Ok Team,
I have a bit of an interesting, atypical financial situation this year. I recently took a new job in a new city for a pretty nice pay bump...Yay! 20k of my 96k pay for the year will be given to me as a bonus with my first pay check. This bonus money would need to be paid back on a prorated basis if I would get fired/quit within the first year. I need a little help with planning how to best utilize this money. I'm planning on receiving 15k after 25% tax on bonus (is this right?). My plan is as follows:
1. Utilize bonus money to finish funding our TIRAs for the year (approx 7k). I have enough roth contributions to cover the entire bonus amount if it needed to be paid back.
2a. Keep the rest (8k) in our Emergency Fund savings account...This would bring the total to 13k (6 months of bare bones expenses).
2b. Keep our Cash EF at 5k and use the rest (8k) to start a taxable account, knowing this could serve as emergency money if needed. I would also be able to start contributing a small amount to this every month.
Other Info: I will be maxing my 401k and HSA through payroll contributions this year.
So what to do...A, B, or other? I want to do B. I think if I start a taxable account while I have a lump sum it will be more motivation to contribute monthly, even if its a small amount.
Thanks for your thoughts!