So. I (30f) have this issue about keeping too much cash in the bank. I told my husband that this is for an emergency fund which is one year worth of gross salary. But I also know that I'm just losing money by keeping it there. The current amount is $150k.
I have this irrational fear of not having enough cash for emergencies. Husband said there could be some sort of financial vehicle such that I still keep liquidity somehow but not just keep it in a savings account and lose money from inflation.
I'd like to hear recommendations from you, financially savvy people, about options of where I should put this money in.
I don't have any other debt except for our new house mortgage. We plan to pay this off in maybe 5 years but should I just put the money and pay more principal now? Our interest rate is 2.75% so pretty low.
Aside from maxing out employer-matched 401k, what other steps should I do?
We also have a shared taxable account where we already chucked money in for several stocks and a divo. My husband only keeps 4 digits in his savings account and chucks the rest into this taxable account. I also already put money there last year. Should I just put more money in this divo then?
How about IRA? I don't have this yet. I know the general difference between traditional and Roth but is one actually better than the other depending on where you are in life? The APY for IRA with Navy Fed looks super low... Where do you guys do your IRA?
Keen to hear your opinions. Thanks!
EDIT : I suppose there's a lot I don't yet know about IRA so I'll go do my research first. The entire "prep for retirement early" just makes me so anxious. But I should do my own research first. Thanks folks!
Submitted March 24, 2022 at 11:37PM by Silvertricks https://ift.tt/1KaeMbt
