{ "media_type": "text", "post_content": "Need investment help. New big law attorney with $200k salary, paying NYC taxes. Currently in Texas with my family paying no rent. Will move to NYC in July. No student loan payments until September. What the hell should I do with all my money? Going to max 401k, HSA, and back door Roth... what else?", "post_id": "600d5c7debfff5002fc7b312", "reply_count": 33, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Need investment help. New big law attorney with $200k salary, paying NYC taxes. Currently in Texas with my family paying no rent. Will move to NYC in July. No student loan payments until September. What the hell should I do with all my money? Going to max 401k, HSA, and back door Roth... what else?

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Those areas the big ones on tax advantages accounts. I max out all those and then put some additional savings in my brokerage account. Good luck on your journey!

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Fair but there are multiple ETFs that track similar indexes. I’m guessing you could own one of those...

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In the military we had a saying “maximize fire for effect” Consider throwing everything you have at those student loans. Maybe counterintuitive but may tremendously help your cash flow when you lose the luxury of no rent and living in an HCOL

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@senior manager this is true although I won’t be buying for a long time (will leave NYC in 3-5). I think you and EY may have convinced me to pay off at least some of my debt even while interest is not accumulating.

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Move to jersey city. Save city taxes!

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Living in the city is overrated (my perspective). I did it for some years. I had a Small apartment’s small room for 1550 because I wanted to live in the village area. Then moved to JC, 2 bedroom in downtown JC (grove st), 1 min walk from the station 2k. Plus less taxes. I see a total win here!

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Are you involved in any philanthropic pursuits? I would think there are community groups that align with your interests and values that would welcome some charitable contributions.

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Does your big law firm let you do pro bono work? I’d love such an opportunity!

Dollar cost average into ETFs.

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You probably will not have the option to do an HSA, most biglaw jobs are going well I have pretty good insurance, so you may not qualify

I think we have HSA, I will look into it. Thanks for heads up. My plan is currently low deductible so I think we do not.

Open up a donor advised fund and make a big charitable contribution.

Save some in cash. You’re moving to NYC ? Save your cash. It’s expensive here

I will have sufficient cash saved

Mega backdoor

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