Mind my money.
November 2, 2012 12:18 PM Subscribe
I have a growing chunk of money in my checking account. I've paid off my student loans and don't have credit card debt. What's the most responsible way to manage this money? Does a potential major move affect the analysis?
I don't know ANYTHING about money or investing and don't have any older mentory/advisey people in my life so I turn to the green.
I'm a 27 year old attorney in Houston. I am a second-year associate at a small firm, a trial boutique. I finished paying off my student loans in April. My firm matches 401k contributions to a small extent. I'm contributing the max amount to my 401k, I think. I have no idea how the 401k money is invested because I was out of the office the day they had someone come in to talk to us about that. I don't have any credit card debt and pay off the full amount each month. I'm not married. I don't have a car or any car payments; I am debt-free. I make 160k. I have no idea what the bonus will be.
Complicating factor? I am seriously considering moving to San Francisco in 2014 if I can find a comparable job. I know I have a long time to look. I know how horribly high the cost of living in SF is. (I know a billion people there from college and I only know just a few co-workers and alums of my law school in Houston, and I work too much to meet more people. I don't see this changing, and I think once it gets to the point where I need to have clients, living somewhere where I know many people will be very useful to me). I also don't like Houston and yearn to move back to a dense metropolitan area. It's not a set decision yet and thus still uncertain because: I would be leaving a serious boyfriend who is unwilling to move behind, the legal market (all markets, really) is better in Houston than SF, and I fucking fucking love my firm and the people there, which are the reasons why the decision isn't fully made.
I might be trying to uncomfortably combine two dissimilar questions, but here it is. In light of the contemplated move, I'm not sure what I should be doing with money I'm making. Can y'all help?