I make $4000/M after taxes and max 401K and spend about $2400 for all fixed costs (rent, utilities, etc). With roughly $1600 left, and with a strong goal of saving as much as I can, what are some recommendations on how I should allocate my money better. I know this is vague but need some better financial planning.

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Put $5500 per year in a Roth IRA and the rest in a High yield savings account. If Deloitte offers an HSA take advantage of that too.

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6k is max now FYI. I would follow this advice (save 500 a month for Roth IRA) then either dca into the market or hy saving

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You melted my brain with 4000/month, max 401k, and spend 2400 on expenses. I was about to tell you you’re actually in the red.

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I make about the same and worked really hard to lower my fixed costs earlier this year (I think this is key). I opened up a high yield savings account (Marcus) and currently thinking of opening up a brokerage account (maybe Vanguard to save about $100/m for the long term, ~10yrs). Also started saving about 50% of income since Covid since I don’t go anywhere. I think your big battle is in lowering your fixed costs.

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Do you need cash for a large purchase in the future? Do you have an emergency fund? If not, establish that. You can put in a high yield savings account. Then I’m sure others will have more sophisticated and researched opinions then me but depending on how much you make you can max out a Roth IRA. Then I would put the rest in a mix of index funds but I don’t have a good track record of picking individual stock winners nor do I want to spend the time researching.

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Yes agreed. It was really just for true cash you may need as better than checking/regular savings.

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DCA it into VOO or VTI (if you want broader exposure) once you max out a Roth IRA

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Salary should cover your operating expenses and leave you with some savings which you should invest in blue chip companies to accelerate growth in your net worth. For too long in life I looked at savings alone as a way to financial security. It’s not. Savings should be put to some use, either towards a home so you don’t have to waste money on rent, or towards stocks / funds.

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