Got 100K in HYSA. Should I open a taxable brokerage account? Im 27F, make $94k base salary, $135k total comp, and live in a very HCOL area. I max out my 401K, Roth IRA, HSA.
I will pay ~50K in student debt loan whenever that resumes, so I can easily pay this in full when the need arises.
My parents still pay for my rent ($1,325/month) and other necessities but can take over soon now that I have stable income.
I would like to buy a house (average costs in my area is unfortunately $1M), but I have no clear idea when or if it’s at all possible. If I have no clear ideas yet on buying horizon, is it better to keep my money in stocks through a taxable brokerage account (index funds) for the meantime?
You certainly cannot afford the median house in your area. Your mortgage alone will come out to 5,000 dollars a month (even with a 20% down payment).
Along with property taxes ,maintenance, and insurance you can easily expect to spend upwards of 6,000 dollars a month. Even with your total comp of 135,000 dollars you probably take home no more than 6-7 k a month after taxes and 401k and other deductions.
Renting is certainly the better option for you right now, given how cheap it is compared to home ownership.
Opening a brokerage account is a very reasonable plan. So is just getting rid of that student debt.
You shouldn’t use equities to save for a down payment on a house, but you also can’t afford a $1M house.
There is no better time to enter the stock market than during a recession. A lot of authors and some economists believe we’re headed into one in the back half of the year. If you want to invest at generational lows with the expectation of long term investing then that would be the time.
What is the interest rate on the student loan? If over 5%, I’d pay $50k student loan off then keep most in hysa, about $40k, then open a taxable brokerage and put $10k in index funds. When you make your new budget allocate a portion to invest in the index fund with every paycheck.
First of all – congratulations. Your compensation is impressive, and best of all – you’re young!
Regarding buying a house – a $1M price target is too high. I believe you shouldn’t spend more then ~30% of your gross income on housing costs. My gut is telling me a lender wouldn’t approve you for a mortgage to purchase a $1M house, your debt to income ratio would be too high.
Focus on financial ratios for saving and spending. I personally take a lot of comfort in the 50/30/20 ratio, which simply means 50% of your gross income goes to living expenses, 30% of your income goes to additional expenses (pleasure, travel, shopping, dining out, etc), and 20% of your income should be saved.
So long as you are saving 20% of your income, that’s good! Don’t split hairs over the 50% allocation or 30% allocation… focus on saving a minimum of 20%.
Also, have cash in a checking account! I believe you should have a minimum of 6 months of living expenses saved. In your case, I’d include your rent as a living expense, even though your parents are currently paying for it, don’t count on that. Assume you need to take that responsibility and plan accordingly.
What field do you work in? Many people are afraid of an upcoming recession – some fields are more vulnerable than others, just something to think about.
Congratulations again. From this small snapshot of info, you’re doing quite well!
In your case, I’d keep $50k plus 6 months of living expenses in the HYSA, and whatever remains can go in a taxable brokerage account. When the student loans become active again, use the funds in the HYSA to pay those off.
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