Just don’t be a sissy and leave emotion at the door. Done.
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Better said than done. Thinking about you all, it's not easy even among you considering the job uncertainty as you might be forced to sell if your other income streams are an uncertainty.
Op, I'm not contravening the above advice on portfolio and 401k management. I would though see to the following before I did investing:
1. Have at least a 3 and preferably a 6 month reserve in liquid cash equivalents built up to withstand a sudden loss/slowdown of work.
2. I would evaluate your health care circumstances (medical debt as you know directly is a pain) and buy appropriate insurance. This does not mean High Deductible Plans if you are going be using it (especially if you are going to have child, which definitely warrants better coverage).
3. Have your housing situation settled in terms of a safe and healthy place to live with a landlord who is not crazy in terms of behavior or rent seeking. If this is not possible, pay the money now to find safer housing.
4. Have your vehicle in order. You're starting, so a older used car works. Don't buy the BMW.
5. Take a financial literacy and investing class even if you have to pay for it. Play a couple of simulated portfolios to see what would happen (preferably do one between 2000 and 2008 and don't read history before going through the simulation). Especially learn the intricacies and legal details for option theory before committing money or else you will certainly lose it all by not understanding the rules (there are AI investors that specifically prey on bad option writers).
6. Finally, have a hard accounting done on your and your family's personal expenses. What is sustainable and what is one-off and separate it. If you do not know what you are spending, then investing is not necessarily a good idea as you cannot withstand shocks.
Otherwise,
@BMBiology,
@confettiflyer ,
@wagrxm2000 , and
@Momus have differing overall theories for optimization, but usually have the same basic line. I too would agree to max 401k, IRA, HSA as a baseline before branching out. But, we forget about those housekeeping basics that are automatic for us but not necessarily covered for starting. My advice is along the lines that I am personally too stupid to beat the market in any sense of fashion, and that most people invest in the market like cattle and are slaughtered as such through some "advisor" which acts as a Judas steer who is there to con stupid people. That is why all my "investments" (in some fashion) are in Treasuries for cash, because I care more about not losing than winning in the market and I live within my means. That doesn't work for most people whose ambition for expenditure is higher than what we have, but it serves me just fine.
