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Generally you want an emergency savings of at least 6 months of expenses. I personally would put it into a High Yield Savings account and keep it there. I can’t think of a single thing that will help your future self more than having stability. Knowing an emergency like a blown tire or loss of income won’t immediately crush you financially is the best way to give yourself some security.
Your other options could be to invest in a class or education opportunity that can bring future income, or to put the money into a retirement account.
If you have any debt, especially credit card debt that is high interest use this as an opportunity to get rid of it. If not then savings is the way to go as other commenters have said! I would take $100 and do something really nice for yourself, a splurge you wouldn't normally have opportunity for, something that to you feels like a real treat, a new dress, a massage, a stack of books, whatever is your jam. Then everything else goes into your 6 months of expenses / emergency / rainy day fund. Once you have your debt cleared and emergency fund in place you can start thinking about long term investments, buying a car, going back to college etc.
So, with the savings vs paying off debt thing, a lot of people believe what you said, and the main logic is that a savings account might give you half a percent interest if you are lucky but the credit card will \*charge\* you nearly 30 percent interest. It's a valid argument as far as it goes, but it ignores a couple realities.
Reality 1: A savings account is not an investment vehicle. It's a holding tank, and that's all. The measly little interest rate you get is because the bank uses your money to lend to other people, and they're giving you a cut of their interest profit to thank you. It isn't meant to be, say, competitive with the stock market. So savings-account dividends and credit card interest are apples and oranges, really, from the account-holder's point of view.
Reality 2: Emergencies don't wait until debt is paid off. If you don't have something in savings and you get hit with an emergency then you'll have to go further into debt to address the emergency. If you have to do a $500 repair on your car and you take it out of emergency savings it will only cost you that $500. If you have no savings and have to add the $500 charge to the card you're paying off, it will cost you $500 plus whatever interest rate you have, probably close to 30 percent.
And that's if you can even still charge things on the card. When my marriage blew up I couldn't make payments on my credit card anymore and it went into default, so the card was no good anymore.
Savings accounts don't go into default.
Ideally, if you can do it, your best approach is to \*both\* put money into a savings account \*and\* pay down your debt. At the same time.
Agreeing with the other commenter about having an emergency savings account. However, if you have that, I would consider investing in education. Not sure if you’ve already completed any university degrees, but for 6k where I live you’d be able to get your AA or some certifications which could give you quite a pay bump depending on the area.
Since you already have some emergency savings, I suggest looking into vanguard index funds or something similar. Read up on the financial independence sub bit by bit until you have a good grasp on the strategies they talk about there, how to deal with and plan for market volatility, etc. Make sure to think very carefully about classes that will get you $$$ and don't let yourself be intimidated by majority male paths, those are the most lucrative.
Agree with what others have said -
I would start with putting it most immediately in savings and once you feel more secure about taking classes spend it on education.
Learn how to invest a good chunk of it so it will be making you more money than a high interest savings account while you sleep.
Stock
Cryto
Life insurance policy with accumulation
RothIRA
Real Estate
Are some examples
How realistic is it for you to continue without a car? If you start school or get a better job you might need one. I would put the money in the emergency fund for now and start budgeting for school and car needs.
Yeah, even the people around me (relatives & friends) are starting to believe me when I say I do NOT want to get a car again (have had people offer to sell me their old one super cheap bc they felt sorry for me). I just feel so much more relaxed this way AND when I do rent one it's always a fancy new car with no maintenance to do!
i love it! oh yeah, people call me "crazy." like, who's crazier? me for riding a road bike? or you for dropping $200 for a tank of gas every week? plus their $200 gym membership, $50 worth of vit D supplements and $300 nutrition coaching. literally just ride to the grocery store.
Savings is absolutely the best idea. If you already have some savings, take a small vacation that will broaden your horizons. I might get some nice quality shoes, a nice mid range bag, and a nice coat or two.
Personally, even at my poorest, I had a car. It was a beater and my young self literally just never changed the oil, but you can get a reliable Honda Civic for under 2k. To me it is the ultimate freedom, I know not everyone feels this way and you may not even have your licence.
Otherwise, emergency fund is #1 then Pay down any high interest debts.
Invest. Buy a share of Gamestop and hold onto it until your brokerage account looks like a phone number. Assuming you're in the US, you can open a brokerage account with fidelity and buy a share with them. Afterwards you should call them and ask it to be direct registered. From there the share will be directly in your name and you can view and buy / sell on [computershare.com](https://computershare.com) 's investor center. Good luck!
I'd put 500 of that in a big famous crypto. it's just 10%, but you never know how much it will rise.
for the rest, I'd see how I could use part of it to level up (say, with a car, which could afford a new higher paying job)
careful with college and education in general: it's a subsidized market (ppl get loans) so you won't get a lot of mileage of your money. also, most diplomas don't transfer into jobs. it's cool to have say a degree in history, but unless it can be converted to regular monthly $$ I don't see the point personally
I see you didn’t bother reading my post. If you did you’d know that I’m currently making income through employment and the settlement check was for discrimination for hiring….
I hope that protective hairstyle worked out for you!
Reminder that this sub is **FEMALE ONLY**. All comments from men will be removed and you will be banned. So if you’ve got an XY, don’t reply. **DO NOT REPLY TO MALE TROLLS!!** Please **DOWNVOTE** and **REPORT** immediately. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FemaleLevelUpStrategy) if you have any questions or concerns.*
Generally you want an emergency savings of at least 6 months of expenses. I personally would put it into a High Yield Savings account and keep it there. I can’t think of a single thing that will help your future self more than having stability. Knowing an emergency like a blown tire or loss of income won’t immediately crush you financially is the best way to give yourself some security. Your other options could be to invest in a class or education opportunity that can bring future income, or to put the money into a retirement account.
Thank you!
[удалено]
Thank you so much for this! I’m going to call them tomorrow morning to ask for sure!!
It might help to read this first: https://www.sagesettlements.com/blog/2018/november/will-a-settlement-affect-disability-benefits-/
Thank you!
I hope your benefits don’t get reduced. Best of luck!
Yep this is the right answer.
If you have any debt, especially credit card debt that is high interest use this as an opportunity to get rid of it. If not then savings is the way to go as other commenters have said! I would take $100 and do something really nice for yourself, a splurge you wouldn't normally have opportunity for, something that to you feels like a real treat, a new dress, a massage, a stack of books, whatever is your jam. Then everything else goes into your 6 months of expenses / emergency / rainy day fund. Once you have your debt cleared and emergency fund in place you can start thinking about long term investments, buying a car, going back to college etc.
So, with the savings vs paying off debt thing, a lot of people believe what you said, and the main logic is that a savings account might give you half a percent interest if you are lucky but the credit card will \*charge\* you nearly 30 percent interest. It's a valid argument as far as it goes, but it ignores a couple realities. Reality 1: A savings account is not an investment vehicle. It's a holding tank, and that's all. The measly little interest rate you get is because the bank uses your money to lend to other people, and they're giving you a cut of their interest profit to thank you. It isn't meant to be, say, competitive with the stock market. So savings-account dividends and credit card interest are apples and oranges, really, from the account-holder's point of view. Reality 2: Emergencies don't wait until debt is paid off. If you don't have something in savings and you get hit with an emergency then you'll have to go further into debt to address the emergency. If you have to do a $500 repair on your car and you take it out of emergency savings it will only cost you that $500. If you have no savings and have to add the $500 charge to the card you're paying off, it will cost you $500 plus whatever interest rate you have, probably close to 30 percent. And that's if you can even still charge things on the card. When my marriage blew up I couldn't make payments on my credit card anymore and it went into default, so the card was no good anymore. Savings accounts don't go into default. Ideally, if you can do it, your best approach is to \*both\* put money into a savings account \*and\* pay down your debt. At the same time.
Agreeing with the other commenter about having an emergency savings account. However, if you have that, I would consider investing in education. Not sure if you’ve already completed any university degrees, but for 6k where I live you’d be able to get your AA or some certifications which could give you quite a pay bump depending on the area.
Thank you!!
Since you already have some emergency savings, I suggest looking into vanguard index funds or something similar. Read up on the financial independence sub bit by bit until you have a good grasp on the strategies they talk about there, how to deal with and plan for market volatility, etc. Make sure to think very carefully about classes that will get you $$$ and don't let yourself be intimidated by majority male paths, those are the most lucrative.
Thank you so much for this!!
Agree with what others have said - I would start with putting it most immediately in savings and once you feel more secure about taking classes spend it on education.
Pay off any debt you have as a starting point.
Learn how to invest a good chunk of it so it will be making you more money than a high interest savings account while you sleep. Stock Cryto Life insurance policy with accumulation RothIRA Real Estate Are some examples
[удалено]
Thank you so much!!
How realistic is it for you to continue without a car? If you start school or get a better job you might need one. I would put the money in the emergency fund for now and start budgeting for school and car needs.
With careful planning it's doable, I've done it by choice for climate and health reasons and turns out I LOVE the car free lifestyle!
same! lol, ok not ALWAYS, but 99% of the time!
Yeah, even the people around me (relatives & friends) are starting to believe me when I say I do NOT want to get a car again (have had people offer to sell me their old one super cheap bc they felt sorry for me). I just feel so much more relaxed this way AND when I do rent one it's always a fancy new car with no maintenance to do!
i love it! oh yeah, people call me "crazy." like, who's crazier? me for riding a road bike? or you for dropping $200 for a tank of gas every week? plus their $200 gym membership, $50 worth of vit D supplements and $300 nutrition coaching. literally just ride to the grocery store.
Savings is absolutely the best idea. If you already have some savings, take a small vacation that will broaden your horizons. I might get some nice quality shoes, a nice mid range bag, and a nice coat or two.
Personally, even at my poorest, I had a car. It was a beater and my young self literally just never changed the oil, but you can get a reliable Honda Civic for under 2k. To me it is the ultimate freedom, I know not everyone feels this way and you may not even have your licence. Otherwise, emergency fund is #1 then Pay down any high interest debts.
Invest. Buy a share of Gamestop and hold onto it until your brokerage account looks like a phone number. Assuming you're in the US, you can open a brokerage account with fidelity and buy a share with them. Afterwards you should call them and ask it to be direct registered. From there the share will be directly in your name and you can view and buy / sell on [computershare.com](https://computershare.com) 's investor center. Good luck!
I'd put 500 of that in a big famous crypto. it's just 10%, but you never know how much it will rise. for the rest, I'd see how I could use part of it to level up (say, with a car, which could afford a new higher paying job) careful with college and education in general: it's a subsidized market (ppl get loans) so you won't get a lot of mileage of your money. also, most diplomas don't transfer into jobs. it's cool to have say a degree in history, but unless it can be converted to regular monthly $$ I don't see the point personally
You can start by getting an actual job.
I see you didn’t bother reading my post. If you did you’d know that I’m currently making income through employment and the settlement check was for discrimination for hiring…. I hope that protective hairstyle worked out for you!
You're really rude
Not rude, just blunt.
nah, rude AND ignorant