Author Topic: 1st post ever- background info. and advice.  (Read 1095 times)

mcarrato

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1st post ever- background info. and advice.
« on: November 27, 2018, 08:31:38 AM »
Hello all, today is my first day embarking on this journey with everyone and I am as happy as a kids first Christmas morning!!!
I'd like to share a little about myself and my current financial standings.

[u]ABOUT ME:[/u]
I am 31 years old(turn 32 dec. 30) and graduated from College in 09.
I have worked for the same company since graduating in 09, which is rarer then a unicorn these days.
I own a duplex in Cleveland,OH(westpark actually) and currently owe 108k left on house note.  Bought in June 2015.
I have zero debt besides my rental property.

Financial Standings:
current income: $150K
401K - 160K
CASH- 150K.
STOCKS- 20K
ZERO DEBTS beside mortgage.


Now, that we have some important background information on me I would be very curious as to some money moves/investments advice going forward.
I will admit my investing experience in relation to stocks is limited  but I have some general knowledge.
Personally, i have been following the market and am a bit scared so would love some advice.
I would be looking to invest anywhere from 50-100k of my cash right now.
Thanks to anyone who took the time to read this and put any efforts/thoughts into it as well.

Andy R

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Re: 1st post ever- background info. and advice.
« Reply #1 on: November 27, 2018, 08:58:36 AM »
Welcome to the forum.

Suggest spending a little each day. This is a good start.
https://jlcollinsnh.com/stock-series
https://investingroadmap.wordpress.com

degrom7

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Re: 1st post ever- background info. and advice.
« Reply #2 on: November 27, 2018, 01:15:33 PM »
Welcome to the forum.

Suggest spending a little each day. This is a good start.
https://jlcollinsnh.com/stock-series
https://investingroadmap.wordpress.com

I second this. He also has a book which I’m trying to finish. It seems like you’re on the right track with your background. There’s no debt. Here is what I suggest you do.

- You only have a month. Put as much into your 401k as you can. What do you invest in?
- max out your IRA at Vanguard.
- see if you qualify for an HSA. If you do, max that out.

Is there a reason why you have $150k cash? Are you saving up for a mortgage? If not, use part of it for your emergency fund and put that in a high yield savings account. The rest can be in a taxable account at Vanguard.


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mcarrato

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Re: 1st post ever- background info. and advice.
« Reply #3 on: November 28, 2018, 07:33:36 AM »
I was planning on buying a large 12 unit apartment complex with the 150k cash but it fell through.
IRA @ vanguard? how much can I invest and I thought you couldn't invest in IRA'S once your income was over $135k.
HSA?- NEVER HEARD OF IT... WILL LOOK INTO IT ASAP.
MY 401K IS MAXED OUT EVERY YEAR.
This is why I am here, b/c I don't want to keep making the same mistakes over and over.....

truly appreciate your feedback and thoughts thus far :)

mcarrato

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Re: 1st post ever- background info. and advice.
« Reply #4 on: November 28, 2018, 08:17:56 AM »
RIGHT ONE, THANK YOU SIR!

onlykelsey

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Re: 1st post ever- background info. and advice.
« Reply #5 on: November 28, 2018, 08:23:19 AM »
I was planning on buying a large 12 unit apartment complex with the 150k cash but it fell through.
IRA @ vanguard? how much can I invest and I thought you couldn't invest in IRA'S once your income was over $135k.
HSA?- NEVER HEARD OF IT... WILL LOOK INTO IT ASAP.
MY 401K IS MAXED OUT EVERY YEAR.
This is why I am here, b/c I don't want to keep making the same mistakes over and over.....

truly appreciate your feedback and thoughts thus far :)
You can do a backdoor IRA conversion.  Here's Vanguard's article on the subject, I'm sure schwab etc have their own depending on your preferred provider: https://investor.vanguard.com/ira/roth-conversion

mcarrato

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Re: 1st post ever- background info. and advice.
« Reply #6 on: November 28, 2018, 09:07:09 AM »
HSA DOESNT APPLY TO ME, MY HEALTH INSURANCE IS FULLY PAID FOR BY MY COMPANY.

Financial.Velociraptor

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Re: 1st post ever- background info. and advice.
« Reply #7 on: November 28, 2018, 09:27:47 AM »
Welcome new person!

Do you plan to pursue a conventional approach to investing or are you committed to being  real estate investor.  Both paths are valid.  Forum  moderator arebelspy and his SO retired early on the strength of real estate investing despite working with what I think was two teacher's salaries.  You can certainly get there with your high earning capacity.

2Birds1Stone

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Re: 1st post ever- background info. and advice.
« Reply #8 on: November 28, 2018, 09:42:36 AM »
Please locate the capslock button on your keyboard and press it before any further replies.

Otherwise forum etiquette dictates you are yelling at us.

JAYSLOL

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Re: 1st post ever- background info. and advice.
« Reply #9 on: November 28, 2018, 12:14:22 PM »
Welcome to the forum, I'll leave the investment advice to US-based forum members.  Congrats, between your sizeable income, finding MMM and the fact that you are clearly a natural saver already you are on a great path