42, unmarried, no kids. I grew up very poor and never expected to “have money” so I have no idea what I’m doing here, aside from almost nothing.
Annual income is approx $125k. Mortgage is $2750 a month. I have about a dozen credit cards, but no revolving balances. Car is paid off. Only debt is about $8k left on student loans, and mortgage at $310k.
Is my savings account (A) enough of an “emergency fund?” Figure my monthly expenses are about $4k.
I know I need to get the ~$70k (B) out of that checking account and into something that makes it grow. But how? What? Where? I don’t pull from it. Direct deposit $1k a month and otherwise don’t touch it.
(C) is my everyday expenses draft account. I pay my credit cards, mortgage, utilities, etc and other bills out of here. It’s funded by my paychecks/direct deposit. That plus (A) is enough of an emergency fund, yeah? No…?
The $1500 checking account (D) was opened for a $400 bonus that will be credited soon. I don’t intend to deposit anything else in that account. **Question:** Should I *not* do these? Last year, I received $900 from Chase for this same “new account bonus” scheme, and I have a mailer from Key Bank with another $900 bonus. I’m ready to open an account as soon as the bonus from the last one is funded.
401k (E) is funded by 10% of my salary, with a 6% company match. Should I go higher than 10%? Or dial it back to the 6% matched and put the rest somewhere else?
The “portfolio” account (F) is a QDRO I can still access once without penalty. I don’t was thinking about taking $30k or so for home improvements (bathroom renovation, deck expansion) and a side hustle (Turo), and then investing the rest. But where? What? How?
I’ve heard of real estate opportunities where I’d buy into something like an apartment flip, and that seems like a pretty safe bet. But…where? How much? With who?
Basically ELI5. All of it. Please, and thank you!