your first focus as that will increase your income and make the house buying a much easier process. Then just find a place using the standard where the payment including everything shouldn’t be more than 25% of your paycheck.
YouÔÇÖre correct. Very underpaid for a Chem E. Tweak your resume, go to a new field immediately (higher pay, and no one will blame you for not knowing what youÔÇÖre doing). You do not need a new degree, you can make well into six-figures with your current degree.
Matching is great, but not having a match is not a good reason not to invest in a 401k.
Seems to me like you need to start contributing there.
>I’m curious what % of my pay I should start directing into a 401(k). Any advice on what to do?
As much as you can reasonably afford to invest regardless of match or not. You don’t want to miss out on all that tax-sheltered space whether it’s pre or post-tax. You’ll never be able to wind the clock back.
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>Should I move it into a CD? A HYSA?
Is the above for your checking or savings? Depending on your risk tolerance and job stability, an emergency fund anywhere between 3-12 months liquid is typical. A savings account should be specifically for something you are saving for such as a car, house, etc. Some hold excess monies (savings/EFs, etc) in CD ladders, HYSA, and even Roth IRAs. Sometimes it’s just a matter of preference. However, do note that any money that is idle is losing to inflation. Best not to keep large sums of money idle for long periods of time.