{ "media_type": "text", "post_content": "31 single, make 187k annually. Need your help to know what I am doing incorrect and how can I save better. 45k in savings, 38k in 401k, 18k mortgage debt for a 200k home in India. My goals are...", "post_id": "5e9ec5e14b200800291e97ce", "reply_count": 5, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

31 single, make 187k annually. Need your help to know what I am doing incorrect and how can I save better. 45k in savings, 38k in 401k, 18k mortgage debt for a 200k home in India. My goals are...

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I think you are doing pretty well OP, 2300 out of 3375 saved is actually very good ! And it seems like you are already contributing to 401k and have big expenditures coming up so I wouldn't suggest you put your extra money to equities since it's wayyyyyy to volatile right now and given current economic conditions it can tank more, so if I were you I wouldnjustpark everything in HYSA

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Thanks, park everything as in including what is currently going into HYSA?

To buy a 300k condo before the end of 2020. Save around 15k for wedding expenses that could happen in 2020 or 2021, still single though. The 45k in savings is in HYSA at 1.6% APY and Inlcudes my emergency fund. I effectively started earning only 5 years ago when I started here in US. I paid off a 65k student loan and then the 200k mortgage for a home that I got for my parents back home. Been contributing to 401k at 9% now and get 3775 post tax biweekly. I am trying to save 2300 of the 3375 biweekly paycheck. I have not started investing yet. Can really use some help on how to prioritize and save for my goals.

Any suggestions?

Max 401K. Open an IRA account and use backdoor Roth to convert to Roth IRA. I would actually make a plan (and stick to it no matter how tempting it is to panic sell) to put the $45k into the market (e.g. low expense index funds) in the next few months so you can take advantage of the low priced stocks. Something like: $500 per day in the next 2-3 months (I wouldn’t keep more than $2k in my emergency fund). Continue to save as you have been doing (good job). Read personal finance books (Unbreakable, The millionaire next door, latte factor etc. there are so many out there and even more on YouTube).

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