What is the next step in my personal financial situation?
I am 28 years old. I have no credit card debt. I have $18,000 in a high yield savings account (5%). I have $2200 in Mutual Funds (made 12% so far YTD). I have $12,500 in my 401K. I own a house in Texas that I currently rent out. The rent pays for the mortgage. I rent in California and cannot buy as I am here only for a short period of time. I save approximately $1500 to $2000 a month. Where should I put this money? More mutual funds, high yeild savings, 401K, IRA or other? Do I have too much money in the high yield savings account? I am willing to take an above average amount of risk but nothing on the crazy risky side! Need some financial guidance world...please help! I know I'm not doing too bad, but I know I could be on my way to financial freedom in the future with some right guidance. Thanks!
Asked By: DLC - 6/6/2007
Best Answer - Chosen by Asker
Traditional steps to financial freedom... More
Answered By: lizzgeorge - 6/6/2007
Additional Answers (4)
You should have the equivalent of six months expenses in an emergency fund. If the 18K is not sufficient, add to this first. If it is, then add to the mutual funds (I'm assuming they are low cost and no load). Avoid "full service" (read "commission") brokers...you are doing great on your own! This country needs... More
Answered By: tallandslimman - 6/6/2007
At your age, you must be better off than about 80% of the persons around you of same age... More
Answered By: SaturnMan - 6/6/2007
It's hard to believe you have done so well for yourself and yet believe you can get reliable financial advice on this site! Get some professional financial advice. You can afford it.
Answered By: whyworry - 6/6/2007
I say your doing pretty good... More
Answered By: ambient health - 6/6/2007
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