irie56
irie56 t1_jef37lx wrote
always max out employee contributions
Open brokerage and ROTH (fidelity is great, cheap and easy) Or Schwab although I find them a little slow sometimes. Although I think schwab just offered a High Yield , insured savings.
Moving cash savings to a high yield account or brokerage and into a treasury fund where you can make 4-5% interest.
Max out ROTH (while you can) ~$6500/year (double check that)
start auto contributions to a fidelity ZERO fund. Set it and forget it. Don't look at the market, don't bother with CNBC or picking stocks. Just do it rain or shine forever. Make sure to check all boxes that say reinvest dividends. Depending on your need for cash - place a chunk of your savings in the fund or do it $2-$5k/month until you hit the amount you want to invest.
If you comment is in regards to buying or selling stock options - uhh let that dream go until you have more experience in the market.
irie56 t1_iyf8r3t wrote
Ask for referrals from friends, family, business owners. But like the other comment a tax attorney and financial advisor will help.
irie56 t1_iufg1oj wrote
Reply to Should I wire transfer to myself when moving money from one savings bank to another? by EmojiOfAKeyboard
ACH is quick and effective and safe. I do it all the time between my various business, personal and my biz partner's accounts. Unless you have a timeframe on needing the money at the new bank this is the most cost effective and easiest way.
a wire will cost money - take 24-36 hours depending on the time and day of the week.
You can also request a bank check from Discover (assuming you have a physical bank to go to) and deposit in in Ally.
irie56 t1_jefel4n wrote
Reply to comment by rougebit in New Grad. 22. 70k saved, I want to invest - how should I start? by rougebit
Most high yield savings accounts are FDIC insured. Treasury funds are not. I use AMEX for my HYS.
Cash is only for what you could need in case of emergency or would need quickly. That could be regular savings or in some cases you can transfer from HYS to checking in a day. Consider your lifestyle and is there a circumstance where you need several thousand bucks today or tomorrow? If not lock it away and earn money while you can.
There are a handful of zero funds. Typically with a very long investment time period you start with higher risk - mostly stock or a higher concentration on stocks. (= higher volatility) or just go S&P500
Backdoor roth is for when you earn too much to contribute to roth. You aren't there yet