I’d love to get out of the rat race and either retire or start my own business while not stressing about money, way sooner than my late 60s (currently 33yo in VHCOL area, NYC metro). Retirement goal $2.3mil.
Questions: What should I do with my current $100k cash on hand in HYSA? Should I buy shares of an ETF each month? Should I hire a financial advisor to help accelerate my progress towards $2.3mil+? What other questions should I be asking/is there any tips/tricks I am missing?
Estimated NetWorth, Age 33: $500k
Income/Cash – Base Annual Pay: $115k Annual Commission if I hit quota: $115k-$120k Amount in HYSA (3.6% return) : $105k Other cash in a checking account: $3k 401k Contributions per year = Max $20k or so. 401k total as of today 95% in traditional vs Roth = $220k
Debt – Home = $300k at 3.3% interest rate (Home est value $470k) Car is paid off Credit Card – Paid in full every month
Monthly Costs Home/taxes/Utilities = $2500 Credit card = $3k- $3,500/mo on everything else
Edit: Corrected my HYSA % and Mortgage Rate
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Author Of this post: /u/Pepalopolis
Title Of post: Advice on Current Financial Situation and Escaping the Rat Race
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