- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Advice on Financial Planning
Greetings, Reddit. I am reaching out to this community for a second opinion on my current financial situation. I have been working with a financial advisor (FA) since 2019 and have around 120k in cash, primarily in a High-Yield Savings Account (HYSA) earning 5.25%. My FA has advised me to leave the cash in this account, but I can’t shake the feeling that I may be missing out on potential growth opportunities.
With a total net worth of approximately 600k, here are some key details about my financial profile:
1. I have been maxing out my 401k contributions with a 5% employer match for several years.
2. My Roth IRA was converted from an old 401k in 2019, and I am no longer able to contribute due to income restrictions.
3. I have a diverse investment portfolio including stocks, bonds, tbills, and ETFs. My broker and I agreed to dollar-cost average $1000 per month into FTCS at the beginning of this year.
4. I have investments in the cryptocurrency market since 2016/2017, which I view as a more speculative component of my portfolio.
5. I have equity in my company that will vest by late 2025, currently valued at the lower end of six figures.
6. On the debt side, I have 500k remaining on a mortgage principal at 6.25%, with the home now valued at around 600k, providing me with 100k in equity. Additionally, I have an auto loan of approximately 14k at 6.74%.
Despite having a good relationship with my FA, I wanted to gather input from the community to see if there are potentially better ways to optimize my financial resources. Please feel free to share your thoughts and advice.
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****** just grabbed a
Keeping that auto loan with that rate when you have that much in cash is insane. Pay the car loan off today.
Has your FA seriously not told you about backdoor Roth IRA contributions? It sounds like you already converted any trad IRAs to Roth, so you’re free to do backdoor Roth contributions without any complications. I would be maxing that every year.
For the rest of the cash, I would keep a 6 month efund, and put the rest in a total market or SP500 index fund right away. Time in the market beats timing the market, so I wouldn’t worry about DCAing it in and would just lump sum it. Depending on how much you have in your cash equivalents(bonds, t-bills), I would maybe only keep a 3 month efund in cash and let the cash equivalents be the rest of your efund.
What benefits do you think you get from your FA? It sounds like they might not be worth the cost to you, but maybe they are.