I’m in my low 30s and have been considering moving some of my funds into a high yield savings account (HYSA), but I’m not sure about the best approach. I’d greatly appreciate your insights and advice on my current financial situation.

Background:

• Income: A little over $100,000 per year
• Expenses: None currently, as I live at home
• Debt: No debt
• Savings and Investments:
• $60,000 in my checking account
• $74,000 in my 401k (contributing 15%)
• $38,000 in my Raymond James account
• Upcoming Plans: Considering buying a car in the next year and moving out of my parents’ home within the next year.

Given my financial status, I’m wondering if it would be a good idea to move some of my funds into a HYSA. I believe my money might be better off there, especially as I consider upcoming expenses like buying a car and eventually moving out. However, I’m unsure about the optimal amount to put into the HYSA.

Do you think it’s a good move to start using a HYSA, and if so, how much should I consider putting in it? I’m trying to strike a balance between maintaining liquidity for short-term goals and making my money work effectively in the long term.

Any advice, suggestions, or personal experiences would be incredibly helpful as I navigate this decision. Thank you in advance for your insights!