New to FI.. Suggestions on my personal finance breakdown?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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gogreengowhite92
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Joined: Wed Jan 24, 2018 7:48 am

New to FI.. Suggestions on my personal finance breakdown?

Post by gogreengowhite92 »

Hey all! I am new to the world of FI, and have slowly been working on getting my finances in order and build up savings and built a better future.
So far I've learned a great deal from the forums, FI podcasts and Rich Dad Poor Dad. I do, however, feel that I've heard too many suggestions, and that I have spread my money too thin across too many accounts and investments. I would really appreciate to get some feedback from likeminded individuals, and maybe pick your brain to get an idea on how to streamline my financial investments and goals for the future. I plan on investing & saving about $500 combined total per month, and want to focus on the long-term.

Checking Account (Daily use): $4,000
Checking Account (Small Side-Business):$3,300
Emergency Savings (3% interest savings acct): $7,500
Individual Stocks Account: $10,500
401k (TSP): $49,000 (w/ 15% contribution)

Ideally, I want to have my investments and savings consolidated and growing in as few places as possible. In order to do this, I have taken all funds that were spread out in accounts such as Prosper, Betterment and two different accounts, and temporarily put them in a high yield savings account. Any suggestions? Is there a need to put additional funds in a Roth IRA?

Thank you for reading!
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abuss368
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Re: New to FI.. Suggestions on my personal finance breakdown?

Post by abuss368 »

What is FI?
John C. Bogle: “Simplicity is the master key to financial success."
TruthHurts87
Posts: 36
Joined: Sat Jul 28, 2018 11:19 am

Re: New to FI.. Suggestions on my personal finance breakdown?

Post by TruthHurts87 »

I highly recommend you read or listen to "I Will Teach You To Be Rich" second edition by Ramit Sethi. It will guide you on how to automate your savings and investing and which accounts you need to open.
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PhysicianOnFIRE
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Re: New to FI.. Suggestions on my personal finance breakdown?

Post by PhysicianOnFIRE »

abuss368 wrote: Mon Sep 30, 2019 5:09 pm What is FI?
Financial Independence

To the OP, a Spartan fan I presume, a Roth IRA is a great account to start while you're young and that $500 a month gets you $6,000 a year, which happens to be the Roth IRA max for the year.

First, though, if you have a 401(k) with employer match, you should put in as much as you need to get the full match. That's free money and the best guaranteed return you'll get anywhere.

Spend some time on the wiki here at Bogleheads. You'll learn a ton.

:beer
-PoF
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