15k in savings. Living in NYC, 2 years out of undergrad. No 401k setup yet or other investments... where do I start?

like
Posting as :
works at
You are currently posting as works at

At a minimum contributing to 401k at least up to company match

like

If you have an HSA option thru work, contribute to that before the IRA

Post Photo
like

What’s the reason for contributing to Roth/traditional IRAs before the company 401k?

Contribute to your 401(k) up to your employer match. Set up a Roth IRA and contribute the annual maximum of $6,000 (I have used a few investment management companies for this, and have found Vanguard to be the best one for many reasons). Set up and max out your HSA.

Right now, I like investing my 401(k) and Roth into target date funds. Some folks dislike target date funds, so do some research to see if they’re right for you. When the market pulls back through the next recession, I’ll be investing all new contributions into a total US stock market ETF (VTI).

like

I still wouldn't try to time the market though. I can understand wanting to hold back on investing extra cash in taxable investments during the recession period, but you should still be regularly investing a set amount into retirement accounts over a long period (monthly).

like

I’m still in shock u have those savings a year or two out of school

funny

Much appreciated! Thought I was on the lower side for savings - will try and build more from here

Thank you all! These are great starting points

Related Posts

I joined EY this week. May i know whether are any good benefits to know during the first few months?

like

Bain & Company PPO health insurance only! Post your firm's biweekly premium (employee deduction) and whether it's employee, employee+spouse or employee+family.

Deloitte Accenture EY PwC Boston Consulting Group McKinsey & Company Bain & Company KPMG

like

Any downside to holding some funds from my Roth IRA in my vanguard federal money market fund until I can buy the dip? I’ve hit my max contribution limit for 2020 by having a few thousand hanging out in there until I’m ready to buy. I can buy with those funds after 2020 contribution deadline right?

Does LTI provide reimbursement for WFH setup ?

like

Have a big upcoming international trip and trying to choose between the Marriott convoy boundless credit card or the chase sapphire preferred card to not have foreign transaction fees. Anyone have any experience with either and can help tip the scales one way or another?

like

Will Amex restricting guess access for Centurion Lounge actually make any difference?

I can see short term changes but the way Amex has been aggressively marketing Platinum card, we just will have overcrowding of primary card holders 🤷🏻‍♂️

What's next, everyone has to spend min. 50k a year to get Centurion lounge access or pay per visit.

likeuplifting

Hello Verizon fellows, In Deloitte, there's a facility to claim a certain reimbursement for purchasing mobile devices through their portal or something. Similarly, do VDSI employees have any discounts or reimbursement for purchasing devices through Verizon? If so, kindly let me know how to check it out. Thanks in advance.

like

Hi Fishes, what is the monthly salary for this? With 1.5L in 80c and 15k monthly rent and using previous employer’s pf. Please help.

Post Photo
like

News about Demi Lovato’s overdose is really devastating. Just goes to show that you can be successful with access to the best healthcare and resources but mental illness doesn’t discriminate

like

I'm a first time home buyer and got pre qualified back in Jan. Hard pull on credit docked me a few points. I wasn't able to close and now considering another hard pull for a different mortgage company offering better rates.
I'm new to this and this may be a stupid q but I'm looking for input from the bowl on whether to do this hard pull and get pre-qualified with a few more mortgage companies. Any advice is appreciated. Thank you

like

What steps have you guys taken to generate a second/ passive income?

I would love to come across some ideas and know how it is working out for you.

like

How much does a senior cloud security consultant make at EY?

What benefits should I be asking for if I’m leaving 401k match company with good stock purchase program?

I’m in considering relocating looking for high income low tax city.

like

Anyone at West Monroe willing to chat? Applying to the experienced consultant position for healthcare.

like

Whats the second source of income for a IT employee ?

like

As healthcare worker trying to conceive how safe it. Is to take covid 19 vaccine ? Any suggestion will be helpful.. I am so confused

like

Any healthcare strategy practices hiring here? I have 2.5 YOE in healthcare valuation and am looking to move into strategy work!

like

How much can we save in Canada Onsite ? Tech lead role. Avg sal in glass door is $80k .

like

Client had a privately held REIT in IRA. Trying to transfer to IRA I manage to diversify. I need some help. Continued...

like

Anyone ever considered contractor gig in Meta/Facebook or any other big players in tech? I'm full-time in a smaller company and it's pretty stable. Wondering if the move could be worthwhile. Mostly want to explore other areas. Other things to consider: planning for babies in the next 3-5 years; maternity leave in current position is basically what's legally required.

like

Does anyone have any book recommendations for information on buying a house?

like

More Posts

I have a awesome design for luggage that is designed for people that usually fly first class. It keeps all clothes in travel on straight during any flight and optimizes the use of first class luggage

like

Hi,
As of now I got into PIP so does it indirectly means that i will be fired.?

how many YOE are needed to come in as Consultant at BCG with no MBA?

like

I have been waiting/looking for this exact bowl. It’s graduation season. Get ready for the “I’m proud to announce” LinkedIn posts that none of us give a piss about. May we post and roast mercilessly.

likefunny

At MBB are you typically on one project at a time

like

Penchooooo... inhe believe hi nhi ho rha ki hum itne Churan kaise ho sakte hai 🤣🤣🤣EY

Post Photo
like

Any AVP from CCB operations here? What is your CTC in JPMC?

like

JD/LLM in international and m&a Tax looking to leave corporate and start a firm in business/estate planning. If anyone has had success starting a firm in these areas please share any resources or insights. Thanks!

like

Anyone in the Bay Area? M here

like
like

I cleared my technical round, after that they gave me an assignment, which I also completed.
Now they send me an invite for product manager round. What will be the questions asked in this round?
Stack - Software Test Engineer (Automation and Manual)
Exp: 3.8 Years
This one for startup.

Just moved into a new house. Completely empty at the moment. What are some must have that are quality of life improvers or things that are smart to buy “the good version of”? (I.e. buying an $80 press iron instead of a cheap $15 dollar one)

My brother-in-law (age 30) told us recently that he is transgender. How can we support him? (‘Him’ as we haven’t discussed pronouns yet). It was a surprise to us!

likeuplifting

Has anyone attended client interview for Standard chartered Bank in Wipro for Java lead role ?
Please let me know what type of questions one can expect.

like

Lateral that just went through first bonus season with the firm. Not in a major market but workload is comparable to major markets. Surprised at how low the bonus was. I received solid reviews and my annualized hours were well above the requirement. Should I approach anyone about this? Wondering if it is worth addressing or if it could compromise my standing. Thanks in advance!

like

I am planning to shift to Dubai with my wife. Looking for opportunities.
Hi!
I have 14 plus yrs of total experience with 9+ years of experience in Java, Springboot and Microservices. I work as Tech Lead.
My 13 years of Work experience is in Financial Domain.
1. How much Salary should I expect ?
2. How much is enough to live in Dubai in a good way without compromising on lifestyle.
3. My current CTC is 37 Lakhs INR (Inhand 227000 per month)
Thanks in advance

like

Hi I got a 4 rating this year, in 2 parameters and in one parameter 3. Any danger of a potential layoff. Am a business analyst as societe Generalle GSC Bangalore

like

I have left CG 18th of last month, how many days they typically take for full and final settlement?

like

What’s the salary range of a senior consultant in the EY UK? I have 9 years of experience. Currently working as a Data science Manager.

like

Additional Posts in Personal Investment Chatter

What’s the best way to maximize having both the chase freedom unlimited and sapphire preferred?

For context, I’ve had the unlimited for 2 years and just opened the preferred because of the bonus offer. I will hit the $4k spending target, but after that, what’s the best way to use these two in tandem, given the unlimited rewards are all around much better.

like

My company uses ADP for retirement. It has a contribution allocation for just 401k and roth 401k. If I wanted to contribute to a traditional IRA does it need to be through ADP and if so how is that done?

like

If I max out my traditional 401k and have a mortgage interest deduction to against my w-2 taxes does it mean I can pay way less taxes than a average person who makes same amount salary as me?

I am trying to do a backdoor roth but have about 60k sitting in traditional IRAs. I also currently live in NYC, would it be best to rollover everything into 401k, then do backdoor?

like

Has anyone looked into starting a property management business? Repeat clients, scalable, and can run smoothly once you figure out the right team/systems. Any general thoughts and or recommended resources/books? Haven’t done much research...just sharing shower thoughts here

like

Best provider for good rates on used car loan?

like

With rates going up, is now a good time to start a CD ladder?

like

I’m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but don’t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

All of the robo-advisors I’ve seen invest in low cost ETFs. Are there any that invest in individual stocks? It feels like this would be much more effective at tax loss harvesting because it would de-average the holdings within each ETF. I’m going to have large capital gains next year and I’m looking for ways to offset.

likesmart

Investing newbie here trying to invest my hsa. Debating if I should do 100% on something like viix for simplicity or if I should diversify? If diversifying, what’s a recommended approach? Perhaps 2-4 funds? Many thanks for the help.

like

Is it smart to set up an LLC for holding investment properties and other securities?

like

Happy to finally have a $100k NW! Thanks for everyone’s help in this bowl!

Post Photo
likeupliftingsmarthelpful

Had my sapphire preferred for 4 years. Can I downgrade to a freedom today and re-apply for a sapphire after a couple weeks to get a new bonus?

like

On average, what % of your lifetime savings should be directly in the market (MFs and ETFs)? This is excluding 401k, Roth IRA etc

like

Would you buy a brand new car in cash?

like

If planning to buy my first home in next 1-2 years, what should I be doing now leading up to the purchase e.g. things to boost credit score?

like

I’m finally hitting a stride (now in my mid-30s) and have some cash to play around with/invest. Any suggestions or recommendations on good, long-term strategies (and/or things I should absolutely be doing) for people not familiar with having a tiny cushion of wealth? Also open to “you should hire a financial advisor, etc..”

I started a small LLC on the side. My company is getting it's first client this month.

Wondering if any 🐟 have recommended resources on setting up initial consulting business thru an LLC.

Books, websites, tax strategies etc.

My LLC is already incorporated, but looking for guidance with the next steps (creating contracts, invoices, etc)

likeuplifting

At what point do you pull out money from stocks to buy your first home. Stocks seem to keep going up but I guess so does housing but how do you know you're making the right adjustment in overall portfolio allocation?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal