Jeff B, I always encourage clients to have money in several different buckets and this is a good example of one of the reasons why. If your income isn't too high, you might consider making contributions to a ROTH. You still can't take out the earnings before 59 1/2 but you could access the money you put in. Or simply open a taxable account and use it for investments that are tax favored....like investments that are likely to see a lot of returns from capital gains. With such an account you would have money to draw on before 59 1/2 for income OR for some good investment you might see. Do keep funding the 401K AT LEAST to the extent of the employer match. Good luck with the early retirement. You might check with a planner to see just what you would have to do to make that happen. Lot's of people retire early only to learn they need to go back to work a few years later.

As always, some sound advice Bobbie. Thanks!

@Timster: Congratulations! If you aren't over the income limits you can fund a traditional IRA up to $5,000. That isn't much. Otherwise, fund a taxable account and later use payments from the taxable account to do Roth conversions of any old 401k or IRA accounts you have in order to put money where it will never be taxed again.

You should look at your savings in proportion to your current income to see what portion of your new salary you should save. Here is why in an article entitled "Save 97 Percent of Any Windfall" www.marottaonmoney.com

If you are behind on your savings (now that your lifestyle has increased) you will need to increase your savings. at www.marottaonmoney.com in an article on "Compute Your Net Worth Once a Year – 2012"

Thank you to Kiplinger and the other NAPFA members for making this possible. It was very enjoyable.

David John Marotta, CFP®, AIF®, is President of Marotta Wealth Management, Inc. of Charlottesville providing fee-only financial planning and wealth management at www.emarotta.com and blogging at www.marottaonmoney.com.

Bill, for your first investment, I would use a mutual fund or an exchange traded fund. ishares is a large group of funds. It sounds as though you are young, so you can invest for the long term. We also recommend dollar cost averaging if using a mutual fund. That means buying a fund and then adding to it whenever you have extra money.
eTrade is fine as is Scottrade. Vanguard is a wonderful mutual fund company, but I think their minimum investment is $3000. If you use an eft, there is a commission each time you invest. Search for mutual funds where you can invest under $1000 to start. Make sure they are no load, the manager should be experienced and been with the fund for 10 years or so. Good luck

Thanks again to all of those who submitted questions last week and today, and thank you David, Debbie and Bobbie for all of your help. The next live chat with NAPFA will be held on Thursday, July 19 from 1pm to 3pm ET.

Absolutely, Debbie. Some smart savers out there!