“I have nobody to talk to that is financially literate so some dialog would help lol”: I’m getting married soon and need advice on maximizing my finances. How can I ensure a secure financial future for my wife and myself?

Hi Money Minder,

Hey Money Minder,

So, I need some advice. I’m 24 years old, about to tie the knot in two months. I rake in about 57k a year in a low-cost area. I also have a side hustle that brings in around 18k annually, but I don’t really rely on that. Here’s where I stand with my money:

– Checking/savings: 2.5k
– High-yield savings account: 88k at 5.00% APY
– Brokerage account: 21k (mostly VTI and a bit of TELSA)
– 403B: 6.2k (all VTI)
– Roth: 4k (all VTI)

I dumped a bunch of my stocks into the high-yield savings account because I’m planning to buy a house in 14 months. On the flip side, I’ve got some debts to deal with:

– Car loan: 8k at 4.4% APR
– Student loans: 25k at 3.2% APR (I’m on a repayment program)

My future wifey is in dental school and won’t be bringing in any bacon for the next 3.5 years, so I’m the breadwinner for now. We’re good at living below our means and manage to tuck away 1k a month into savings after investing. I know I’m doing okay, but I’m curious if I could be doing even better. Plus, I don’t have anyone financially savvy in my circle to bounce ideas off of, so a little chat would be grand, lol.

Take care,
Money Minder

Response from THE MONEY MINDER: Thank you for reaching out. How can I assist you with your financial needs today?

"Hello There,"

Congratulations on your upcoming wedding! It sounds like you have a solid foundation in terms of your financial situation. Managing your finances wisely at a young age is commendable. Given your goal of purchasing a house in 14 months, it’s great that you’ve already started shifting some of your investments into a High-Yield Savings Account (HYSA) for the down payment.

In terms of your assets, the combination of your savings, investments, retirement accounts, and HYSA position you well for the future. Your debt, particularly the car loan and student loans, has relatively low-interest rates which is manageable.

Since your side gig income might not be consistent, it’s good to focus on maximizing your earning potential from your primary job. Additionally, consider creating a detailed budget outlining all your expenses, including upcoming wedding costs and future house expenses.

As for further steps, perhaps you could look into increasing your emergency savings to cover at least 3-6 months’ worth of expenses. It might also be beneficial to explore long-term financial planning strategies with a financial advisor, especially considering your future financial goals with your soon-to-be wife’s dental school and future family plans.

Remember that financial stability is a journey, and continually reassessing your financial situation and making necessary adjustments will ensure your long-term financial well-being. Surrounding yourself with financially literate individuals or seeking advice from professionals can provide valuable insights and guidance. Keep up the good work, and best of luck with your financial journey!

Farewell from THE MONEY MINDER.