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Overwhelmed 24 y/o graduating soon w/ no debt



How do I plan to make the income jump to $175-$200k annual salary? I know it's a good problem to face, but it still feels scary.

Here is what I've done so far with the money I've made from various jobs/internships while in school:

  • IRA: $25k in the 1000 Index from Charles Schwab
    • I've been maxing this out since I started making enough to be able to afford it.
  • Roth 401k: $13k in the default age-based fund with TRowePrice
  • High-yield savings: $53k in eTrade
    • Not really sure what this would be for aside from an emergency fund. If my car dies? Maybe a house at some point?
  • Checking: $10k in a standard Chase account
    • Is this too much? Should I move more to HYS?

I don't have any debt at all (lots of scholarships that covered school and most living expenses), and I will have pretty minimal expenses after I graduate. I'm single with no kids, so probably just basics like insurance, food, phone, internet, lights, water, gas, and maybe rent in a different city from my family depending on which job I take. I'm really frugal and try to save as much as possible.

What should I plan to do with this higher income as far as strategy for investing/tax/budgeting/etc? I want good tax/investment advice, but I feel like it might be hard for a 24 y/o to walk into a financial advisor's office and be taken seriously, even if I do make good money.

If you've made it this far, I'd also love to know your thoughts on which job to accept. They are both at the same company with same benefits. There is different pay at the different offices, I think just based on market adjustments.

Our Dallas office is $200k. Cincinnati office would be $175. I really love Cincinnati and those I work closely with are based there, but certain family dynamics might make it more necessary for me to be located in Dallas. It also seems like it might be better financially to be in Dallas?

I have a place to live in Dallas for free-ish, but I would be renting something on my own in Cincinnati. Ohio state/local tax scares me, but so does Texas property tax and the rising cost of housing in Dallas if I were to buy a house. Dallas traffic also scares me, more so because of the time suck. I don't want to be stuck in the car for 2 hours a day when I could be working or relaxing during that time. But, there's no guarantee that Cincinnati traffic will be great all the time either.

I think in the long term, I would rather land in Cincinnati. I can't do the 100 degree summers and 90 degree spring/fall in Texas forever. And Cincinnati feels like more of a manageable city to live in and potentially raise a family in.

Are there any major factors that might be a tie-breaker in this Dallas vs. Cincinnati situation for me?

Thank you all so much for any input, encouragement, thoughts, etc. ๐Ÿ™‚

submitted by /u/OrdinaryAd9430
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