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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > CYOA: What the heck do you do with money?
 
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DJCobol
May 16, 2003

CALL OF DUTY! :rock:
Grimey Drawer

VanguardFelix posted:

words
I've been in your position. I'm still kind of in your position. Making good money, not a lot of obligations for said money, no clue what to do beyond "hey, save some of that money!"

quote:

Goals:
  • Consolidate 401Ks
  • ???
I wouldn't do this unless your new 401(k) is STELLAR in it's expenses and investment offerings. Look into rolling your old one into a target fund at someplace like Vanguard.

quote:

401k 1 is from a previous job, 401k 2 is from my current employment. As of right now I am not actively contributing to it anymore, dealing with some personal health issues and depending on how that all plays out I may not have to worry about making it to retirement age.
If you have the option, look into opening a HSA account and max it out. I can invest my HSA money into a few different mutual funds, and since my medical expenses are low or even non-existent right now, I essentially treat it like another retirement account.

quote:

So what do I do goons? I've been stagnant for years and am looking to change. Do I pump up my 401k to employer matching and just treat it as an emergency fund and deal with early withdrawal penalties? Start actively investing my money in stocks/bonds/bitcoin/dogecoin/unicorn farts? I will update the OP as I get beyond this nebulous sense of "I need to do something" to "I'm actively going for x" and track progress as I go.
Invest enough into your employer 401(k) to get your free money. Then max out a Roth. Then max out a HSA if available to you. You are sitting on 27K already, so you should already have an emergency fund to use without having to touch a 401(k). I would rather steal from a Roth anyways, since there are no penalties for taking out your initial contributions. Yeah, it may suck to lose that amount in there earning compound interest, but its better than an early withdrawal penalty from a traditional 401(k).

* # ¿ Oct 6, 2015 18:50
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# ¿ May 16, 2024 15:11
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > CYOA: What the heck do you do with money?