My NW now is around 600k something and my target is to be millionaire by 2025 I have around 150k sitting in cash in my bank and I can invest may be 50k. Always wanna have a buffer of 100k if anything goes wrong. What should be my strategy.? One goal is to switch and get better salary and RSUs to bump it up. What else should I try ? Total family TC- 220K Monthly expense - 3200 - loans ( primary + investment ) Personal Expenses - Around 1500 Nothing fancy or Lavish
Location?
Do you guys wanna have kids? If the Clock is ticking … then kiss good bye to millions…
Already have 1 and 2nd on the way 😂
VTI and you will definitely become a millionaire with that saving rate even if markets don’t return much. Almost everyone in tech will become multi millionaires and not worry about money.
I read that title as a question you posed at me. And I obviously nodded in a Yes.
so freaking bad?
Is your money in a high yield savings account? Please don't tell me you're holding $150k at Chase lol.
Yeah . Actually I am. Just started to look into banks / T bills etc that I can transfer my funds to. What would you suggest ?
HYSA like Marcus asap or T-Bills at Fidelity 12 month are offering 5.4% with tax advantages over HYSA.
Find a place for 100k that is safe but has some 1-2% return.
4.4% at SoFi. ;)
Any suggestions ?
Why the f do u need a 100k buffer
No reason! We both just decided that this amount should always be available to us !
Based on your expenses I’d only hold 50k in cash and put it in a betterment account 5.5% for new customers or sofi 4.4%.
That’s wild that you are holding 150k in cash in a low interest account. My recommendation is to do what others suggested with HYSA, and then slowly taking money from the HYSA and either investing in VTI or blue chip stocks every week. I personally use Robinhood (boo boo i know) but it’s really easy to set up recurring buys from their cash account and they give me 4.9% on my cash right now.
Bet it all on black
Rather green!