General Info:
Age: early 30s
Status: Single
Location: Bay area
Income: $250k+ annually (bonus potential)
Savings/Cash on Hand: $150k
Recent Event: $120k bonus after taxes (the reason I have $150k in the bank)
Debt: none
Current Investments:
401k: $150k; max out every year with employee match
Back Door Roth IRA: $15k, max out every year
Stock: $150k
BLPAX Mutual Fund: $50k ($500/month)
Restricted Stock Units (1 out of 4 year vest): $20k
Ethereum: $1k
Bitcoin: $1k
Insurance:
Whole Life: $7,391 annually
Term: $179 annually
Disability: $1,734 annually
Hoping to get some general guidance/resources for someone in my situation. I’ve never been particularly interested in personal finance, but I’m realizing that I need to take more ownership. Especially as I want to start a business in the next few years.
I feel like I’m in a really good place, but I’m struggling with what moves to make next. Generally I’m moderate to conservative when it comes to investing.
In 2020 I started consulting with a Northwestern Mutual advisor and ended up purchasing whole life, term life, and disability policies. Like many people, I get term and disability through work. Frankly, I feel like a dumbass for doing this and it was really just because I was too lazy to do the research.
I would like to invest in real estate soon, but I live in the Bay area so I struggle with whether it is a worthwhile investment while I’m single or if it would be better to buy at lower cost in other regions (home state — also high-ish cost of living).
I realize this is a lot so any thoughts/guidance would be much appreciated!
Questions:
- Feedback on supplemental insurance policies - pros/cons?
- Have any tips for getting out of a whole life policy?
- Given my situation, should I use a financial advisor at all?
- Buying real estate to live in vs. income property?
- General investing guidance for my financial situation?
- Recommended resources (books, podcasts, etc)?
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