Is it advisable to put more money into my savings account? Will have to sell some stocks for that. I’m single and have no dependents, but somehow still spend 12k a month including mortgage. Cash(savings account): 50k Total money in tech stocks: 330k (fidelity and robinhood) 401k: 220k Property investment in Florida: 100k Tc: 410k Age: 31 #personalfinance #investments
What does a 100k property in Florida look like? What’s the ROI on it?
Which state do you work out of
Savings account is for an emergency fund or for saving up for a house/mortgage. Maybe 2-3 months of funds. Given current economic situation, I would build that up to maybe 6 months if you think there is a chance of you losing your employment. "Somehow" spend 12k per month. Budget. Budgeting doesn't mean you are saving every penny, it means you will no longer need to say "somehow" because you know exactly how much per month is spent in different categories.
I hope your savings is at least high yield...
I’d put another $20k in savings just to have a solid six months of expenses saved up. Otherwise have fun. You’re doing great.
If you have to sell stock then no don’t do it, cash savings should come from your income not the sale of an asset
Stop using Robinhood. Transfer to Fidelity/CS/Vanguard as soon as possible. Don't sell stock to fund savings. Make sure you're getting ~4% on your savings account. You can even get more savings accounts if one only gives you 4% up to $X,000 or something like that.
Not sure what’s bad about Robinhood. I understand I shouldn’t keep more than 250k at there. But beyond that, I didn’t have issues
Standard for emergency fund is 3-6 months so you should be fine . If really worried you could bump to 60k but it sounds like you have liquid stocks in a brokerage account to buffer too . My bigger concern is your investments , if you are all in tech you are correlating your risk with your job .
🥜. Your money os tips for some waiter
First, pull everything out of Robinhood. It’s not worth the risk IMO. As far as cash goes, I like to have at least 6-12 months of expenses. Any cash should be in a high interest savings account though, like Wealthfront or I think Schwab has one now. Once you have that sorted out, look into mega back door Roth and see if it’s right for you. Not directly related to your question, but I’d also strongly recommend not trying to pick individual stocks and instead invest into broad market ETFs
Is it Robinhood *itself* that's risky or the type of behavior it's associated with?
Robinhood is risky because if something goes wrong the customer support sucks. OP also uses Fidelity which not only is free too but also has a real phone number to call with real helpful US based human staff. Also physical offices to visit.