Unicorn Millionaire Podcast: LGBTQ+ BIPOC Financial Coaching to Crush Debt and Retire Early
152. How to Invest $10K+ Sitting in Savings
Got $10K, $20K, $50K or more sitting in savings and wondering what the h*ll you're supposed to do with it? Once you've built your emergency fund, keeping more and more money in cash isn't necessarily helping you build wealth faster. At some point, you need to decide how much cash is enough, and how to make the rest of your money work harder. In this episode of the Unicorn Millionaire Podcast, I'm breaking down how I think about optimizing extra cash and what I look at before deciding where to invest it. I personally don't like keeping much more than $10K–$20K in cash. When I have an influx of money beyond what I need, I look for ways to put it to work. That mindset has helped me grow my net worth to more than $250K without ever paying myself more than $45K a year. In this episode, you'll learn: How much cash to keep before investing the rest — and why your emergency fund doesn't need to become a giant pile of money you're afraid to touch. Where to invest your extra cash — including how I think about Roth accounts, old 401(k)s, rollovers, fees, and choosing the right accounts for your money. How to make the money you already have work harder, instead of waiting for a bigger salary before you start seriously building wealth. Building wealth is about knowing when you've saved enough and what to do with the rest. Ready to figure out exactly where YOUR cash, credit, and investments should go? Join my free webinar, book 1:1 money coaching, subscribe to my Dom Your Dinero emails, and find everything else here: https://linktr.ee/travelercharly
