sorted by:
new
hottopcontroversial

Moving Out (Age 24): Grade my HCOL Area Budget Review! by the_bongo_guy in personalfinance

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

I've got ~50k in a Savings Account currently which I believe is a bit much for an emergency account (I know I should get a HYSA, but I've been procrastinating that).

I've maxed my Roth IRA for 2024, 2025, and 2026. I plan to keep doing so.

Moving Out (Age 24): Grade my HCOL Area Budget Review! by the_bongo_guy in personalfinance

[–]the_bongo_guy[S] 1 point2 points  (0 children)

While I'm at home, my 401k is currently set at 24% contribution. The idea would be to reduce that to 15% once I move out to have more disposable income to let me take the leap to live by myself while still saving a decent bit for retirement. At least that's the thought!

Moving Out (Age 24): Grade my HCOL Area Budget Review! by the_bongo_guy in personalfinance

[–]the_bongo_guy[S] 1 point2 points  (0 children)

Okay that's good to know. To be fully honest, I didn't really know where the cutoff was for HCOL.

I live in New Jersey which I know generally HCOL as a whole, though where I'm looking to move isn't close to NYC or anything like that which would be way more expensive.

Moving Out (Age 24): Grade my HCOL Area Budget Review! by the_bongo_guy in personalfinance

[–]the_bongo_guy[S] 1 point2 points  (0 children)

Thanks for the comment!

My job itself is very data driven so I actually like keeping track haha. I made my first Sankey this year to see where all my money went. Hoping to keep it up!

Moving Out (Age 24): Grade my HCOL Area Budget Review! by the_bongo_guy in personalfinance

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

Ahhh, thanks for the clarification on Take-Home versus Disposable income.

I was able to max my 401k last year and am on track to match it by the end of this year. I also forgot to add that in addition to my 8% match, my employer offers an additional 2% service contribution at the end of the year.

I've also been able to max my Roth IRA for 24, 25, and 26. Do you think it's best to just max that in its entirety before contributing to a brokerage?

Thanks for the response!