Hi everyone,
I'm thrilled to have found this community and grateful in advance for your advice. I'm 25 years old, finished graduate school last year and am now several months into a corporate job making ~$200k per year. My total cost of living is about $2k per month. This is obviously a great opportunity to pay off my student loans quickly and also start saving. But I have some logistical questions about how Mustachians tend to structure their accounts.
I think I need (1) an emergency fund of cash, (2) to fully fund my 401(k), (3) a taxable investment account, and (4) a convenient checking account. My question is, is it normal to have these four things be in different places, e.g. (1) high-yield online bank savings account with Goldman Sachs, (2) Fidelity 401(k), (3) taxable Vanguard account, (4) brick-and-mortar bank? Is there any downside to doing this? And, is there a better way?
For more background, I have a Wells Fargo bank account that I've had for years, and I now have a Fidelity account because of my employer's 401(k). I am tentatively planning to add a savings account with Ally or Goldman Sachs (both offering 1.3% APY) for my emergency fund (will be $12-15k) and a Vanguard account to start making some taxable investments in addition to my 401(k) contributions.
I wanted to ask the experts here before taking on this level of complexity. Should I just do everything with Fidelity? Something altogether different?
Again, thank you for any input!