Hello! I need help understanding whether my financial moves are smart or not. For some background, I am a 23 year old young professional working in an R&D/engineering role. I have been working for over one year in an area with a low cost of living. I moved here and started working right out of college. I have no student loans or debt. My rent, utilities, and groceries (basically my only monthly expenses) probably cost me around $1,100 or less a month. My take home after taxes/insurance is around $3,000. My father is a very practical and fiscally minded man and I do everything he tells me to do with regards to my personal finances. I am not financially literate and would like to see different perspectives on my actions. I do the following:
-Max out my Roth, my father helps me trade stocks in this and I haven’t lost any money yet -Max out (or very close to) my 401k, 7% employer match -HSA contribution of 115 per paycheck (biweekly) -Keep at least $4,000 in checking account to pay off credit cards, although I don’t ever spend this much but just to be safe -Pay off credit cards each month entirely -Everything else goes into a high yield savings account (used to be 2%+ but has since declined)
Is there anything I can improve on?
Submitted July 30, 2020 at 10:10PM by smalldrinkofH2O https://ift.tt/2XcDSqC
