Where do I put a portion of the 50k sitting in savings gaining me nothing?
One option is VASGX, a Vanguard "balanced" fund. I offer the idea as a starting point for your research. Balanced fund means it sets a certain ratio of asset allocation, in this case 80% stock and 20% bonds, then roughly sticks to it. This particular fund also diversifies itself by investing a portion of the stock into international stocks rather than US ones, which in theory delivers more stability with roughly equal long term returns. The expense ratio of .14% is reasonable. It's not the cheapest option you can find, but gives a nice combination of balance and aggressiveness. Since you're young and making early-stage investment, this combination seems like it fits your current position. In one stroke, it covers most of your needs. 45k in VASGX and 5k in bank savings is something I'd be tempted to do because it's the same as 36k stock, 9k bonds, 5k cash and that sounds reasonable to me, but you need to decide your own comfort level.
Other alternatives include a Vanguard Target Date (Target Retirement) fund, which adjusts asset allocation over time to be aggressive at first and more conservative when the target date approaches. Or choose your own fund(s) to personally get a particular focus of investment that you desire. VTSMX buys you the entire US stock market, for example; VTIAX, an index of international non-US stocks; you could get 30k VTSMX, 10k VTIAX, 5k in a bond fund, 5k bank savings. VTWSX roughly indexes the entire global stock market; you could boldly and simply get 40k VTWSX, 10k in bank savings (or 5k bond fund such as VBILX, 5k bank savings).
Sorry if this is confusing. Just offering starting points.
