I'm looking for some advice on what to do with all of my cash. I'm a 23 year old living in a small studio in NYC making $95K/year. I have $185K in cash on hand.
My biggest expense is rent ($2K). Outside of an MTA card and $400 for groceries, $100 for internet/cable, and $75 for electric, I have no additional expenses.
Here's where my head is at:
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Moved $5.5K to a Roth IRA that I'm earning 1.00% on today.
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Opened an account with Betterment and am leaning towards moving the bulk of my money into this account, with the goal to grow the money long-term (I think the recommended allocation was 60/40 equity to bond or vice versa).
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I'm starting a new job soon and my employer matches $0.50:$1 for my 401(k) up to $1,500. I plan on maxing this out.
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Keep the residual cash on hand in a savings account (6 months of living expenses or so) earning 1.00%.
How does this sound? Reasonable? Anything you'd change?
Submitted March 06, 2017 at 10:42PM by fhdgs249 http://ift.tt/2mdfLV6
