I want to preface this by saying I am in a unique situation at my age.
I recently took a financial planning class in college and have begun my retirement plan based on that. I currently have $54,xxx to my name, of which $49,000 is in equity, which, breaks down to the following:
- $20,000 in a Vanguard 2055 retirement mutual
- $6,000 in a Vanguard S&P mutual fund
- $21,000 in various S&P ETFs (SPY, SCHG, RYT, IJT, etc.)
- $2,000 in Amazon
From shareholdings in a private company, I receive $14,000 a year which has gone straight to my brokerage account; I never spend any of it.
My question is, how much of the disbursements should I put into a retirement account versus ETFs and Mutuals for the following:
- I want to live in the Bay Area and want to own a house by age 30 (600k+), is this goal possible?
- If my job offers a 401k that I plan on participating in/maxing, should I shift the weight of the retirement portfolio to other funds?
- When should I start saving money for my future child/children's’ college fund?
- Am I putting too much into retirement too early/save for other things (Car, House, etc.)?
- Finally, is there anything else I should do to set myself up for financial freedom?
A little more about me: 21 going to a mid-level university in California; Studying Econ, Finance, Accounting and plan on going for a CFP/CFA/CPA have not decided which yet; I spend money irrationally when it is not invested -- Stupid things like expensive clothes, but am working hard to change this; After university, I want to become a financial planner as well.
Submitted July 27, 2017 at 05:18PM by finthrowaway0509 http://ift.tt/2vNuH0z
