~$70k sitting in my HYSA; how do I stop hoarding this cash?
27M, living with parents, no debt, no bills; not sure how much cash is too much cash
Looking for some outside perspective on my current setup.
I’m 27, living at home with my parents, currently going to CC for future Nursing program, no debt, and basically no fixed expenses right now. I spend around ~$1k/month on food, going out, dates, etc. Income is roughly $60k–$70k net annually.
Current setup:
- No taxable brokerage account yet
Cash:
Roughly mentally allocated as:
My paycheck currently gets split:
- % obligations/savings
- % personal spending
- % retirement
My Roth IRA + HSA contributions for next year are already being funded as well.
At this point, having nearly $70k sitting in a HYSA feels excessive given how low my expenses are. Since my tax-advantaged space is basically accounted for, I’m assuming the next step is opening a taxable brokerage?
A few questions:
- What’s a reasonable amount of liquid cash to keep in a HYSA in my situation?
- Would you lump sum excess cash into a taxable brokerage or DCA over time?
- What would you invest in for taxable? Broad index funds? Something else?
- Any red flags or blind spots with my setup overall?
Appreciate any thoughts/advice.
Edit: Wow I didn’t expect all the feedback and advice thank you to everyone who took time to help out ❤️ As for the nursing program; my plan is to apply for Nursing programs in CC (ASN) and from there hopefully get a job at a hospital that will pay for me to get my bachelors.