After years of throwing money away and getting in obscene debt I am finally in a situation where I can save and invest.
I will keep it simple...this is what I'd like to do. I'll take percentages of where my money should go as opposed to dollar amounts (if I am way off base tell me):
- I am leaving my current low 6 figure job for another low 6 figure job. I was given a severance package. I will have a lump sum - about 9 months pay. I have a 401K with my current job. I will also have one with my new job. (the new one does not match much at all - 1 or 2%). Should I roll over the existing 401K into the new 401K? Should I open a retirement type IRA and roll it in there? A little of both?
- I would also like to open a retirement/ IRA regardless of the above and have it come straight out of my check (if not my check, then my bank account after taxes).
- I'd like to also open some sort of savings account for some emergency cash. (I have about 3 months of emergency cash right now). I was thinking Everbank for this.
- I also exchange a small % of my after tax cash for precious metals and hold the physical metal. This I do pretty much manually, weekly or monthly depending on what I am exchanging my fiat currency for.
- Finally, I would like to have some of my money work harder for quicker returns (months to a few years). Stocks, funds? etc...
I am 42. My assets are not much. 401K and a house that should be paid off in about 12 years.
Even if you simplify the % of where my money should go would help me. I don't care if it has to be $5 a week or $1 a week to put away, I just need some idea on how to break this up before I blow it on crap.
Any financial firms or funds, or whatever would also be appreciated. I'd prefer to hear from folks here rather than walk into a bank or investment firm and get hosed.
Thanks!