Am I doing this right?…
I’m 29 and brand new to investing (seriously, that is… not just stupid meme coins). I recently discovered some old 401(k) accounts from previous jobs totaling around $23k that I had completely forgotten about. I’m in the middle of doing direct rollovers into a RH Traditional IRA to consolidate everything in one place.
I also have regular savings sitting in a Bank of America account earning basically nothing, so I’m moving that into an Amex High Yield Savings Account.
My questions:
• Is rolling the old 401(k) money into a RH IRA a reasonable move for a complete beginner, or would I be better off with Vanguard, Fidelity, or Schwab for lower fees and better long-term options?
• Once the money lands in the IRA, what’s a simple, set-it-and-forget-it way to invest it? VOO? Broad index funds? Target-date funds? I don’t know what I don’t know.
• Is moving all my savings from BOA that is my emergency cash to an Amex HYSA smart right now, or are there better options?
• What other beginner mistakes am I probably making?
I’m not looking to day trade or pick individual stocks, just want to stop leaving money on the table and build something solid over the long term. Straightforward advice appreciated.
Thanks!