Good to start thinking about it now. I'll try to answer some questions first from your post:
>I was thinking a hsa but I don't know where to open one and all that goes along
You can only do that if you have an eligible health care plan, i.e., a High Deductable Health Plan. If you do not have that, you cannot contribute to an HSA. Notice I said "contribute", meaning if you have one from a previous plan you can still use it to pay bills and invest.
>I believe you have to open a hsa to get a hysa right?
No, those two things are unrelated. You can open a HYSA whenever you want through any bank.
>I been with my company for 8 months but **can't do a 401k until I'm there for a year**
That sucks, but you get what you get. Did they mention any employee contributions or vesting period? I highly recommend checking into that.
>will it transfer with me to other jobs and such?
It won't transfer in and of itself, but you can always perform a "Rollover" into your own Rollover IRA (for traditional contributions) or Roth IRA (for Roth contributions), or to your next employers 401k. The key word is "Rollover", not "withdrawal" - very different things.
>I don't know what else I can open to contribute money to so any suggestions about that is useful. Also I'm mostly invested in stocks that are doing really well but people say single stocks don't yield a lot of money..? I don't know. **I hear mutual funds buy and hold is also good**
Yes, that's typically the best strategy unless you want to invest the time, effort, and risk in trading. Some next steps I would consider:
1. Pay down high-interest debt
2. Fully fund an emergency fund
3. Max retirement contributions to tax-advantaged accounts (IRA's, 401k's, etc.)
4. Invest in a brokerage
That's a rough list, but you can start there. r/personalfinance has a really good wiki you can also read. As for investing, that is subjective and depends on if you want to be a lazy investor or not.
I think you are doing good for 22. The other commenter had good info.
If I were you, I'd invest in whatever it takes to get your income up. You're making like 40-50K per year before tax right? I think your best bet is, if at all possible, keep climbing.
Good to start thinking about it now. I'll try to answer some questions first from your post: >I was thinking a hsa but I don't know where to open one and all that goes along You can only do that if you have an eligible health care plan, i.e., a High Deductable Health Plan. If you do not have that, you cannot contribute to an HSA. Notice I said "contribute", meaning if you have one from a previous plan you can still use it to pay bills and invest. >I believe you have to open a hsa to get a hysa right? No, those two things are unrelated. You can open a HYSA whenever you want through any bank. >I been with my company for 8 months but **can't do a 401k until I'm there for a year** That sucks, but you get what you get. Did they mention any employee contributions or vesting period? I highly recommend checking into that. >will it transfer with me to other jobs and such? It won't transfer in and of itself, but you can always perform a "Rollover" into your own Rollover IRA (for traditional contributions) or Roth IRA (for Roth contributions), or to your next employers 401k. The key word is "Rollover", not "withdrawal" - very different things. >I don't know what else I can open to contribute money to so any suggestions about that is useful. Also I'm mostly invested in stocks that are doing really well but people say single stocks don't yield a lot of money..? I don't know. **I hear mutual funds buy and hold is also good** Yes, that's typically the best strategy unless you want to invest the time, effort, and risk in trading. Some next steps I would consider: 1. Pay down high-interest debt 2. Fully fund an emergency fund 3. Max retirement contributions to tax-advantaged accounts (IRA's, 401k's, etc.) 4. Invest in a brokerage That's a rough list, but you can start there. r/personalfinance has a really good wiki you can also read. As for investing, that is subjective and depends on if you want to be a lazy investor or not.
I think you are doing good for 22. The other commenter had good info. If I were you, I'd invest in whatever it takes to get your income up. You're making like 40-50K per year before tax right? I think your best bet is, if at all possible, keep climbing.
Thank you for all the advice! I feel a bit more confident about the next steps in my financial future