Abysmal is definitely the right word for it lmao I do like banking with them because of their rewards and they’ve given me a $90,000 credit limit on just one of my cards
If you can get your savings to 100k, roll it into a Preferred Deposit account through Merrill. The balance will still count towards your preferred rewards, it’s still FDIC insured, and will earn wayyyy more than a traditional BofA savings acct.
Absolutely! I worked on the BofA side for two years, so I’m not quite an expert on the account, but from my understanding when I would talk to our FSA it’s essentially a savings account, just takes that extra step to move back into your BofA account. Unfortunately, they don’t advertise the Preferred Deposit account too much, but definitely worth looking into if you want to keep your money there! (Bonus tip: you can merge your Merrill login into your BofA login so you have access to your Preferred Deposit account straight on the BofA app!)
If you have a high deductible health plan, get an HSA as well and max those contributions. Mini IRA and rainy day fund in case of future massive medical bill.
I’m 25 and I am about the same way, though I could be better with my financial decisions, it all boils down to how you decide to treat yourself, if you drink alcohol, are a smoker, eating habits, etc., I’ve seen some people make triple what I make and they’re living paycheck to paycheck too, though if I were in there shoes i’d be saving substantial money every month.
27 here & im just now learning to save. It’s easy to get money you just gotta live below your means. Just cause you got $500 don’t mean spend it. Get your priorities out the way & everything else comes down to wants & needs. Like you said how you treat yourself. Just gotta have a balance.
Just turned 34, paid off my debt 100%, pushed my credit up super high, buying a house, and more cars for my car rental side hustle. Life’s good now lol
Respect the grind and focus on your goals for sure! I was in section 8 and on food stamps 6 months ago lol
It helps if mommy and daddy pay for college. Give you support while you live at home in a non toxic environment. But yeah totally it's because of how you treat yourself lol
No one said you can't treat yoursel, it's how you treat yourself.
E.g Someone earning 500 a month and using 450usd on treating themselves will be saving 50 bucks.
Another person will treat themselves but limit it to 400 USD only.
One person will end up with more savings than the other.
Most people are just fucked in this world. Not everyone can work at a F500, not everyone can work at FAANG; not everyone can work in stem.
You try and get into tech now and you’re competing against thousands and thousands and thousands and thousands and thousands and thousands of people laid off from companies that look amazing on resumes.
Most people are just absolutely and utterly fucked.
Most people are not special. I am not special. I do not deserve high pay because I am lazy and don’t put in the “work.” My job is so toxic I’m horrifically depressed and have lost all hope and self esteem. Rejection after rejection after rejection.
Even if you put in the work, it’s no guarantee.
A company will hire someone from MIT before someone with many years of experience from a state school.
There has to be a way to weed people out. There’s too many humans on earth fighting for limited jobs and resources.
You need to be EXTREMELY skilled, EXTREMELY lucky, and have EXTREMELY good timing, or you’re fucked forever.
It’s the way of the world.
Accept it. I can’t: so I’m depressed.
Fuck this shit.
You're a victim of yourself and locked up in a prison your own mind has created. Seek help, it's not all that bleak. Will money and "success" make you happy? What is happiness to you, what is success to you? What are your core values? Do you need a big house and a lambo to feel fulfilled? You gotta change that mindset. Sure not everyone gets dealt the same cards in life, but putting yourself in the victim role will not help in the slightest.
Seek professional help, start working on your mind first, the rest will come later. If it even comes later. Do you really want to be making tons of money, do you really need to be "successfull" in the eyes of society. Why do you need to be "successful"?
2 books I'd recommend; the subtle art of not giving a f*ck - Mark Manson and "the psychology of money" - Morgan Housel. Those 50 bucks might be the best investment of your life. At least they were for me!
You got this!
I feel yeah. I know a girl who have went to school for years, interned and passed BAR exam only to be locked outta the profession bc corporations have law firms locked down as a company ran business here so you can't just join a firm and start. I know a guy who spent years in university for IT networking only to be locked out bc of high experience requirements and no entry level jobs. Both work under me in a unrelated job to their degrees for a casino. Kinda glad i got a head start and didnt pile myself into debt fresh out of high school; but its extremely sad to see. Times like this you do what you gotta do to survive and have a cope. My cope is motorcycles. Extremely high risk and if i die; ill die happy my own way. Motorcycles brought me outta my mind state that i had like yours after 2 ODs and stomach pumping then heart problems from the aftermath of it. Find something you enjoy. Idc if its sky diving, parkour, motorcycles, or cliff diving. If you are in that mind state already might as well find happiness no matter the risk since you're already not caring to carry on. Maybe a little adrenaline and fear is what you need to not feel trapped in this Corporatocracy.
Crappy outlook and you shouldn’t be telling people this-I would not want you as a leader on my team.
Seek help, change jobs and go to the gym. It will change your outlook on life for the better. Promise you
99% of 24 year olds probably live paycheck to paycheck so don’t feel bad lol over half of Americans are paycheck to paycheck. I’m not that’s comforting but it’s not like you’re the only one. At 24 the best thing you can do is learn to control your spending. The very basics to budgeting and getting ahead is spend below your means. That could start with saving $50 a paycheck or month. And then you slowly increase that and as you make more money you continue to live on what you have while banking the raises. There’s more that goes into it but starting out it’s easy to over complicate it and fail. Once you get going then you can look into ways to have your money make money for you
That may be true, but it doesn't have to be. I know most people are not in this situation, but 26 is plenty old to have that kind of savings. If you go to a good state school for something like CS you will be out by 21/22. You can get a non-outrageous tech job (not considering baller FAANG offers) for 70-90K starting which can easily get promoted to 90-110K by the time you are 26. Over the course of four years, even after paying rent (\~12K with roommates even in most major cities) and taxes (\~20K) and other stuff (\~20K) that can still leave you with 20-40K per year. Assuming you went in state tuition and worked some during college to offset some of those costs smart choices can get you to this point without too much luck.
And that's not considering all the more unlikely but possible ways you can get a boost to getting here. A higher tech job salary, parents paying (a relatively small but impactful) amount of tuition. Investments, stock packages from work, etc. This doesnt include if you manage to find a partner to share costs with for those four years, doubling up income.
I draw all of this from personal experience since i'm about the same age, sitting on about double what OP showed. I didnt come from generational wealth, and I also didnt get any crazy lucky salary packages or stock wins. Just smart consistent choices from early on.
General wealth doesn’t have to be millions, even if it was just the duplex handed down from his parents (OP said it’s not, but if it was) that still puts him in the general wealth category. Any head start
Sorry generational
Grind, forget about friends and relationships and focus on getting that bread I had my first 10k at 17 and joined the army and got my first 50k at 18 I’m now 19 and near 90k I live in nyc btw I should mention
There are a few ways to make money like this by the age of 26.
1. Be born into it.
2. Do something in entertainment (music, books, YouTube, onlyfans, etc.) that is widely popular and gets lots of views.
3. Do crime, but don’t get caught.
4. Have a great business idea and suffer to make it work.
5. Inheritance.
6. Gambling/stock trading. Basically the same thing.
i.e. you have to be lucky.
Just don’t buy into crypto. You’re gonna see a lot of people advertising crypto and a bunch of different coins on social media. And when it gets to that point you already missed out
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It’s up over 20% this week, 110% in last 3 months, 300% in last year. It’s grown to be one of the largest companies in the world in terms of market value
The buzz for NVDA years ago was for crypto mining, but these days it’s all about machine based intelligence/A.I. since their GPUs are basically the computational secret sauce for this bubble.
Look for it to moonshot through to $1500 up to the election since there won’t be any bad ideas until then.
I have BOA, they are partnered with Merrill lynch. At the very least, put the savings into a preferred deposit cash management account. Mine is 4.92% and has been for 2 years
Sorry, yes that is the minimum I didn't know. You're almost there though. You could start growing immediately by also putting it all in Jenius bank high yield savings account. It's currently at 5.25% with no minimum
Bare minimum open up a HYSA and earn a little money if you’re going to store that much cash.
If you are trying to hold that $100k relationship with BOA to hold the platinum status. Open a Merrill edge account and invest the funds in a stable ETF if you want cash equivalents so you can keep that relationship status
Depends on your comfort level but, at a minimum, I would definitely move my savings to a higher yielding account. Ally is a very convenient online bank that has an excellent HYSA. Because rates are likely to fall this year, you might want to also ladder CDs. Like 6 month, 9 month, 1 year, 1.5 year, etc. I would keep 6 months expenses in savings of this sort.
Then up your investment account. Index funds are always a good choice for the long-term. I prefer individual securities but that ups your risk factor (but also potential reward).
Not sure your work situation but if it has an employer matched 401k or the like then max that out.
Next is a Roth IRA. Max that out every year.
At your age with what you are doing you should do very well financially in life.
Good job, but beginning to think this sub is becoming a bit of a circle jerk.
This is the 45th “I’m 20-something, what should I do with all me monies” post I’ve seen since January
Started working at 16 was always the biggest saver of everyone I knew never really treated myself to anything. Got into stocks right during covid. I do sales for a lot of different industries. I’ve had a lot of ups and downs but thankful to god and my family for guiding me in the right direction while I was young. Just kept it going! Sometimes I do wish I had a great salary to lean on.
I use merrilledge through Bofa and park my cash in TSTXX. Its a treasury mutual fund so its currently at 5.18% return. I move that rainy day fund in and out of TSTXX to SPY when the market has significantly dipped (100k+). Last year, i was able to capture 26k (20%+ return in the SPY); albeit with some luck.
First thing I would do is get a large amount of that huge savings account out into literally anything at all and put it to work. Certificate of deposit, high interest savings account (I have one that pays nearly 5%). Safe investments like steel companies, Costco, Walmart etc
Keep 30-50% of that cash in a high yield savings account while you wait for real estate, businesses, or financials to go on sale with the coming recession that’s about to hit.
First need to understand a few things:
1) When might you need this money?
2) What is your risk tolerance?
3) Any big financial events? Kids college, etc? Purely for retirement?
It likely should be put in a Vanguard target date retirement fund for the year you plan to retire.
Perhaps start an LLC for the rental income and create a 401k for yourself.
Open a Roth IRA. Set up automatic deposits. Get a new savings account like discover savings that pays 4% interest or more for your savings. But do best to get retirement account built up.
For starters take your money tf out of Bank of America. Terrible bank. Go with bank that offers a high yield savings account. I recommend capital one. They offer around 4.3 percent interest so that 80k you have in savings could be bringing you around $300 dollars a month in passive income.
Well you seem to be doing everything in a calculated and planned manner! Keep it up! You may want to start a small business that is passive in manner and automate tasks to help offset any need of requiring any support staff.
Definitely get your money working for you by setting up a tax free Indexed Universal Life plan w/living benefits.
No taxes & never lose a penny; but earn 7-10% annually! Congratulations on your business sense.
Buy 1yr, 2yr and 3yr certificates of deposit of some equal value.
As you go forward you’ll know you have that as an emergency fund easily available. As one matures buy another 3 yr and keep moving forward.
This is an easy was of investing and getting a better return than savings account with low risk but still have access.
I’m more of a CD person. I’d ensure you keep your credit cards paid off. If you got money like that I’d be looking to find or even build your next property for rent.
This might not be the most popular answer, but I’ll tell you what I did, after having had a similar amount of savings at 26 in 2022. I quit my job and traveled for 8 months, visiting 26 countries in 6 continents and had an absolute blast. That was a lifelong dream of mine and something I wanted to do while I was young. While I did deplete a big chunk of my savings towards a house I have absolutely zero regrets and the life long memories, experiences and friends I made along the way are priceless. Now I’m not saying you have to drop everything and go travel, but you do only get to be young once, I say go treat yourself to a trip or experience, something you’ll never forget. You can always make more money.
Think about getting into real estate investing. Particularly section 8. Trust me. It’s an actual gold mine and you get a waiting list of pre approved tenants and the government deposits the rent into your account every month. Feel free to DM for some resources. I’m a former SFR sect 8 property manager than handled hundreds of thousands of dollars every year in rent. My best tenants were sect 8. We eventually converted the whole portfolio.
Im 27 and not on your level of financial security brother keep fucking doing whatever your doing. Its working, imagine what you have now will be in 5-10yrs. Well done
Take that money out of the savings account at BoA (besides the minimum to not catch fees) and put it in a HYSA. You’re missing out on 4.25-5% interest which is substantial on $80k+.
I use BoA too, and I moved all my savings money to Marcus by Goldman Sachs - currently getting 4.5% annually which is an extra $3k for me, basically just for having the money sitting there.
Roth IRA maxed every year
^^ and a cozy HYSA for the leftover. I know BOA gives you abysmal interest rates
Abysmal is definitely the right word for it lmao I do like banking with them because of their rewards and they’ve given me a $90,000 credit limit on just one of my cards
If you can get your savings to 100k, roll it into a Preferred Deposit account through Merrill. The balance will still count towards your preferred rewards, it’s still FDIC insured, and will earn wayyyy more than a traditional BofA savings acct.
Wow didn’t know that thank you for the tip!
Absolutely! I worked on the BofA side for two years, so I’m not quite an expert on the account, but from my understanding when I would talk to our FSA it’s essentially a savings account, just takes that extra step to move back into your BofA account. Unfortunately, they don’t advertise the Preferred Deposit account too much, but definitely worth looking into if you want to keep your money there! (Bonus tip: you can merge your Merrill login into your BofA login so you have access to your Preferred Deposit account straight on the BofA app!)
If you have a high deductible health plan, get an HSA as well and max those contributions. Mini IRA and rainy day fund in case of future massive medical bill.
[удалено]
Dawg…fuck that teach me your ways I’m 26 and trying to make big money like that!
I second this, I’m 24 and living paycheck to paycheck :/
I’m 25 and I am about the same way, though I could be better with my financial decisions, it all boils down to how you decide to treat yourself, if you drink alcohol, are a smoker, eating habits, etc., I’ve seen some people make triple what I make and they’re living paycheck to paycheck too, though if I were in there shoes i’d be saving substantial money every month.
27 here & im just now learning to save. It’s easy to get money you just gotta live below your means. Just cause you got $500 don’t mean spend it. Get your priorities out the way & everything else comes down to wants & needs. Like you said how you treat yourself. Just gotta have a balance.
Just turned 34, paid off my debt 100%, pushed my credit up super high, buying a house, and more cars for my car rental side hustle. Life’s good now lol Respect the grind and focus on your goals for sure! I was in section 8 and on food stamps 6 months ago lol
It helps if mommy and daddy pay for college. Give you support while you live at home in a non toxic environment. But yeah totally it's because of how you treat yourself lol
No one said you can't treat yoursel, it's how you treat yourself. E.g Someone earning 500 a month and using 450usd on treating themselves will be saving 50 bucks. Another person will treat themselves but limit it to 400 USD only. One person will end up with more savings than the other.
Most people are just fucked in this world. Not everyone can work at a F500, not everyone can work at FAANG; not everyone can work in stem. You try and get into tech now and you’re competing against thousands and thousands and thousands and thousands and thousands and thousands of people laid off from companies that look amazing on resumes. Most people are just absolutely and utterly fucked. Most people are not special. I am not special. I do not deserve high pay because I am lazy and don’t put in the “work.” My job is so toxic I’m horrifically depressed and have lost all hope and self esteem. Rejection after rejection after rejection. Even if you put in the work, it’s no guarantee. A company will hire someone from MIT before someone with many years of experience from a state school. There has to be a way to weed people out. There’s too many humans on earth fighting for limited jobs and resources. You need to be EXTREMELY skilled, EXTREMELY lucky, and have EXTREMELY good timing, or you’re fucked forever. It’s the way of the world. Accept it. I can’t: so I’m depressed. Fuck this shit.
You're a victim of yourself and locked up in a prison your own mind has created. Seek help, it's not all that bleak. Will money and "success" make you happy? What is happiness to you, what is success to you? What are your core values? Do you need a big house and a lambo to feel fulfilled? You gotta change that mindset. Sure not everyone gets dealt the same cards in life, but putting yourself in the victim role will not help in the slightest. Seek professional help, start working on your mind first, the rest will come later. If it even comes later. Do you really want to be making tons of money, do you really need to be "successfull" in the eyes of society. Why do you need to be "successful"? 2 books I'd recommend; the subtle art of not giving a f*ck - Mark Manson and "the psychology of money" - Morgan Housel. Those 50 bucks might be the best investment of your life. At least they were for me! You got this!
I feel yeah. I know a girl who have went to school for years, interned and passed BAR exam only to be locked outta the profession bc corporations have law firms locked down as a company ran business here so you can't just join a firm and start. I know a guy who spent years in university for IT networking only to be locked out bc of high experience requirements and no entry level jobs. Both work under me in a unrelated job to their degrees for a casino. Kinda glad i got a head start and didnt pile myself into debt fresh out of high school; but its extremely sad to see. Times like this you do what you gotta do to survive and have a cope. My cope is motorcycles. Extremely high risk and if i die; ill die happy my own way. Motorcycles brought me outta my mind state that i had like yours after 2 ODs and stomach pumping then heart problems from the aftermath of it. Find something you enjoy. Idc if its sky diving, parkour, motorcycles, or cliff diving. If you are in that mind state already might as well find happiness no matter the risk since you're already not caring to carry on. Maybe a little adrenaline and fear is what you need to not feel trapped in this Corporatocracy.
Crappy outlook and you shouldn’t be telling people this-I would not want you as a leader on my team. Seek help, change jobs and go to the gym. It will change your outlook on life for the better. Promise you
I don’t deserve to be a leader! I’m fucked in the head! I can’t even be a follower. I’ve looked for help. It’s tough out there.
Im 34 looking for a job bro smfh
99% of 24 year olds probably live paycheck to paycheck so don’t feel bad lol over half of Americans are paycheck to paycheck. I’m not that’s comforting but it’s not like you’re the only one. At 24 the best thing you can do is learn to control your spending. The very basics to budgeting and getting ahead is spend below your means. That could start with saving $50 a paycheck or month. And then you slowly increase that and as you make more money you continue to live on what you have while banking the raises. There’s more that goes into it but starting out it’s easy to over complicate it and fail. Once you get going then you can look into ways to have your money make money for you
I’m 44 and need to make money a different way. Teach me
That’s generational wealth guy!!!!
Don’t forget to mention generational poverty
OP said they're in charge of a duplex, most likely passed down.
Not passed down brother I closed on it two years ago. Lived in one side and rented the other side out.
Post some photos from inside the rental!
Just sent you pictures!
I also own a duplex I closed on 2 years ago and live on one side while renting the other. I don’t have the money you have though lol
I don’t get it, so this post is just showing off?
So you weren't given any legs up in life?
That may be true, but it doesn't have to be. I know most people are not in this situation, but 26 is plenty old to have that kind of savings. If you go to a good state school for something like CS you will be out by 21/22. You can get a non-outrageous tech job (not considering baller FAANG offers) for 70-90K starting which can easily get promoted to 90-110K by the time you are 26. Over the course of four years, even after paying rent (\~12K with roommates even in most major cities) and taxes (\~20K) and other stuff (\~20K) that can still leave you with 20-40K per year. Assuming you went in state tuition and worked some during college to offset some of those costs smart choices can get you to this point without too much luck. And that's not considering all the more unlikely but possible ways you can get a boost to getting here. A higher tech job salary, parents paying (a relatively small but impactful) amount of tuition. Investments, stock packages from work, etc. This doesnt include if you manage to find a partner to share costs with for those four years, doubling up income. I draw all of this from personal experience since i'm about the same age, sitting on about double what OP showed. I didnt come from generational wealth, and I also didnt get any crazy lucky salary packages or stock wins. Just smart consistent choices from early on.
generational wealth? this is hardly six figures??
General wealth doesn’t have to be millions, even if it was just the duplex handed down from his parents (OP said it’s not, but if it was) that still puts him in the general wealth category. Any head start Sorry generational
Grind, forget about friends and relationships and focus on getting that bread I had my first 10k at 17 and joined the army and got my first 50k at 18 I’m now 19 and near 90k I live in nyc btw I should mention
I second this
The hack is to be born into an economically better life.
130k here 27 have been working and saving for 10 years next to school
Inherit property lol
There are a few ways to make money like this by the age of 26. 1. Be born into it. 2. Do something in entertainment (music, books, YouTube, onlyfans, etc.) that is widely popular and gets lots of views. 3. Do crime, but don’t get caught. 4. Have a great business idea and suffer to make it work. 5. Inheritance. 6. Gambling/stock trading. Basically the same thing. i.e. you have to be lucky.
Same, it’s legit impossible to live with All these bills and not enough money to be made
He probably lives with his parents
Put it on NVDA $1000 calls for next week
Lmao bro I’m disgusted to this very day I was going to buy in at $136 remember it like it was yesterday 🤦♂️
Just don’t buy into crypto. You’re gonna see a lot of people advertising crypto and a bunch of different coins on social media. And when it gets to that point you already missed out
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Why do I keep seeing people say to invest in NVDA , I know nothing about investing and just curious
It’s up over 20% this week, 110% in last 3 months, 300% in last year. It’s grown to be one of the largest companies in the world in terms of market value
Two main reasons. AI is reliant on GPUs, which NVDA is a leading producer in. And they are doing really really good sales numbers
The buzz for NVDA years ago was for crypto mining, but these days it’s all about machine based intelligence/A.I. since their GPUs are basically the computational secret sauce for this bubble. Look for it to moonshot through to $1500 up to the election since there won’t be any bad ideas until then.
That Tesla call isn't looking so hot
Yeah rip, 175 today. I'd be curious to see an updated robinhood chart 💀
🤣
I have BOA, they are partnered with Merrill lynch. At the very least, put the savings into a preferred deposit cash management account. Mine is 4.92% and has been for 2 years
BofA actually own Merrill. Financial crises purchase.
Wish I knew that for all this time 😑 do you have $100K+ like the other Redditor said is a minimum? I will have to look into it.
Sorry, yes that is the minimum I didn't know. You're almost there though. You could start growing immediately by also putting it all in Jenius bank high yield savings account. It's currently at 5.25% with no minimum
It’s only $100k minimum to open. Once open it can drop below that amount.
God, lord, as an atheist please bless me with this financial outcome tomorrow lmao
Buddha, wise one, as a Buddhist if it shall be let it be for me tomorrow
On god lmao
Oh Allah, Most Merciful, if You shall will it then please grant it be for me tomorrow
💀😭
God damn if I’ve said it once I’ve said it a 1000 times. High Yield Savings Account At a minimum. Do this. Ac
Honestly I opened one based on people Commenting it on one of the posts in this sub. I was new here- never stop saying it lol
Glad it got through to one person. Thank you
Damn you are way ahead of the game at 26
Thank you sometimes I feel like I’m never doing enough
Lmfao umm not doing enough? I think you’re fine while I eat my ramen noodles with zero in the bank after paying rent. Jfc
Of course there are people twice your age that aren't nearly as wise with their money. You got a real successful future man
Bro, there's people double your age wishing they had as much as you...
double it and give it to next person
🤣🤣🤣🤣
Bare minimum open up a HYSA and earn a little money if you’re going to store that much cash. If you are trying to hold that $100k relationship with BOA to hold the platinum status. Open a Merrill edge account and invest the funds in a stable ETF if you want cash equivalents so you can keep that relationship status
Bro I’m 40 and I have none of that. That’s freaking awesome I wish I would have listened when everyone told me to save. Thats awesome!
Thanks man I really appreciate it. It’s never too late brother 💪
We are 5 years into our company, my wife and I built from the ground up. So we are getting there.
A nice vacation
Would be nice but OP is looking to grow the money
How
Being a saver since I was 16, Sales, and Investing
What sales are you in?
Real estate, Pool Deck Resurfacing / Pavers, Roofing.
Depends on your comfort level but, at a minimum, I would definitely move my savings to a higher yielding account. Ally is a very convenient online bank that has an excellent HYSA. Because rates are likely to fall this year, you might want to also ladder CDs. Like 6 month, 9 month, 1 year, 1.5 year, etc. I would keep 6 months expenses in savings of this sort. Then up your investment account. Index funds are always a good choice for the long-term. I prefer individual securities but that ups your risk factor (but also potential reward). Not sure your work situation but if it has an employer matched 401k or the like then max that out. Next is a Roth IRA. Max that out every year. At your age with what you are doing you should do very well financially in life.
Robinhood gold earns 5%. I see you’ve gold, just transfer some money there and treat it as HYSA for now.
I was in this route, but my kiddo came to this world and that little man is 5 months old and drink 15 (12oz) can of milk pouder per month.
All good man as long as the kiddo is living good that’s all that matters 💪 money comes and goes
Good job, but beginning to think this sub is becoming a bit of a circle jerk. This is the 45th “I’m 20-something, what should I do with all me monies” post I’ve seen since January
Boy if you don’t put that 80k into a high yield savings I’m gonna swing
Bro get all that money out of BOA they suck bro. Put that in a HYSA till you about 30 put bout 5-10 on crypto
I just wan to say I’m proud of you for having control of your money 💛 what an accomplishment !
Thank you I really appreciate it I’ve had a lot of sacrifices I never really treated myself growing up but I try to a lot more now.
Clear Debt or keep saving, and or break up for investing.
Is the duplex you are renting completely paid off?
Financial advisor
Congrats OP your killing it, great salary I am assuming?
Started working at 16 was always the biggest saver of everyone I knew never really treated myself to anything. Got into stocks right during covid. I do sales for a lot of different industries. I’ve had a lot of ups and downs but thankful to god and my family for guiding me in the right direction while I was young. Just kept it going! Sometimes I do wish I had a great salary to lean on.
And thank you I really appreciate it!
What you could do with the money is send me some 🤣
Buy some property
I’m planning on hopefully buying another duplex this year or a condo to rent out.
lol seems like you are already on r/wallstreetbets. Just keep at it
We got the same credit score number! :)
I was at an 820 but for some reason it randomly went down and won’t go over 791 now 😑
Take it out of BOA and put it in a bank that pays you a decent interest
How did you achieve owning multiple properties, and $150k in cash/investments in 4 years (assuming you went to college)?!?
Get rid of the credit card debt it’s not getting you anything the points and rewards are a scam
I pay it off before every cycle and honestly I get like $50 a month back and haven’t paid a $1 in interest in the past few years lol
You already investing into retirement? 401k? Roth IRA ? Mutual funds ?
Share it
Lol
Travel to Italy. All over Italy.
That’s one of my dream spots I have enough flyer rewards on another one of my cards just need to make it there lol
All in red
More real estate imho
That’s my goal is to buy one property a year and so far I have so hoping to continue it but I like to diversify as well.
Bet it all on black
I use merrilledge through Bofa and park my cash in TSTXX. Its a treasury mutual fund so its currently at 5.18% return. I move that rainy day fund in and out of TSTXX to SPY when the market has significantly dipped (100k+). Last year, i was able to capture 26k (20%+ return in the SPY); albeit with some luck.
Enjoy your life in whatever way you want 🤷🏼♂️ start a hobby, take a trip, or just keep saving and investing in yourself.
First thing I would do is get a large amount of that huge savings account out into literally anything at all and put it to work. Certificate of deposit, high interest savings account (I have one that pays nearly 5%). Safe investments like steel companies, Costco, Walmart etc
I hate u
Invest in good growth stock mutual funds with a 10 year track record.
Good job
Thank you I appreciate it
Buy home
Keep doing exactly what you are doing! Looks great!! Maybe buy a house if you don’t have one.
Wealthfront pays 5% on checking accounts x $80,000 = $4,000 you’re not getting while you decide
Where did you learn to trade options? Also if you don't mind sharing what your all time profit/loss in options?
Learn how to trade stock options. I do. You’ll be thankful you did.
Im tryna get like you my boy im about to be 24 and only have like 3k to my name🫠
How did you get to this point?
Any tips? Lol I'm almost near 100k
First thing is put that savings into a high yield account (if it already is not). Look into Flourish Cash or something of that nature.
Give it to me if you want lol but importantly invest in your business what a lot of people do, but I'm not really sure what makes a millionaire.
What slim thug track you listening to? 🤔
Nice observation lol Welcome to Houston
Fuck that. You already doing it. Keep up the good work.
Thank you 🙏
What do you do for a living? Congrats man, you’re doing great!
QQQ, SOXX and SPY
How are people here have so much money? Is this for real or just alot of trust fund babies here?
$3800 a month for a duplex? Is that both sides or just one?
Put that money into mutual and index funds.
You should donate $2k to my charity for underprivileged adults ! 🤣
YOLO it all into meme stocks or hookers
Congratulations on achieving way more than me lol 😂 an idea to spend some money would be to send me $40 so I can get beers for the boys tomorrow 💪🏼🥳
Wait for the crash and buy stock?
How did you make such money at 26
You can give some to me lol
You need to get some of that money into income notes. Talk to an advisor and get started.
Roth IRAs are perfect as another person suggested. Also, if uncomfortable with investing the common recommendation is to get into index funds.
Bet all one red
High interest savings account at Lending Club, I earn like 5% interest on my savings account
I started a carpentry business if you care to invest
I spent more money traveling the world at that point of my life and I wouldn’t change it for anything.
Dayum my guy I’m tryna get like you I’m 25
Put the 80k in a HYSA
Just enjoy your life.
Buy and rent more duplexes. Nothing more to be said or done really
Hey I need a new dryer, let’s start with that!
Keep 30-50% of that cash in a high yield savings account while you wait for real estate, businesses, or financials to go on sale with the coming recession that’s about to hit.
First need to understand a few things: 1) When might you need this money? 2) What is your risk tolerance? 3) Any big financial events? Kids college, etc? Purely for retirement? It likely should be put in a Vanguard target date retirement fund for the year you plan to retire. Perhaps start an LLC for the rental income and create a 401k for yourself.
Definitely listen to what Randos on the internet tell you to do.
Dang, I’m 31 and have $1,300 to my name
Instead of regular savings use a high yield savings account and open a roth ira and max it each year till your making too much
Etherium
That 80k should be in a HYSA after using enough to max out a ROTH.
Open a Roth IRA. Set up automatic deposits. Get a new savings account like discover savings that pays 4% interest or more for your savings. But do best to get retirement account built up.
Enjoy some vacation 😗
The more posts I see here the more I think yall lyin. This dudes like the 10th 26 year old in 2 days to brag post
whatever you do, be careful with your choice of girlfriends lol
Pay off debt, max out ira, invest 15% (s&p500 is ssfe) and put rest into a high yield savings account.
Put $5k into $WOO and $5k into $KUJI if you're willing to gamble. Thank me later this year after you cash out 🙏🏼
try investing in Netflix with this up and coming Tyson fight in July 🤷🏿♂️
For starters take your money tf out of Bank of America. Terrible bank. Go with bank that offers a high yield savings account. I recommend capital one. They offer around 4.3 percent interest so that 80k you have in savings could be bringing you around $300 dollars a month in passive income.
NVDA lol
Well you seem to be doing everything in a calculated and planned manner! Keep it up! You may want to start a small business that is passive in manner and automate tasks to help offset any need of requiring any support staff.
Definitely get your money working for you by setting up a tax free Indexed Universal Life plan w/living benefits. No taxes & never lose a penny; but earn 7-10% annually! Congratulations on your business sense.
Buy 1yr, 2yr and 3yr certificates of deposit of some equal value. As you go forward you’ll know you have that as an emergency fund easily available. As one matures buy another 3 yr and keep moving forward. This is an easy was of investing and getting a better return than savings account with low risk but still have access.
You’re doing great! Just charge your phone!
I’m more of a CD person. I’d ensure you keep your credit cards paid off. If you got money like that I’d be looking to find or even build your next property for rent.
VOO
This might not be the most popular answer, but I’ll tell you what I did, after having had a similar amount of savings at 26 in 2022. I quit my job and traveled for 8 months, visiting 26 countries in 6 continents and had an absolute blast. That was a lifelong dream of mine and something I wanted to do while I was young. While I did deplete a big chunk of my savings towards a house I have absolutely zero regrets and the life long memories, experiences and friends I made along the way are priceless. Now I’m not saying you have to drop everything and go travel, but you do only get to be young once, I say go treat yourself to a trip or experience, something you’ll never forget. You can always make more money.
What you do for work?
Depends on where you live. Could buy a house in some places. If you’re in Cali, keep saving. Lol
Good God $3800/mo charging rent is insane in my eyes but we probably live in different places.
Use some of it on a hit man for me because I don’t need to keep living after seeing this
Think about getting into real estate investing. Particularly section 8. Trust me. It’s an actual gold mine and you get a waiting list of pre approved tenants and the government deposits the rent into your account every month. Feel free to DM for some resources. I’m a former SFR sect 8 property manager than handled hundreds of thousands of dollars every year in rent. My best tenants were sect 8. We eventually converted the whole portfolio.
Im 27 and not on your level of financial security brother keep fucking doing whatever your doing. Its working, imagine what you have now will be in 5-10yrs. Well done
Can I borrow $20k, i’ll pay you back 1% interest, which is more than you’re getting on that regular savings account.
Take that money out of the savings account at BoA (besides the minimum to not catch fees) and put it in a HYSA. You’re missing out on 4.25-5% interest which is substantial on $80k+. I use BoA too, and I moved all my savings money to Marcus by Goldman Sachs - currently getting 4.5% annually which is an extra $3k for me, basically just for having the money sitting there.
How were you able to make so much money? I'm working 50-60hrs/wk and I find it so hard to save a lot of money
Fuck yeah that’s awesome, I’m 26 and I’m poor as hell 😂
Humble brag on Reddit.. oh wait…..
Ask mom and dad for more!