I've read a lot of guidelines on asset allocation but am basically hoping for more individualized advice like I've seen on so many posts here. I'll do my best to keep this brief:
Me - 32 years old, currently make ~$200-$220k per year, feeling restless. I've got no debt and no expenses other than rent (~$1800/month) and whatever I spend (probably $1000/month for food and drink, which may be a little excessive but I spend money on very little other than eating out and going out, with the exception of travel).
Mint.com says my current net worth is ~$530k. The current allocation is roughly:
401k + rollover IRAs in a variety of funds: $150k
taxable investment accounts:
Vanguard S&P 500 index fund: $108k
Vanguard tax-free NY bond fund $62k
Vanguard emerging markets fund: $46k
Misc stocks + China ETF (7 positions between $1k and $7k): $33k
I have nothing in particular to save for. I'm not in a relationship, so I would guess that kids are 5 years off at the absolute minimum, best guess would be more like 10 years (and possibly not at all).
By the end of the year I could be: a) making half as much money at some startup with an uncertain equity stake b) making nothing as I quit my job and travel around the world c) making roughly the same amount but paying a lot more in rent ($3k?) if I move
I contribute about $12k/year + a company match of (I think) $5k to my 401k (split evenly between a regular and Roth 401k). No IRA. My reasoning is that I have absolutely no idea when I'll need the money, so a non-retirement account should have as much as possible (but I'm happy to be convinced otherwise). I'm not even completely maxing out the 401k.
I put $60/day into the S&P 500 fund and will gamble with a tiny percentage (say $1000 every couple months) on some near-expiry options. I like playing the market too, with a reasonable amount of money (whatever that is).
I know I have WAY too much in cash. I feel like I should be more risky but at the same time am approaching an amount where I could come close to being able to travel for a year just on modest returns if I invested that way ($350k * 5% would give me ~$50 a day to travel, which is pretty close to what I'd need).
Any advice in general? On asset allocation/how much I should be saving/life?
One very specific question: I've got nearly $190k in cash and the NY tax-free bond fund. I know that's too much cash, and I'm skeptical about the bond fund. If everything else remained the same, how would you allocate this $190k?
Thanks in advance for reading all of this. I apologize if the personal details are a little to "chatty" but I hope they could give a little insight into my situation and contribute to better answers.