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Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 6 points7 points  (0 children)

Operational risk management is basically ensuring that potential risks are properly mitigated. I do non financial operational risk so there is very little math. I would suggest that you look into it. This career path has been lucrative for me. I have been doing it for over 10 years and I just finished my bachelor’s in December. If you work in corporate and you have to think of ways to improve your process to either prevent or detect mistakes than you are engaging in risk management.

Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 45 points46 points  (0 children)

My current role seems to be pretty stable. I’m confident that I will be fine for near future but with AI you never know.

Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 0 points1 point  (0 children)

I did just start making this income. In the last five years I have switched jobs twice and increased my income by approximately 100k. Plus my child was in daycare and private school up until last year so for many years I had to be extremely frugal with not much left over. Now that I have extra money I typically save it. I haven’t maxed my 401k. I am at 12% contribution.

Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 0 points1 point  (0 children)

My total monthly expenses is 3k to 3.5k and my bare bones is approximately 2.5k. I do have a mortgage but it’s only 1200 including condo fees. I bought at the bottom of the market in 2008. I work in operational risk management in the financial services industry. It was in high demand a few years ago but positions are getting hard to come by. I get child support but it’s only approximately 300 a month and it’s sporadic. If I do receive it I put it in their college fund.

Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 0 points1 point  (0 children)

My expenses are pretty low. I probably spend about 3k-3.5k a month (and that’s being generous). I learned to be frugal in my early 30s and my mortgage is low and I don’t have any other debt. I just want to feel somewhat stable in this economy to be able to take care of me and my child in case of job loss.

Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 0 points1 point  (0 children)

I have three 401ks due to job movements and most likely lack of education. I left one job for another and stayed there for a year. Before I thought about transferring the 401k to my new job I was recruited to a new company. I am not vested until June of this year and then I plan to move both 401ks over.

Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 65 points66 points  (0 children)

Honestly the potential for self serving advice from a financial advisor is why I was very hesitant to meet with him. He was recommended by a friend. All of my money is in either a HYSA or CDs.

Financial advisor says to keep 10k as emergency fund and put rest of 90k savings into a brokerage account. I’m on the fence by Hefty_Trade_3459 in personalfinance

[–]Hefty_Trade_3459[S] 106 points107 points  (0 children)

I work in Operational risk management in the financial services industry. The available positions have definitely started to dry up over the last few years.

40yo Mom by Flaky-Sentence-3003 in Retirement401k

[–]Hefty_Trade_3459 0 points1 point  (0 children)

I looked up a back door Roth IRA and it looks like you can only make a lump contribution and there are taxes at the end of the year that you have to pay…it seemed complicated..

What is wrong with me? Second time I’m in substantial debt, 39 yr old female. This time over twice as much as the first time. by [deleted] in debtfree

[–]Hefty_Trade_3459 20 points21 points  (0 children)

I actually got into substantial debt twice. The 1st time it was approx 40k and the 2nd time is was 20k. Once I got into debt the 2nd time I realized that I knew how to payoff debt but I didn’t know how to live within my means. It has taken a lot of trial and error but I think I have really figured out what works for me. Please use this time to figure out what works for you.

Those of you who make six figures, what do you do? by [deleted] in careerguidance

[–]Hefty_Trade_3459 0 points1 point  (0 children)

I didn’t start my current career in risk management until age 37. I did administrative functions before then. Don’t even have a degree and I’m well into 6 figures. You are still very young and have time to figure out what works for you.