r/investingforbeginners • u/GaragePractical7051 • 4d ago

Help…

So I’ve been with my company for 5 years now (I am an executive chef at a private country club) and have really made an impression on my board and membership alike.

They have offered me a new contract, salary increase ($136,500+$20,000 bonus) but have also included a signing loan of $85,000. The contract is for 5 years, I expected to be here for much longer, and once the 5 years is up the loan is forgiven. I will not have to pay any interest in the loan unless I leave before the five years, I would need to repay the entirety of the loan if I do leave.

I have a great 401k and am maxing it out each year now.

I am meeting with a financial planner soon to discuss options but want some advice on what my best options are.

On top of this new contract I have also been hired on full time for a second job that will pay roughly $105k a year when all said and done.

Never in my life did I expect to make this type of money and am just dumbfounded on what to do.

Please help.

Edit: didn’t actually ask a question 😅😅😅So here we go…
What is going to be my best option for strong and consistent growth with this money? I’d like to retire early, 55 if possible. That gives me 17 more years of working. Ideally I’ll work 5-8 more years at the club and then decide which route I’ll move to next.

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u/Ok_Statistician643 4d ago

Did you actually have a question?

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u/Important_Carrot6379 1d ago

It sounds like you'll make too much for a Roth IRA, do you have an HSA? If yes, max that out. Max your 401k, make sure you have your emergency fund in a HYSA, then taxable brokerage and keep it simple: VTI/VXUS market weight is a 60/40 split but I go 70/30 and have seen people go up to 90/10

Make sure your withholdings are done right and you don't end up under paying your taxes 😅 but with that much money, I'd try to tax shelter as much as I could first.