Thinking about speaking to a financial advisor (Schwab or Fidelity) since I don’t really have too much knowledge around wealth management. Here’s my situation: ~1.5 YoE, 200k TC, 60k in savings account, already max out 401k. Wanted to ask what would be the recommended next steps to start growing/diversifying the nest egg? Thanks!
Didn't know Salesforce paid that well gj
Open a trading account and for your age, pick growth and aggressive growth mutual or index funds. Otherwise look at buying a house or buying rental property.
Thanks, any examples of recommended mutual/index funds?
VTSAX
If you are on a health savings plan, you should also max out your HSA. Pay for your medical expenses out of pocket and let the HSA money grow. Triple tax savings. If you can contribute to after tax 401k, you should do that as well. Roth IRA is another way you can save.
What is the usefulness of an HSA?
Pre-tax account (lowers your tax liability), the funds can be invested just like 401k or IRA, and you can pay for medical bills without paying taxes on the gains. Win, win, win.
Check out bogleheads. The three-fund portfolio is self-managed gold. Start here: https://www.bogleheads.org/wiki/Three-fund_portfolio Also be sure to join their forums and read everything. Post your questions there if something doesn’t make sense. Lots of wealthy folks frequent that site and are happy to share knowledge.
I have One YoE and add about as much post tax to my NW as you do. Is the 60k just in cash/savings acct? I only have 30 in there and even that feels conservative to me. Try putting 27k into high growth investment account and 3k+ into Robinhood. That should teach you about investment products and give you the chance to try making some bets. Also, always max hsa. I don't max 401k (just enough to get match) but hsa can be used for glasses, expensive meds etc. Definitely max it out, it's only $100 pre tax per paycheck and the money stays with you.
If you speak to an advisor, make sure they are acting as your fiduciary and not trying to sell you high fee funds. If you don’t want to read up on different index funds and DIY, you can pay for a robo advisor such as FutureAdvisor.
sell drugs to coworkers
Pretty much where I am as well. Following.