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I've only recently started really incorporated saving extra $, but now that I'm comfortable allocating extra $ into my two savings accounts, what is the next step? After x amount of $ saved is it a wise idea to invest in CD's, money markets, stocks, etc.?
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You should have an EF of 3 to 6 months expenses in liquid assets: High yield savings, money market account or other. Are able to invest in your company 401k? If you qualify for an Roth, fund your 401k to the match, then fund your Roths.
You can do minimum contributions of usually 50.00 and up with an mutual fund company such as T. Rowe Price and others. Look for an fund with a track record of ten years or more or you can choose a target fund. -
It's difficult to assess the next best move without knowing more about your overall finances. I assume that you already have all credit cards paid off, but if not, then paying those off is the next move. Then you have to look at any other debts you have that may need to be paid down.
If you have a 401k plan at your company, definitely donate if they match as maat55 suggested.Comment
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