Hi,
I am a 25 year old man, single. I reside in Syracuse, NY.
Salary: $59,500/yr
Salary Bi-Weekly Gross: $2,288
401 (k) contribution: $709 (maxed)
401 (k) match: $91
HSA Contribution: $128 (maxed)
Taxes: $160
Pre-Tax Deductions/Insurance: $33
Net Income Bi-Weekly: ~$1,030
Assets:
Cash: $17,960 (in 3% interest checking account...but only gives 3% up to $10,000.)
IRA Vanguard VTSAX: $16,500
Taxable Vanguard VTSAX: $9,500
401(K): $14,000
($4,500 in VTIP (bonds) and $9,500 in Vanguard Mid-Cap index fund...these are the only Vanguard funds my 401(k) offers.)
HSA: $2,500
Liabilities/Debts:
Car Loan: ~$4,000 @ 1.99%
Net worth: ~$56,460
My expenses per month are roughly ~$1,500 - I aim for below $1,885/mo because that is the limit for having a 55% SR which is my goal.
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With the above financial information, I am looking to optimize my money and allocations.
Some questions:
- I have not made my $5,500 IRA contribution for the year yet, should I place it in VTSAX or another Vanguard fund?
- Am I holding too much cash? If so, where should I park it?
- Should I just pay off my car loan out-right?
- Can I/should I roll my taxable Vanguard account into my IRA account? Or should I use it to invest in a different mutual fund other than VTSAX?
These are just some of the questions I have. I am hoping to retire (or at least begin to work part-time at 40.) If anyone has any suggestions or critiques to my allocation and/or financial picture. Please feel free to speak up, I am welcome to any advice.
Thank you!