I recently joined Microsoft and got my paycheck along with my bonus. Right now I have around $55k in my savings account but I think that I need to reduce it given inflation worries.
I have calculated that my 6 month emergency fund is around $20k (I have very low expenses) but will like a bit more in savings to help family if needed.
I also have around $10k in stocks, not from Microsoft, and $3k in crypto.
I am wondering if anyone has advice on if I should consider investing in index or mutual funds.
I am unable to contribute the full amount to my 401k this year since I started so late and I did not know that my contributions would be the same for my bonus as for my standard pay check.
I am also already on track to max out my HSA.
Are there any other non-Microsoft tax deferred accounts I can open? I don’t want that amount of money parked in my savings account.
I would also like to hear if any of you have any advice for me. Perhaps something you wish your younger self would have known about personal finances.
TC: 180k
YOE: <1 year
#investments #personalfinance
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With if something unexpected goes.
You have cash / liquid assets that you can live off of until the end of year