{ "media_type": "text", "post_content": "Asking for personal finance help. I’m contributing about $7.5k/year to my 401k based on my budget/spending. About to get lump sum of cash (sold car, tax returns, stimulus). Was thinking of just putting a little aside in cash for rainy day and invest the rest in brokerage acct., but would it make more sense to max out my 401k for tax purposes and use the lump sum as spending $ until it runs out? Currently 27 yr old, 73k salary in NYC, no debt, $10k in EM fund, maxed out Roth IRA for 2021. TIA", "post_id": "605cf632dfc18d0022e1b572", "reply_count": 4, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Asking for personal finance help. I’m contributing about $7.5k/year to my 401k based on my budget/spending. About to get lump sum of cash (sold car, tax returns, stimulus). Was thinking of just putting a little aside in cash for rainy day and invest the rest in brokerage acct., but would it make more sense to max out my 401k for tax purposes and use the lump sum as spending $ until it runs out? Currently 27 yr old, 73k salary in NYC, no debt, $10k in EM fund, maxed out Roth IRA for 2021. TIA

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What is a rainy day fund as opposed to an emergency fund?

More for like a vacation or something else along those lines it comes up. Just cash for a little more flexibility

If you don't have an emergency fund, start there. 3-6 months of expense money and keep it liquid, then pay yourself and enjoy it a bit, then dump it into your work retirement as long. Your missing out if you don't max that 19,500. But again, don't forget to spend some money on yourself to remind you why you're saving.

Also — don’t be afraid of taking on debt. Can’t grow unless you’re investing in yourself.

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