finance
27-Year-Old With $70,000 in Savings Seeks Advice on Next Steps
A 27-year-old living at home with parents and attending community college has accumulated roughly $70,000 in a high-yield savings account. The individual has no debt and low expenses but is unsure how to allocate the cash.
May 25, 12:00 PM·1m read1 source
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A 27-year-old posted on Reddit asking how much cash is too much cash after accumulating roughly $70,000 in a high-yield savings account. The poster lives with parents, attends community college, and plans to enter a nursing program. Expenses remain low and there is no debt.
The poster wrote that nearly $70,000 in savings now feels excessive given the low expenses. Tax-advantaged retirement accounts are described as already filled, prompting the question of whether to open a taxable brokerage account.
Commenters advised moving a portion of the funds into a taxable brokerage and investing in broad index funds such as VTI. Several suggested setting up automatic weekly transfers, with one example of $50 deposited each Monday.
Some commenters noted that upcoming nursing school costs and potential moves could justify keeping a larger cash reserve. One response stated that saving the money for school expenses within a year would not be unreasonable given current economic conditions.
