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Impressive you’re making 40k dog / babysitting!!
What about retirement accounts? Putting $ into an IRA, HSA and upping your 401k contributions could be a small way to start investing.
You’re asking if investing is still a thing? How would it not still be a thing?
And keep putting the max into your 401k!
You have missed out on a 6 figure sum of money leaving that 250k in HYSA rather than in the market over the last 2-3 years.
Relocating to (assuming) higher COL and also losing 40k/year in side side gigs may hurt.
You should start budgeting now like that has already happened to feel the changes before you move.
You have $240k in cash? You could start investing small with your $240k by dollar cost averaging into ETFs. Homeownership also doesn’t seem that far away if you are liquid $240k.
If that’s $240k cash you can definitely buy a house but it may not be the best investment depending on where you live and what your goals are.
Don’t worry about getting fancy with investing. Lots of strategies but the easiest strategy that’s been consistently successful is investing in ETFs and index funds regularly. (Google dollar cost averaging)
You’re doing well , keep up the solid work.
Move most of your money from HYSA to ETFs (VTI, VOO) and then be patient. A3 is correct that you’re leaving huge sums of money on the table by not investing.
I think your salary could be higher but being remote is a huge plus. Curious how many hours you put in to get 40k? That sounds like a nice side gig
As someone who lives in CO and loves it, I’d be hard pressed to move to a higher COL and lose income in the process. Can you just use a bit of your extra income and travel back a bit more often?
I’d definitely recommend starting to invest in the market- higher returns over time than HYSA/savjngs.
Hi there! If you’re looking for other opportunities for financial freedom, id love to chat!
I tried to message but it says you’re not available to chat.
It’s not clear. You break up the 10k and 240k for savings. Is this all not in a HYSA? What’s interest rate on savings account?
I would focus on keeping about 6 months worth of expenses liquid in the HYSA and the move the rest of the savings into a brokerage that you can set up at fidelity or vanguard (I do voo/vti).
If you want to buy a house soon, I would make sure the money is in a HYSA.
Either way, I would start adding more money into your 410k if there is an employer match. And do the Roth IRA. I think you earn below the threshold.
Your savings is high but you should also make sure you are putting money away for retirement.