I am 45 years old and I don’t feel like I am very prepared financially for the future and don’t know how to make my money work for me. I just want to run what I have going on past reddit to see where I can improve.
My income is $112,000.00
I own my home and owe $238000.00 $1400 a month at 2.8% I am paying a PMI on it as well of $54 a month which will drop off at $203000
Lease a car for $330 a month
No other outstanding debt, credit cards etc are all paid monthly.
I have a $45000.00 401k with a previous large company that I am not contributing to but is still increasing.
I have $10,000 IRA no contributions
New 401k at my current company which I have only been at for 6 months, contributing maximum match
$5000 in an ETrade account that I dabble with stocks (not very well)and contribute $200 a month to.
$103,000.00 in two savings accounts in which one I contribute $2000.00 a month.
I am paranoid as hell about locking up money for fear of losing it or needing it.
I would like to keep a healthy savings and get the rest of the money into my ETrade account and buy Vanguard. I was considering keeping $30k in savings and the rest in Vanguard. I am doing a bit of work on my house so of that $30k at least $10k will be going into the house.
Another option is to pay down the house to get out of the PMI, $35k to the house and $35k to Vanguard while keeping the $30k savings.
Is 30k in savings a bit much? I feel comfortable with it and absolutely freak out when it drops below $30K like if it hits $28k I will jump on eBay and start selling things I don’t really use even though the reality is if I just wait a few weeks it will be right back up to $30K
Tell me what I am doing wrong or which direction you think I should be going.
I was never taught personally finance and wish I would have been at a much younger age.
Submitted September 18, 2021 at 06:35AM by _NOT_ROBOT_ https://ift.tt/3tSomzl
