Dear Carrie: I'm a 24-year-old single college graduate. I was fortunate to graduate debt free, and have a job that pays roughly $40,000 a year in a part of the country where the cost of living is relatively low. While I feel this is a great start and that time is on my side, I know there's more to do. I have begun to invest through my company's retirement plan and HSA offering; however, I have a savings of $10,000 to invest on my own, most of which is currently sitting in a checking account. I want to take advantage of my youth and invest aggressively. Yet I don't feel that I have the capital to properly diversify without facing a bunch of upfront costs or tax penalties. What are my options? -- Sarah

Dear Sarah: First of all, kudos! By contributing to your retirement plan and being debt free, you've already given yourself a great start.

With those things under your belt, the next thing to think about is an emergency fund -- and it sounds like you're in good shape there, as well. I generally suggest that everyone set aside enough money to cover three to six months of nondiscretionary expenses (in other words, just enough to cover things like rent, groceries and insurance) in case of a job loss, illness or other unexpected event. Ideally, this money is liquid and FDIC-insured: for example, in an interest-bearing savings account.

It's possible that most of your $10,000 of savings will have to go toward this emergency fund, but once you've got that secured, here's what I'd suggest:

Continue to make retirement a top priority.

If you can, consider putting 10 percent of your salary toward retirement. If you can keep contributing at this rate for the next several decades, you should be in good shape once it's time to retire. (A caution, though, to other readers: If you wait until later in your life to start saving for retirement, this percentage will likely need to increase considerably.)

The easiest way is to use your company retirement plan, taking full advantage of any match your employer might provide. (You wouldn't want to leave what is essentially "free money" on the table.) If your employer offers a Roth 401(k), this might be something to consider because even though the money is not tax-deductible now, ultimately your withdrawals will be tax-free -- a real benefit since you will likely be in a higher tax bracket when you retire.

It's also great that you're taking advantage of your Health Savings Account; just be sure you understand the particulars of your plan. Many HSAs only offer a fixed 2-4 percent return, but others allow investments in mutual funds and individual stocks. Your money can grow tax-deferred and, if it isn't used to pay for medical expenses, it can stay in the account and keep growing indefinitely. At 65, you can withdraw the money without taxes or penalties.

Then identify and start saving toward shorter-term goals.

Now you've got a choice. You can either contribute more to your retirement account (the current maximum is $16,500/year to a 401(k), or up to $5,000 to an IRA) or you could decide to start saving for other goals. What's next: A home? A graduate degree? A vacation? This is a highly personal decision, and there's no one right answer.

Whatever you decide, think about opening a brokerage account, which will give you access to many more investment options than your savings account. In addition, I suggest that you consider setting up automatic contributions to your brokerage account (a lot like what you already have for your retirement plan). That way you can spread out your purchases over time -- otherwise known as "dollar-cost averaging." By investing the same dollar amount every month (or at any regular interval) you automatically buy more shares when prices are cheap, and fewer shares when they're expensive. Over time, your average share cost (what you actually spend) can wind up being lower than the average share price. Of course this approach doesn't guarantee a profit or prevent loss (nothing will), but it does help you remove emotions from your investing decisions, and give you the structure to invest consistently over time. Continued...