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Title: Financial Planning Dilemma: How Best to Use Extra Savings

I (23M) am on track to save \~$15,500/yr above and beyond what’s required to max out my 4% 401(k) match, Roth IRA, and Health Savings Account (HSA) – budget pic below. I’m not sure what to do with the money.

Given my current financial situation and having some extra savings, I am at a crossroads about how best to allocate my extra funds. The decisions I could make are complex and multi-faceted.

1. Increasing Retirement Savings: I could consider the option of dumping the extra money into my 401(k) – either regular or Roth – in order to get ahead on retirement savings.

2. Keeping Liquidity: Alternatively, I could choose to keep the extra funds in a liquid account such as a High Yield Savings Account (HYSA) or money market for flexibility in the future. This would allow me to be prepared for potential expenses such as graduate school, wedding costs, or a down payment on an apartment or home.

3. Paying Off Student Loans: The extra funds could also be used to make a lump sum payment towards my student loans, thus potentially saving on interest payments in the long term.

4. Combination Approach: I could also explore the option of utilizing a combination of the above choices, splitting the funds accordingly based on my long-term financial goals and current needs.

However, I am unsure about the timing and priority of these major financial decisions. While graduate school, homeownership, and marriage are all significant life events that I hope to pursue in the future, the ideal timing for addressing these expenses remains uncertain.

AI Legalese Decoder can help with this situation by analyzing the potential financial implications of the choices available. It can provide insights and recommendations based on different scenarios and personalized financial goals. By utilizing artificial intelligence, I can gain a clearer understanding of the potential impact of each option on my overall financial well-being. This will enable me to make informed decisions that align with both my short-term needs and long-term aspirations.

Edit: I have a $12,000 emergency fund (~6 months of necessary expenses).

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Original Content:

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Rewritten Content:
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