First post here, but I'm looking for a bit of advice.
I'm a 30 year old male, gainfully employed, who has saved up $60,000 dollars in a checking account at my bank. I've put this sum together over the last 4-5 years -- a year ago, my small company was bought by a much bigger company, which gave me access to company health insurance and benefits for the first time ever, really. They also paid me a significant bonus to stay on, which is why I have 60K in the bank today.
It has been suggested to me by a close friend that having that much money in a checking account is a waste and that I should invest.
I just don't know in what, exactly.
I don't have a retirement account (I've been told I should have one), and my credit sucks (thanks to student debt and medical debt, it was tanked for years, but it's on the upswing now -- sitting at 640ish, which sounds bad but it was way lower before). I don't have a credit card due to the awfulness of my credit for many years.
Based on some limited research, it seems to be recommended that I should have enough money in the bank to survive for six months unemployed, in case something bad happens -- so that would roughly mean $10,000 for me (since my monthly costs usually take a little less than a paycheck, which is $1600 for me).
If I kept that in the checking, that leaves $50K to go ... places.
I'm not really certain how much should go where or what things to invest in or if I even should, considering the current uncertainty in the global market with all the trade wars and worrying recession-ish signs the market seems to be giving.
So, my question to the wise folks here: where would you put the money if you were in my spot?
I will happily answer any and all further questions to help paint a picture for you. Thank you in advance.
Submitted September 01, 2019 at 07:13PM by trekfan1013 https://ift.tt/2HExb8U
