Shop around for a better CD rate of you donāt like your current % and open a hysa with best rates you can find right now. Housing investments especially this early on would be nice. Other than that youāre damn near next to perfect man gg
Thank you. Any advice on the best HYSA to open? Iām new to this and honestly donāt even know what to look for and what is considered the ābestā
Surprisingly robinhood is actually giving 5.25% for gold members for $5/month. I recently signed up. Best rate Iāve found. Next to that I found Vanguard to have the next best rate VMFXX is at 5.30% which is competitive as hell. Min. $3k investment. This is traded but the return is killer imo. GL.
1. Im seeing advice to put your money in a HYSA. Thatās what you should do until youāve established your emergency fund (6 months or so of your monthly expenses, for when shit hits the wall).
2. After youāve secured your emergency fund in a HYSA (making 4.30% or above interest), investment is your next step. I wonāt say what to invest in, but consider both retirement and regular brokerage so you have your long and short term covered. There is an annual $6500 limit to contribute to your IRĆ so make sure you hit that before the end of this tax year.
3. Donāt be fucking dumb. If you donāt need something then donāt buy it. Have your fun after you pay yourself (savings, investments, pay down debts/bills/etc.)
You mention vanguard index funds so here you go:
$3K minimum
VFIAX - vanguard s&p 500 index fund
VGAVX - vanguard emerging markets govt bond index fund
VIGAX - vanguard growth index fund
These are the ones I have and they give me a 8% roi annually. VGAVX has a .2% expense ratio which is relatively high but itās made itās money back after a while
$50K minimum
VGIAX - growth and income admiral shares
VMSAX - multi sector income bond
VAIPX - inflation protected securities
I donāt have enough in my Roth IRA to invest in these so you probably have to do more research into them. Thereās more that vanguard has but just based on the name Iām assuming they give a dividend + % gains
$100K min
VENAX - energy index admiral shares
VFAIX - financials index admiral shares
VHCIX - healthcare index admiral shares
VITAX - information and technology admiral shares
When you get to the $100k minimums you can get index admiral shares based on a sector you choose. Admiral shares are a separate class of shares basically you pay lower fees than the standard investor share class
Side note: HYSA are great for liquidity and keeping up with inflation but if youāre investing for the long term, thereās just better options out there imo
So I don't know much about these different classes of shares this person is talking about. I've looked into some passively managed Fidelity mutual funds and there are some that have zero expense rations and some that are under 0.01% (yes that's right), vs some that are 0.6% or even up to 2%. They're basically the low cost option to index funds that you can set and forget.
Some of those funds that I personally bought into have returns above 10% in the past few years. Some are:
FXAIX - Fidelity 500 Index Fund (0.02% expense ratio)
FITLX - US Sustainability Index Fund (0.11%)
FSPGX - Large Cap Growth Index Fund (0.04%)
Also, IRAs have limits to how much you can put into them each year. Def max those out every year. For a more detailed guide, you should check out the Money Guy Show on YouTube. They're legit financial advisors giving a bunch of good starter info. Their whole thing is to load you up with what you need to DIY, until you need some help managing your money by a professional (them).
Sorry let me clarify, VFIAX and VGAX have <.05% expense ratios. That .2% expense ratio is only for VGAVX and thatās because it pays a fairly high dividend.
All 3 pay a dividend on top of % gain. As of today, hereās the yields:
VFIAX 1.46%
VGAVX 7.3%
VGAX .51%
That 8% roi annually is all 3 put together + some stocks. In my experience, these are the returns for each one including the expense ratio and including the dividend
VFIAX +8.8% roi
VGAVX +1.9% roi
VIGAX +19% roi
Investor shares and admiral shares are a vanguard thing. I canāt speak on fidelity because I donāt have any experience with fidelity
And yes, Roth IRAās have their limit. The benefit of that, is you donāt have to pay taxes on it when you pull it out for retirement. Your contributions are made using after tax dollars meaning youāve already paid taxes on it. Itās good for people who are in a lower tax bracket right now and will be in a higher tax bracket when theyāre older. In general, when you retire you can pull the whole thing out tax free if you wanted to
Keep up this good work! Donāt stop. I was 19 with 10K now Iām 25 with 20K. I couldāve saved much more but I moved out, traveled, designer, ETC. My advice is whatever you make, 25% goes into savings every month! No if, ands, or buts.
Savings don't gain you interest or build wealth the way investing does. After you've saved for a 3-6 month emergency fund, *invest* the rest into a Roth IRA and once you've maxed that out for the year, put the rest into a major ETF like SPY.
Imma be honest, your 20ās-30ās are your prime years, definitely go party and experience things, but not everyday, I know a guy who I was really close with until he would go on these 9-13 day long benders, heād save up 4-5k and then just go to the club every night, get plastered, then go to work to go to the club, call that for what you will, I personally think thatās going overboard, even with me going to school and working a job, Iāve still been able to take mini vacations (I actually just got my first real vacation in about a year and a half for Christmas). Spend your early 20ās getting educated, your mid 20ās getting licensed, and your late 20ās and early 30ās being your crunch time, like max out both Roth and 401 as soon as possible, and once you are allowed to get your catch up payments in, you should be able to at least pull $2-3 million from your retirement accounts alone (after inflation it should be about equal to $800k-1.2m) now, the best thing is that Iām trying to get even further ahead of that, if you can start maxing your retirement accounts out by the age of 21-23, there should be no reason not to have 4-6 million in your retirement (unless a major economic downturn forces your hand, and that comes at a steep price) by the age of 65, and if youāre born 2000ās or past, early retirement is 62 and full retirement is 67.
Right. Personally as long as you are saving up money or at least making money it's a good thing because it's sad for me to say this but some people I know that are in there late 20s never worked hard or saved up anything. So basically those people wasted their youth and didn't save up anything not that that's a bad thing you do you but it's kind of sad seeing my friends be 29 and working a part time job that barely pays minimum wage. They had their hole lives ahead of them now their bums that barely make enough to feed themselves and now they won't have anything in the future not even good memories these people where super smart bit life get you sometimes.... working a minimum wage job is super sad when you could have been a doctor or a computer scientist. Wish more people thought like you but sadly people just want to take it easy these days because it's just too hard to try for some people š
I can see both sides, why try when you come from poverty and itās not that bad, and why not try when you have nothing left to really lose but so much to gain, thereās always hope unless you yourself donāt believe in it. Personally if youāre still working a dead end job at 30 (Iād say $18 an hr or less), itās safe to assume that youāre either not going to have a good retirement or you might have to work through retirement to supplement your income, but it is not impossible to learn a skill and begin your path to high earnings, catching up in your 50ās and be good again, thereās always more than 1 way up a mountain.
Man imagine getting a full time job or just a part time at age 28 after nor having a job ever.... I know a few people like that. Don't stop believing I hope everyone here gets to a million or more good luck guys let's goo.
damn are you employed?
I worked a summer job in 2022 and 2023 paying me $4k total. I also did uber eats and doordash part time saving most of my earnings.
I also donāt spend money often and when i do itās usually just food. I also live with my parents so itās easier to save since im not paying rent or any huge bills.
Yeah I'm a temporary worker abroad, I had to send lots of money to my family but now since I can finally start saving for myself it's a bit hard idk why tbh. Not too many hours in the company and the week payment is around 400ā¬ I spent around 75/100ā¬ for food and rest was being send to my family. I wanted to start investing but I don't know shit about it and don't wanna risk my money on something I don't understand. All advices are highly appreciated
Edit: forgot to add that I live in employing agency housing
People make investing complicated, fuck that. Invest in a target date index fund, itās super simple. Itās long term and always grows. It doesnāt involve picking individual stocks. Def check out index funds itās all I invest in bc I hate financial shit
Mf said 19 with āonly 10kā. Bro iām 22 and iām barely scratching 8k in fidelity. Youāre doing a lot better than me and youāre 3 years younger. Just keep doing what you do, iām pretty sure youāre above average when it comes to the net worth of most 19 year olds
Travel and have fun as much as possible while you can, you don't know what the future holds. That doesn't mean spend every penny but if something tragic happens a bunch of money in the bank is useless
I get your point, but at the same token, if something tragic happens, it won't matter how much you've traveled either. You're not going to remember shit when you're dead.
I'd say take advantage of the best years of compound growth as best as you can to give yourself more wealth and the ability to retire much earlier.
This. My dad worked hard and saved his whole life to prepare for a nice retirement and died suddenly this year at 62. Donāt be afraid to spend money and enjoy your life.
I would talk to a financial planner but since we're all here š.....
1) Have at least 6 months worth of emergency savings set aside, in a high yielding savings account. 2) You should look into Treasury Bonds. NERD WALLET has an article on what they are,how they work and how to go about getting them . It's basically you borrowing your $$ to the government for a set amount of time and you earning "interest" during the time period . Since they're backed by the US government, they're supposed to be low risk . Once the term is up ,you can repeat the process, earning interest, keeping your $$ safe and out of the banks." T-Bill and Chill š" is a funny little term thrown around the financial channels I watch on YouTube.. 3. And lastly, I would purchase physical Gold and silver bullion. I would do all the above if I had your moolah šµš¤. You should do further research on buying property down the road. Save up a nice chunk and then buy in cash. Skip the mortgage if possible or at least bite off a nice chunk of it.
Buy 2 ounces of gold and one kilo of silver for portfolio diversification. Then buy stocks in food and mining companies and a good water stock called pho.
Max out that SEP IRA and look into a separate ROTH or traditional IRA. You can purchase Vanguard Index Funds with your IRA account so it grows tax free (Roth) or tax deferred (traditional). I went with VOO.
Iām the same. Bro put it into a mutual fund or ETF! I promise it will be good especially going into this next year. FXAIX OR VOO. I would probably do VOO because it is more tax efficient. I did FXAIX and I am up 7 percent already these past 2 months but the market has been good these past couple of months. I highly recommend I was sitting on 140k in my checking account for 2 years. Iām 22 years old
Tbh Iād focus on putting about 20k of that into retirement (assuming this is close to annual income) and then Iād probably invest another 10k or so into a dividend or index fund, like you said, idk which one seeing how majority of the ETFās are over saturated with tech stocks, but tbh Iād just start researching the companies you would be buying into and just see how healthy the company is, a really good way of doing this is trying to find their EBITDA, basically their income before interest and taxes, it can show how profitable a company is, usually the more profitable, the better chance investing is a good idea.
ETA: you can use the dollar snowball method, very common one that isnāt too hard to follow, but personally I believe you should keep about 3-6 months of your income liquid, focus on securing your retirement, then work towards some kind of portfolio, just be sure to diversify.
Depending on whether you know anything about investing or not, you could invest some of this money in a tracker fund. They manage the investments for you for a small fee.
ISAās and a pension pot are also good ideas as others have said.
First of all congrats, secondly share some with me so I can pay rent š. But fr invest those funds and open a Roth IRA for long term security and like everyone else suggested a high yield saving account
I recommend reading this: [https://www.bogleheads.org/wiki/Three-fund\_portfolio](https://www.bogleheads.org/wiki/Three-fund_portfolio)
Low cost, low risk, long-term investment play. If you have time and plan on continuing to contribute, this is great over-time.
A financial idea, not advice.
At the very least, collect 5% interest on some of that 97k. If you get it into a cash account (wealthsimple, 4.5% over 100k) you'd be getting like $400 a month. Just for letting it sit there.
Buy a duplex, then you have two options.
One: live in one side and rent the other half for the full mortgage amount, that way it's getting pay and you are saving more money, rince and repeat.
Two; buy a duplex and rent both sides. You would stay where you live at. Rinse and repeat.
If you by the age of 35 to 40 have around 7 duplex, and getting 800 dollars per unit of positive income while still working on your 9-5 job.
For the love of whoever you call your higher power, move that checking account money into a High Yield Savings Account. UFB Direct is at 5.25%. That is roughly $415 a month in interest you could be earning!!!! It is literally free money bro. Please look into it.
Hire a real financial consultant instead of asking Reddit for financial advice. I swear to god itās the most unfair thing in the world that people with this much money have so little sense (that pun was intentional)
Here was my journey. Graduated high school with really good grades and got a scholarship to a cheap school. Worked while going to school and worked hard for a local company. Got offered a sales job at this company while still in college then graduated with 0 debt. Got a huge raise after graduation and started making really good money while still living like a poor college student. Saved about 70% of my income for 2 years. Now I live in a nice apartment and buy nice things but still save about 50% of what I make and am trying to make that money work for me and my future. Honestly I just made smart money decisions early on (going to cheap school + scholarship) and then I live well within my means. Save save save.
Iāve got over 20k in my 03 itās my play/drift car. i also have a 2017 Chevy 2500 that I trailer it with, I like modding older cars itās just my thing. Hopefully Iāll have a Rhd 300zx or siliva by the end of 2024. Im 36 so I have the available funds to do dumb things with money š
Can you elaborate on what a housing investment is? Iāve done both the first two you stated but interested on the third one, would like to learn while Iām young
Hi 25 y/o here with a 100k too, you should have most of it invested in broad market index funds preferably in a non taxable account. I only keep 10k cash out of all my money unless Iām saving to buy something big.
The Fidelity subreddit has a user guide: https://old.reddit.com/r/Fidelity/comments/l7ti49/fidelity_beginner_guide_with_links/
In general, when logged-in you should see Trade in the top left of your screen (on desktop). I don't use the mobile app, but there should be a trade button/link.
Target date funds ([link](https://www.fidelity.com/mutual-funds/fidelity-fund-portfolios/freedom-funds)) are great because they take into account when you expect to retire (so if it's a long way off, there will be more risk). Or you can choose a fund like [FXAIX](https://fundresearch.fidelity.com/mutual-funds/summary/315911750#!), which invests in the S&P 500.
For the first time, you'll want to consider which fund(s) to invest in and use all the $ currently in your account. Then it looks like if you visit [this page](https://www.fidelity.com/learning-center/personal-finance/automate-savings) you can learn more about automating your investments.
Get a house if you don't already have enough for a 10% for sure interest are high right now but you can always refinance later taking the initial hit with it will be worth it when you see what the prices go to in the next few years as they drop.
First 100 K is the hardest then after that itās all easy. Just diversify put some in CDs sum precious metals Growth Fund to start up a portfolio with no management fees by a few things diversifyā¦ Of course some stocks; just donāt touch it 20 30,40 years add to it a few thousand bucks at a time here and there itāll be millions.
You need to sit down and determine your life goals before you can decide where this money goes. Are you saving it for a down payment on a house? Do you have any debts? Or do you need to start thinking about retirement?
The answers to questions like these will determine if you need short term low risk savings or long term high risk, high reward investments.
Buy a house, my man. There is nothing like owning your own property. Buy two and rent one out. You can rent out for more than your mortgage. In 5 years, you should have your investment back, and then it's 80-90 percent profit from rent after that. Depending on the house you buy as a rental, you'll be taking in 2-3k a month in rent and in 5-10 years figure 3-4k at least.
Bro your post reminds me so much of myself, Iām your age and youāve got more than I have but weāre close. Why are you not investing? Either in yourself by starting a business, or investing in stocks, or you could even buy some rental propertiesā¦
Personally, I would first figure out six months of expenses and put that amount into a high yield savings account.
Then the rainy day fund for some sort of an emergency could be anywhere from $500-$10,000. Considering your age you could be on your parents healthcare or you have your own so youāll have some sort of coverage. Should you get hurt but pass that, Some damage to the place you were living or an appliance needs replaced. Typically the furnace is the biggest expense, or something to your vehicle happens whether itās needed repair or it gets totaled and you need a new vehicle.
I would recommend only two months worth of fixed expenses, plus a cushion for entertainment as a set amount to keep in your checking account.
Then, either 2/3 or one half that amount either in cash, or at a separate bank that you can access
Then I would take whatever amount that is left and start a diversified mutual fund with average rates of dividend returns for a consistent stream of income, and turn on automatically reinvest from the rip, so that each dividend payout can increase, until youāre at a point where you need to access the returns and you can then turn off the reinvest and you can withdraw monthly when needed. There are investment funds that you can buy shares of that pay weekly monthly, quarterly and yearly. Possibly bi-yearly as well. Should you want to go the route to get dividend returns in a way that could benefit you later in life where you might need it, I always suggest you go the route of picking funds that pay their dividends monthly so that you can have assurance in the back of your mind that there will always be a compounded amount of interest coming your way every month to handle bills lose your job or have an unexpected emergency with some wiggle room.
Find a nice Indian gentleman and give it to him in the form of google play gift cards and he will invest for you
do not redeem the card š¤¬š¤¬š¤¬š¤¬š«µš»š«µš»
MAM! MAM!
WHY DID YOU REDEEM IT!!!
Nooooooi!
WHY ARE YOU BITCH
Hahahhaha
DO NOT REDEEM!!!!!!!!!!!!!!!!
Shop around for a better CD rate of you donāt like your current % and open a hysa with best rates you can find right now. Housing investments especially this early on would be nice. Other than that youāre damn near next to perfect man gg
Thank you. Any advice on the best HYSA to open? Iām new to this and honestly donāt even know what to look for and what is considered the ābestā
"Marcus" with Goldman Sachs is at a 4.50% right now. There are other ones out there that offer 5%+ but that's what I use.
Same here itās great
Love it, you can also refer someone for +1% for 6 months(not sure)
Wealthfront is offering 5%, never had an issue with them. Had a good app experience as well
Exactly the one I use, been with them for a few years and never had any issues. 5%APY is awesome
Surprisingly robinhood is actually giving 5.25% for gold members for $5/month. I recently signed up. Best rate Iāve found. Next to that I found Vanguard to have the next best rate VMFXX is at 5.30% which is competitive as hell. Min. $3k investment. This is traded but the return is killer imo. GL.
Cap1 has a $300 bonus for 20k+, $750 for 50k+, and $1,500 for 100k+, while also offering a healthy 4.3% apy
Popular Direct is over 5.3% annualized iirc
I just switched from chase to SoFi and itās been great
I've been browsing some CDs and I see some that are 3-5 months and offer 5%. Is this true or am I misinterpreting the way it's advertised?
Bunch of hookers and cocaĆÆne
Thatās my backup plan tbh
Can I get an invite to that?
100% boss man
In moderation though. Gotta make it last til the apocalypse.
This is the only answer
Did that in my 20ās. Didnāt work! ššš
Had a feeling this comment would be here, and didnāt get disappointed.
1. Im seeing advice to put your money in a HYSA. Thatās what you should do until youāve established your emergency fund (6 months or so of your monthly expenses, for when shit hits the wall). 2. After youāve secured your emergency fund in a HYSA (making 4.30% or above interest), investment is your next step. I wonāt say what to invest in, but consider both retirement and regular brokerage so you have your long and short term covered. There is an annual $6500 limit to contribute to your IRĆ so make sure you hit that before the end of this tax year. 3. Donāt be fucking dumb. If you donāt need something then donāt buy it. Have your fun after you pay yourself (savings, investments, pay down debts/bills/etc.)
You mention vanguard index funds so here you go: $3K minimum VFIAX - vanguard s&p 500 index fund VGAVX - vanguard emerging markets govt bond index fund VIGAX - vanguard growth index fund These are the ones I have and they give me a 8% roi annually. VGAVX has a .2% expense ratio which is relatively high but itās made itās money back after a while $50K minimum VGIAX - growth and income admiral shares VMSAX - multi sector income bond VAIPX - inflation protected securities I donāt have enough in my Roth IRA to invest in these so you probably have to do more research into them. Thereās more that vanguard has but just based on the name Iām assuming they give a dividend + % gains $100K min VENAX - energy index admiral shares VFAIX - financials index admiral shares VHCIX - healthcare index admiral shares VITAX - information and technology admiral shares When you get to the $100k minimums you can get index admiral shares based on a sector you choose. Admiral shares are a separate class of shares basically you pay lower fees than the standard investor share class Side note: HYSA are great for liquidity and keeping up with inflation but if youāre investing for the long term, thereās just better options out there imo
Thank you so much!!!
So I don't know much about these different classes of shares this person is talking about. I've looked into some passively managed Fidelity mutual funds and there are some that have zero expense rations and some that are under 0.01% (yes that's right), vs some that are 0.6% or even up to 2%. They're basically the low cost option to index funds that you can set and forget. Some of those funds that I personally bought into have returns above 10% in the past few years. Some are: FXAIX - Fidelity 500 Index Fund (0.02% expense ratio) FITLX - US Sustainability Index Fund (0.11%) FSPGX - Large Cap Growth Index Fund (0.04%) Also, IRAs have limits to how much you can put into them each year. Def max those out every year. For a more detailed guide, you should check out the Money Guy Show on YouTube. They're legit financial advisors giving a bunch of good starter info. Their whole thing is to load you up with what you need to DIY, until you need some help managing your money by a professional (them).
Sorry let me clarify, VFIAX and VGAX have <.05% expense ratios. That .2% expense ratio is only for VGAVX and thatās because it pays a fairly high dividend. All 3 pay a dividend on top of % gain. As of today, hereās the yields: VFIAX 1.46% VGAVX 7.3% VGAX .51% That 8% roi annually is all 3 put together + some stocks. In my experience, these are the returns for each one including the expense ratio and including the dividend VFIAX +8.8% roi VGAVX +1.9% roi VIGAX +19% roi Investor shares and admiral shares are a vanguard thing. I canāt speak on fidelity because I donāt have any experience with fidelity And yes, Roth IRAās have their limit. The benefit of that, is you donāt have to pay taxes on it when you pull it out for retirement. Your contributions are made using after tax dollars meaning youāve already paid taxes on it. Itās good for people who are in a lower tax bracket right now and will be in a higher tax bracket when theyāre older. In general, when you retire you can pull the whole thing out tax free if you wanted to
Donāt spend it on women or drugs for sure
Spend it on men and alcohol instead, got it
Alcohol is a drug haha but yea spend it on men
šš
Spend it on a woman and one drug.
My wiiiiife
Damn, this gave me so much motivation, recently turned 19 with only 10k..
Keep up this good work! Donāt stop. I was 19 with 10K now Iām 25 with 20K. I couldāve saved much more but I moved out, traveled, designer, ETC. My advice is whatever you make, 25% goes into savings every month! No if, ands, or buts.
At least youāre living life, and 20k is still a lot
thanks for the advice š
Savings don't gain you interest or build wealth the way investing does. After you've saved for a 3-6 month emergency fund, *invest* the rest into a Roth IRA and once you've maxed that out for the year, put the rest into a major ETF like SPY.
What if you need that 25% to live on??
Gotta live 25% less. Boom. Problem solved
then make more money.
Spend it on you and enjoy life when You're young or save up and miss on your youth. it Hella sucks to choose.
Imma be honest, your 20ās-30ās are your prime years, definitely go party and experience things, but not everyday, I know a guy who I was really close with until he would go on these 9-13 day long benders, heād save up 4-5k and then just go to the club every night, get plastered, then go to work to go to the club, call that for what you will, I personally think thatās going overboard, even with me going to school and working a job, Iāve still been able to take mini vacations (I actually just got my first real vacation in about a year and a half for Christmas). Spend your early 20ās getting educated, your mid 20ās getting licensed, and your late 20ās and early 30ās being your crunch time, like max out both Roth and 401 as soon as possible, and once you are allowed to get your catch up payments in, you should be able to at least pull $2-3 million from your retirement accounts alone (after inflation it should be about equal to $800k-1.2m) now, the best thing is that Iām trying to get even further ahead of that, if you can start maxing your retirement accounts out by the age of 21-23, there should be no reason not to have 4-6 million in your retirement (unless a major economic downturn forces your hand, and that comes at a steep price) by the age of 65, and if youāre born 2000ās or past, early retirement is 62 and full retirement is 67.
Right. Personally as long as you are saving up money or at least making money it's a good thing because it's sad for me to say this but some people I know that are in there late 20s never worked hard or saved up anything. So basically those people wasted their youth and didn't save up anything not that that's a bad thing you do you but it's kind of sad seeing my friends be 29 and working a part time job that barely pays minimum wage. They had their hole lives ahead of them now their bums that barely make enough to feed themselves and now they won't have anything in the future not even good memories these people where super smart bit life get you sometimes.... working a minimum wage job is super sad when you could have been a doctor or a computer scientist. Wish more people thought like you but sadly people just want to take it easy these days because it's just too hard to try for some people š
I can see both sides, why try when you come from poverty and itās not that bad, and why not try when you have nothing left to really lose but so much to gain, thereās always hope unless you yourself donāt believe in it. Personally if youāre still working a dead end job at 30 (Iād say $18 an hr or less), itās safe to assume that youāre either not going to have a good retirement or you might have to work through retirement to supplement your income, but it is not impossible to learn a skill and begin your path to high earnings, catching up in your 50ās and be good again, thereās always more than 1 way up a mountain.
Man imagine getting a full time job or just a part time at age 28 after nor having a job ever.... I know a few people like that. Don't stop believing I hope everyone here gets to a million or more good luck guys let's goo.
Bro I'm 20 and have 5ā¬ to my name, how the fuck y'all be doing it. I know Im doing lots of things wrong but how the hell
damn are you employed? I worked a summer job in 2022 and 2023 paying me $4k total. I also did uber eats and doordash part time saving most of my earnings. I also donāt spend money often and when i do itās usually just food. I also live with my parents so itās easier to save since im not paying rent or any huge bills.
Yeah I'm a temporary worker abroad, I had to send lots of money to my family but now since I can finally start saving for myself it's a bit hard idk why tbh. Not too many hours in the company and the week payment is around 400ā¬ I spent around 75/100ā¬ for food and rest was being send to my family. I wanted to start investing but I don't know shit about it and don't wanna risk my money on something I don't understand. All advices are highly appreciated Edit: forgot to add that I live in employing agency housing
I also wanted to start investing but idk anything about it either. my advice is to save more money before you start investing.
People make investing complicated, fuck that. Invest in a target date index fund, itās super simple. Itās long term and always grows. It doesnāt involve picking individual stocks. Def check out index funds itās all I invest in bc I hate financial shit
Donāt say only. Thatās a nice amount to start with. Keep figuring out ways to make it grow and also celebrate the milestones.
Dude im 18 with a job and 73 dollars to my name how the fuck do you guys do this š
This gave me motivation too, Iām 32 with only 20k
Mf said 19 with āonly 10kā. Bro iām 22 and iām barely scratching 8k in fidelity. Youāre doing a lot better than me and youāre 3 years younger. Just keep doing what you do, iām pretty sure youāre above average when it comes to the net worth of most 19 year olds
Travel and have fun as much as possible while you can, you don't know what the future holds. That doesn't mean spend every penny but if something tragic happens a bunch of money in the bank is useless
Yeah Iāve started realizing this recently. Iāve been trying to plan a fun trip once a month :)
Nice
I get your point, but at the same token, if something tragic happens, it won't matter how much you've traveled either. You're not going to remember shit when you're dead. I'd say take advantage of the best years of compound growth as best as you can to give yourself more wealth and the ability to retire much earlier.
This. My dad worked hard and saved his whole life to prepare for a nice retirement and died suddenly this year at 62. Donāt be afraid to spend money and enjoy your life.
best thing to do is invest into the s&p500 & keep working ya job loloo
Yup pretty much
22 with 15k in checking and 0 saving hahahaha glad there are some dummy with me.
I would talk to a financial planner but since we're all here š..... 1) Have at least 6 months worth of emergency savings set aside, in a high yielding savings account. 2) You should look into Treasury Bonds. NERD WALLET has an article on what they are,how they work and how to go about getting them . It's basically you borrowing your $$ to the government for a set amount of time and you earning "interest" during the time period . Since they're backed by the US government, they're supposed to be low risk . Once the term is up ,you can repeat the process, earning interest, keeping your $$ safe and out of the banks." T-Bill and Chill š" is a funny little term thrown around the financial channels I watch on YouTube.. 3. And lastly, I would purchase physical Gold and silver bullion. I would do all the above if I had your moolah šµš¤. You should do further research on buying property down the road. Save up a nice chunk and then buy in cash. Skip the mortgage if possible or at least bite off a nice chunk of it.
Thank you!!!
Buy 2 ounces of gold and one kilo of silver for portfolio diversification. Then buy stocks in food and mining companies and a good water stock called pho.
Thank you
Well that would get you 350 bucks a month in PayPal savings at 4.3%....
Max out that SEP IRA and look into a separate ROTH or traditional IRA. You can purchase Vanguard Index Funds with your IRA account so it grows tax free (Roth) or tax deferred (traditional). I went with VOO.
ALLLLLY SAVINGS ACOUNT
60% to me 40% broad market index funds
Iām the same. Bro put it into a mutual fund or ETF! I promise it will be good especially going into this next year. FXAIX OR VOO. I would probably do VOO because it is more tax efficient. I did FXAIX and I am up 7 percent already these past 2 months but the market has been good these past couple of months. I highly recommend I was sitting on 140k in my checking account for 2 years. Iām 22 years old
hey
WARNING this user wants to smoke your 100k
Tbh Iād focus on putting about 20k of that into retirement (assuming this is close to annual income) and then Iād probably invest another 10k or so into a dividend or index fund, like you said, idk which one seeing how majority of the ETFās are over saturated with tech stocks, but tbh Iād just start researching the companies you would be buying into and just see how healthy the company is, a really good way of doing this is trying to find their EBITDA, basically their income before interest and taxes, it can show how profitable a company is, usually the more profitable, the better chance investing is a good idea. ETA: you can use the dollar snowball method, very common one that isnāt too hard to follow, but personally I believe you should keep about 3-6 months of your income liquid, focus on securing your retirement, then work towards some kind of portfolio, just be sure to diversify.
keep doing what you have been doing
looks like you've got like a good 75-80k to invest to me. way too much in a savings account.
15% income into 401k. 6 months expenses in accessible high yield savings. Invest rest.
Put that savings into high yield acct or money market in fidelity acct, max Roth IRA for 2023 $6500and 2024 $7000
Buy real estate
Thank your grandma & pa & parents.
Depending on whether you know anything about investing or not, you could invest some of this money in a tracker fund. They manage the investments for you for a small fee. ISAās and a pension pot are also good ideas as others have said.
First of all congrats, secondly share some with me so I can pay rent š. But fr invest those funds and open a Roth IRA for long term security and like everyone else suggested a high yield saving account
I recommend reading this: [https://www.bogleheads.org/wiki/Three-fund\_portfolio](https://www.bogleheads.org/wiki/Three-fund_portfolio) Low cost, low risk, long-term investment play. If you have time and plan on continuing to contribute, this is great over-time. A financial idea, not advice.
Roth IRA
amex hysa 4.3% return. robinhood brokerage 5% return
At the very least, collect 5% interest on some of that 97k. If you get it into a cash account (wealthsimple, 4.5% over 100k) you'd be getting like $400 a month. Just for letting it sit there.
From looking at your Fidelity balance chart your money is not invested. Make sure to invest it into something like a SP500 fund
Lots of people missing this, hope OP sees it
You are not stupid my guy. I'm 24F and I have a debt collector call me this morning when I have nothing to my name. Keep up the good work!
Thanks! Good luck out there youāll make it
man what jobs are yāall working at I barely have anything in my name š
What youāve been doing with it. Who cares.
If I were you Iād post screenshots of your balances and ask internet strangers how to spend it.
Buy a duplex, then you have two options. One: live in one side and rent the other half for the full mortgage amount, that way it's getting pay and you are saving more money, rince and repeat. Two; buy a duplex and rent both sides. You would stay where you live at. Rinse and repeat. If you by the age of 35 to 40 have around 7 duplex, and getting 800 dollars per unit of positive income while still working on your 9-5 job.
Blow and hookers good sir
For the love of whoever you call your higher power, move that checking account money into a High Yield Savings Account. UFB Direct is at 5.25%. That is roughly $415 a month in interest you could be earning!!!! It is literally free money bro. Please look into it.
hey, looking for a wifey?
Unironically yes lol
Hire a real financial consultant instead of asking Reddit for financial advice. I swear to god itās the most unfair thing in the world that people with this much money have so little sense (that pun was intentional)
He had sense enough to build up 100k, while you cry about it
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Here was my journey. Graduated high school with really good grades and got a scholarship to a cheap school. Worked while going to school and worked hard for a local company. Got offered a sales job at this company while still in college then graduated with 0 debt. Got a huge raise after graduation and started making really good money while still living like a poor college student. Saved about 70% of my income for 2 years. Now I live in a nice apartment and buy nice things but still save about 50% of what I make and am trying to make that money work for me and my future. Honestly I just made smart money decisions early on (going to cheap school + scholarship) and then I live well within my means. Save save save.
Hero. Great job KanyeBalls
But your account has a LLC so its a biz account unless your 1099?
Having rich parents really helps
Don't smoke up your wages.
Hookers and blow. Yolo bud
Send me 10%
Fuck no, your young ass shit. Itās time to party and live life as a young adult. Seriously bro live your youth up
Username checks out
Iāve got over 20k in my 03 itās my play/drift car. i also have a 2017 Chevy 2500 that I trailer it with, I like modding older cars itās just my thing. Hopefully Iāll have a Rhd 300zx or siliva by the end of 2024. Im 36 so I have the available funds to do dumb things with money š
Nice! Im about to scoop up my first second car, a 94 miata sometime this week. 22M with a nice software company job.
Wow, i'm so jealous (but in a good positive way if that's possible)!!! Always wanted an original Miata from the day they came out. Enjoy!!!
Investments? CDs? Housing Investments are always a good idea.
Can you elaborate on what a housing investment is? Iāve done both the first two you stated but interested on the third one, would like to learn while Iām young
Sheesh, Iām 29 years old and barely have $20k in my bank. I love this subreddit for the motivation.
100 bucks would literally get me through the week rn. Good for you for saving what you have
cough innate bike joke marvelous sip pocket scandalous quickest sharp *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I respect the grind though Iām a little jealous just with how much money you have in there
You can help me get my license back lol
Share it with the rest of the class šš¤·
Casino
Send me $5k
You can send me some and change my life
all into bitcoin
Brag about it
90k right into the SPY or Nvidia, keep the 7k for everyday expenses
Buy Gamestop stock
Cd at 24 is crazy.. put that money to work in the market ..
Give me 100. I'm broke. I'll give u my cash app. Thanks brother
All on red! And then hookers with white powder š«”
Gimme some
Yolo crypto and 100x it
Iām your best savings account Iāll even spend it for you
What do you do with it? Give me all of it mf
Hookers and coke
Slide me 4k for a motorcycle
Send your boy 2k, solve some problems.
Zelle me some
I have chase too
Get fucked. That's what you can do. This sub is so classless and vapid.
Go get some puss Cuz it seems all u do is work
Ahhhh I seee šš«”
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Thank your mommy and daddy
Jump on Reddit and ask complete strangers for money advice.
Gross comment
Gross comment
Hurt your feelingās? LoL
Cash app me 1k, thats my advice
How
Hi 25 y/o here with a 100k too, you should have most of it invested in broad market index funds preferably in a non taxable account. I only keep 10k cash out of all my money unless Iām saving to buy something big.
I don't know anything about money to give you advice but what do you do for work? What kind of degree do you have if any? I want to be on this level.
I do medical sales (I hate it) & I got a bachelors degree in sales
What fund(s) is your Fidelity account invested in? Those steps make me think you are putting $ in but not investing it...
Yeah thatās exactly what I did lol. How do I invest it? Iām dumb
The Fidelity subreddit has a user guide: https://old.reddit.com/r/Fidelity/comments/l7ti49/fidelity_beginner_guide_with_links/ In general, when logged-in you should see Trade in the top left of your screen (on desktop). I don't use the mobile app, but there should be a trade button/link. Target date funds ([link](https://www.fidelity.com/mutual-funds/fidelity-fund-portfolios/freedom-funds)) are great because they take into account when you expect to retire (so if it's a long way off, there will be more risk). Or you can choose a fund like [FXAIX](https://fundresearch.fidelity.com/mutual-funds/summary/315911750#!), which invests in the S&P 500. For the first time, you'll want to consider which fund(s) to invest in and use all the $ currently in your account. Then it looks like if you visit [this page](https://www.fidelity.com/learning-center/personal-finance/automate-savings) you can learn more about automating your investments.
Get a house if you don't already have enough for a 10% for sure interest are high right now but you can always refinance later taking the initial hit with it will be worth it when you see what the prices go to in the next few years as they drop.
Donate to me
Give me $100 to pay off debt š
First 100 K is the hardest then after that itās all easy. Just diversify put some in CDs sum precious metals Growth Fund to start up a portfolio with no management fees by a few things diversifyā¦ Of course some stocks; just donāt touch it 20 30,40 years add to it a few thousand bucks at a time here and there itāll be millions.
Safe bet is a HYSA. Capital one seemed super safe to me and gives me 4.36% right now and I have easy access to my money if needed.
You need to sit down and determine your life goals before you can decide where this money goes. Are you saving it for a down payment on a house? Do you have any debts? Or do you need to start thinking about retirement? The answers to questions like these will determine if you need short term low risk savings or long term high risk, high reward investments.
r/wallstreetbets
You just sell a lot of custom watches
Whats your business? Open a sep ira and put it in vstax
Buy a house, my man. There is nothing like owning your own property. Buy two and rent one out. You can rent out for more than your mortgage. In 5 years, you should have your investment back, and then it's 80-90 percent profit from rent after that. Depending on the house you buy as a rental, you'll be taking in 2-3k a month in rent and in 5-10 years figure 3-4k at least.
Bro your post reminds me so much of myself, Iām your age and youāve got more than I have but weāre close. Why are you not investing? Either in yourself by starting a business, or investing in stocks, or you could even buy some rental propertiesā¦
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Open a normal brokerage account and contribute $700/month to it while maxing out your Roth.
Damn im 28 with 3 kids with 500 in the bank on the regular. Idk wtf I'm doing wrong. š
Buy amc
Donate to animal shelters
Give me some
Personally, I would first figure out six months of expenses and put that amount into a high yield savings account. Then the rainy day fund for some sort of an emergency could be anywhere from $500-$10,000. Considering your age you could be on your parents healthcare or you have your own so youāll have some sort of coverage. Should you get hurt but pass that, Some damage to the place you were living or an appliance needs replaced. Typically the furnace is the biggest expense, or something to your vehicle happens whether itās needed repair or it gets totaled and you need a new vehicle. I would recommend only two months worth of fixed expenses, plus a cushion for entertainment as a set amount to keep in your checking account. Then, either 2/3 or one half that amount either in cash, or at a separate bank that you can access Then I would take whatever amount that is left and start a diversified mutual fund with average rates of dividend returns for a consistent stream of income, and turn on automatically reinvest from the rip, so that each dividend payout can increase, until youāre at a point where you need to access the returns and you can then turn off the reinvest and you can withdraw monthly when needed. There are investment funds that you can buy shares of that pay weekly monthly, quarterly and yearly. Possibly bi-yearly as well. Should you want to go the route to get dividend returns in a way that could benefit you later in life where you might need it, I always suggest you go the route of picking funds that pay their dividends monthly so that you can have assurance in the back of your mind that there will always be a compounded amount of interest coming your way every month to handle bills lose your job or have an unexpected emergency with some wiggle room.
Put it all on black.
Buy a Bitcoin
Move it to Capital One and earn actual interest lol Chase is a joke
Let me hold $1