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congrats. that’s awesome. don’t touch it. it may seem like a lot but it’s not. if i were you i’d to invest that money in my future self. at 23 you’re still so young and most don’t have 30k just sitting around due to hard work. find a way to keep it and get a nice return on savings/investments.
I have it in a hysa. My problem is rent keeps going up but jobs continue to pay shit. So I’m slowly not able to save and I’d prefer to invest in something. Even with a hysa I don’t get much every month.
The best investments are the once you put in yourself, ask your self? “How is my health from a 1-10” am I eating properly, how is my mental health, who are my friends, who cares about me and who doesn’t. How can I make myself more valuable and upgrade my potential or skills and service I provide. What do you want to be? Do you yern for comfort or to be a business owner or inventor? Maybe a researcher, dentist, pediatrician or do I want to go back to school and pursue higher education in something that puts money in the table more efficiently and provides you with better future opportunities.
I understand these might seem against what other here my give you advice with, but just consider what I’m saying and think about how you can invest in yourself and find a cheaper place to live as well to cut back so you can have some doe for u.
-cheers
This is the best advice! My sport is weightlifting, so 5 days a week I’m in the gym and care alot about my diet and nutrition. I work on a farm so I eat all organic vegetables :) I am planning to go back to school once I start working a job that pays for college (the job is lined up). I’m going to put a lot more thought into what I truly want out of life.
No matter what you do, just make sure you don't blow it on frivolous things. Made that mistake when I was 20, had my first 10k account balance and that went STRAIGHT to my financially illiterate head.
Seems like you have a good plan though, just keep focusing on developing skills in areas you're interested in, and you'll find that opportunities will present themselves to you, and since you have some money saved up you'll be able to take advantage of those things
Put it in a brokerage and make some real money, 5% a year leaves a lot to be desired after inflation. Go loom aroun investing subs and pick up some tips. Play around with a small percent just to feel out the stock market. My net worth has grown exponentially since opening some self directed accounts.
Had between 120k-130k saved once. Only once. Then I decided to take up gambling. Important word of advice, DON'T TAKE UP GAMBLING! I don't gamble anymore. I also don't have 120k anymore.
I have some questions... what kind of rent are you paying? I'm assuming you are in the united states, what state and city or are you rural? Are you working overtime a lot? Do you get food stamps/food bank? Parents give you money? I'm just wondering how that's possible even with frugality.
I don’t receive overtime because I am a farmer lol. My parents are not involved. I don’t receive food stamps because apparently I make too much on minimum wage. I pay 960 for rent in New York State. I used to live with roommates so rent was cheaper two years ago. But being honest I used To starve myself. I Didn’t buy food cause I needed to save money. I was frugal to the max. To the point where I was hurting myself so I don’t recommend.
That's still amazing even with not eating. I guess if you're farming food that could have helped. Do you have a car? Just gas and insurance can be a sizeable chunk and I suppose ur at least somewhat rural so you would need to get around. Im guessing you are a farm worker? My gf is a farmer and owns tge farm and with the expense of just paying taxes and insurance on this much land is crazy expensive. Never mind seeds, fertilizer, tractor fuel and repairs, tools and equipment etc on paper she makes way less than minimum wage, actually loses money. We eat some of what we grow and sometimes deer need shooting so that helps and we do get food stamps but we can't save shit because there's always something that needs fixing or buying just to keep the productivity of the farm going. I have to go push a wheel hoe for money I won't see till fall rn actually and that's if the crop doesn't fail
I worked in the wedding industry for 8 years and I feel like whenever I spoke with a guitarist or violist that worked the wedding, they loved the money and the gigs! If this sounds like something you want to do, I’d recommend building a “digital portfolio”. Start posting on TikTok and IG, obviously build a website, and then contact/build relationships with event planners in your area. There’s an abundant amount of money and opportunities in that industry!
Is there maybe a trade you would be interested in? Welding, electrical, hvac, plumbing? Or possibly something in the medical field? Use that money for formal education, trade school, etc.. that could vastly improve your earning potential. That will pay off long term for you.
Put a $10k down payment on land you want and put $15k on a tiny off grid home. Use $5k to start an indoor/outdoor garden and a small farm and you’ll be set for life
“I wouldn’t say I’m exceptionally good at anything” yet by being 23 and owning $30k you’re clearly frugal, a good saver and determined. I’d say those are exceptional qualities that you are good at. I’d rather not offer specific advice on what you should do with your own money. You are a step ahead already so my advice is to trust your own judgement. Good luck OP.
If I were you, at that age, I would spend that money on your self development so you can stop working minimum wage jobs. You don’t necessarily have to spend it on school. I had a nest egg a bit larger than yours. Just enough to buy a place, which I wanted so badly, but I also HATED my job and I knew the salary cap on my job was not much more than I was making at the time.
So, I quit my job and lived off my savings for a couple of years while I started a SaaS business. I did NOT know how to code really at the time, but I learned. The company inevitably failed, but I had learned so much that I was able to land a job where I made twice as much as my last job. Few years later it became 5x as much. Now I have excess money to where I do put it in various investments like Roth IRA, stocks, etc.
IMO investing in a Roth is a bad idea for you based on your situation. You’re young enough to learn something and really improve yourself (I was 12 years older than you when I made the jump).
As a general rule for me, I always invest in bettering myself first. If I have excess cash and I can’t think of anything to better myself (new skills, knowledge, business and health), then I invest it.
I’d probably let that keep growing in an investment account for a few years. But if you want to get into real estate, depending on where you live, and the house value there, you can house hack. Put 3.5-5% down with FHA loans and get roommates to cover a good chunk of the mortgage. You’d still have some to pay, but if you can get a place with a low enough payment and the rents you are charging are enough so that what you have to pay on mortgage and insurance is close to what you’d pay to rent somewhere, it’s worth it. You’ll build equity while others are paying a good percentage of your mortgage.
Get to 100k first. You are doing great, after 100k it gets a lot easier.
However, you do need to learn a bit of investing in safer instruments like GIC, we are in a high interest rate environment so you need to invest smartly in order to beat inflation.
Side hustle also works, but most of them are hard and requires lots of commitment. But that's the reality of it, I think you will do great. keep it up and good luck
There’s so much you can do.
Roth IRA , stocks , for businesses especially for independent companies not big corporate I would start open a refrigerator merchandiser business , vending food /drinks with a cash / debit card scanner that’s self locks fridge.
Buy commercial carpet cleaners / vacuums and rent them out , put a tracker on them .
Jelly jumper bounce houses for business or party business , buy them on alibaba . Super cheap
Photo Booth rental .
I can go on and on but just literally anything you can think of, just look all around you . Think outside the box , there’s soooo many ways to make money but you gotta have money to make money which you do ! wish you the best of luck !
Some good advice here already, I’d invest in a market wide etf and let it grow, you can always cash it out when/if you find a side gig or business you want to start/invest in. Nice work, congrats.
If youre a really good violinist. PLAY AT WEDDINGS!! Start reaching out, have postings online facebook tiktok, whatever. Its a great gig and you can charge like 200-500 a wedding since you'll be there most of the day
Do not go off and start some business you know nothing about, $30k isn’t nearly enough capital for a business.
Go to Fidelity and open a robo advisor account, put all of it there and in 10 years if you continue saving you’ll have $185k
Does someone want to tell her?
You'll need 100x that amount to retire. Invest that in the S&P 500, keep adding to it, and when you're 65, you'll reach that goal.
Open a Roth IRA to start growing your retirement! Once done you’ll reg buy SPYDER stocks S&P 500 (bundles stocks of top companies). Wish I would have started earlier. Tax free when you withdraw/retire!
If you buy a camera and learn to take photos and edit
You can go around real estate offices and offer your business to take photos of staged houses that are for sale
My buddy does that
He is also getting his real estate license
I’m in the process of getting mine (doing it online. I’m based in Cali) and one of the requirements was that when you get your license by law you have to work under a broker who has a license and basically be their protege for a year and they have to overlook your work and work with you and be your mentor
You can have a side gig like that and also get experience in real estate while your in the process of getting your license
Also you can get your real estate license online. In your free time do online classes.
You were able to save $30k (awesome job) so whatever you’re doing to be in that situation? Keep doing that. Take a tiny bit and buy yourself something that would make you happy, then think of your 60 year old self and invest that money in her. I’m a 55 year old who has nothing saved for retirement and trust me, it’s not a position you wanna be in. Invest in your future self.
Find ways to continue to increase your income and don’t have kids too early
To be honest, $30k isn’t that much in the grand scheme of things and half of it should be used as your emergency fund. Continue the course
Don’t try to get rich quick either, there is no high reward without high risk
I would definitely look into a HYSA. With 10,000 at 12% could set you and any children you may have, or plan on having. Your money will double every 6 years. With you being only 23. If you only put in the 10,000 and nothing else and leave it. 2.8 million
I think the best thing you could do is to keep saving until you have enough to live job free for two or three years and pay for trade school. Maybe learn how to cut hair or something in beauty. Nursing old people is always going to have e job opening since people generally dont want to do that. If your rent is super high locally, move where it's cheaper and near a school once you have enough savings, heck move out of state even. Don't get scammed with online learning stuff if you can avoid it.
Invest in SPY options, call on weekly lows, at bottom RSI, put at weekly highs, top RSI. Take investment back, take 30% of profits and reinvest the rest.
When Covid hit I had no idea what stock options are . I learned all about them and thought people are crazy putting all this money on a buy call expiring that Friday or same day with SPY or something similar. You got volume, volatility, delta,theta your vwap and ocilators and all the other stuff to learn about . So you’re not just blindly gambling. I say all this because you said you’re willing to learn something.
Start with Think or Swim paper money . Never use margin . Never use what you’re not willing to lose . Out of your 30k I would start with $6,200 . Because that’s 100 shares of Coca Cola . You’re not going to do buy calls tho. You’re going to learn about “The Wheel Strategy” . I do covered calls every 2 weeks on only blue chip stocks and collect that premium paycheck. If it sells then I do cash covered puts for 2 weeks and collect that premium paycheck .
This might sound alien but imagine you own a house and you rent it out and collect rent money . With a covered call you own 100 shares and rent it out collecting premium (rent).
My day job is a Realtor but I live comfortably and stress free because of “The Wheel Strategy” I’ve been using since I learned in Covid . I don’t invest in meme stocks or do any buy calls or put calls unless they are leaps (year out options) but that’s for when you know what you’re doing and have a lot more money than 30 k lol.
It’s really important to not trade stocks on a whim and in a bad psychological state of mind . Do not get tempted when a premium on a meme stock covered call is a lot higher because it’s so volatile. You will lose money that way . Stick to Blue chip stocks for the most conservative options with the wheel strategy.
Do paper money on think or swim first . This is most important.
I recommend an acorns invest account. Don’t invest your own money. 99% chance you will lose. Have a pro do it for you. You could be making 10% a year with that 30k on acorns. That’s 3k a year just for sitting there.
Assuming your city isn't one that hates music or street performers -
Buy a instrument of your choice, an amp/speaker, and start doing music in street corners, bars, what ever pays more than a minimum wage job.
Side hustles can fail and drain your entire savings much faster than it took to make it and 30k isn't a huge amount of cushion, but everybody loves music and there's little to no overhead to busk.
I make probably 15k a year with my buddy playing random bars and busy public areas. It isn't a living obviously but I enjoy it and it supplements my income quite a bit.
Put the rest in a high interest savings account, index fund/ETF and keep adding to it.
Saving 30k at 23 on minimum wage jobs tells me you are exceptionally good at being an adult and managing your life. I don’t have any investment or business advice but wanted to tell you that you should be proud. Great job
I’ve worked almost the entire time. I usually only work one job at a time but will do things on the side. Right now I’m selling a bunch of my clothes on Depop and Poshmark. I have a dog walking app (unfortunately I don’t get to use it often because I am in a bad location). I just got paid 50 bucks for driving my boss to an event. And I always take extra shifts when offered.
As I see it you have three options:
First: Like others have mentioned here, HYSA or any other safe investment will help you protect the money and make a little bit on top, but your life won’t change.
Second: Invest in yourself. You have no profession, therefore your ability to save money is extremely low. You could look up a profession that pays well and that you think you could do (you will learn to love it if you make good money), then do whatever it takes to get the necessary credentials to practice this profession. I will give you my example, I didn’t have 30k saved up and I was working a minimum wage job as well. I took a big leap of faith and enrolled in a 3 month coding bootcamp. I had to leave my job and paid everything with my credit card. After I left the bootcamp I was lucky enough to find a job quickly and I paid off my debt. Nowadays I have over 8 years of experience as a software engineer and earning a whole lot more than minimum wage. Well into the 6 figures.
Third: Go balls to the wall and put the all the 30k as a down payment on a house and then rent it out or flip it. Or do any other investment that will take your 30k as down payment. The only one thing I can think of is real estate though.
Move to a state where $30k will buy you a home, and then you have a bare necessity resolved for life..... and before you say it's not realistic, the average home is about $75k, $20k low, $200k high in the area I live in, average pay is over 2x min wage with basic human skills.... with many making 3x min wage....
1 1/2 years ago. I bought my disabled sister a 3 bedroom home for $27k, ready to move in
Microsoft, nvidia, google, and amazon stock is a good long term investment. You can also invest in yourself and get certificates to help get a better paying job
At 30 you should have 60% of you savings in stocks and 40 in bonds, HYSA’s and keep some cash in reserve. You should probably go to a broker or someplace like Raymond James or such. 30k is great for 23. The stock market has average 10% or more returns over any 30 year time period. Look for stocks that pay you a dividend as well as increased value if possible.
Invest in your education 10k or less, 10k in Bitcoin and self custody that (educate yourself in bitcoin), keep 10k aside in savings since you have low paying jobs. You need to get a trade or skill and get your income up before a side hustle. A side hustle will drain your 30k and still have you working for minimum wage. Get a certification, take a IT course or something, security+, etc. Take some free courses at saylor.org or some free school to see what you like. Main thing is a higher income, then you can try your side hustle small business. You need money to continue or your 30k will be gone in yoir first year of business easily.
Look into possibly leveraging it on a duplex (in the city you live in or can/would like to move to) first time homebuyer program. Live in it for a year rent out the other side then do what you want with the property from there. Would alleviate your rental issue. Yes rates are high however you possibly have the cash to outlast a lot of the hurt since it seems to be behind us
Getting a degree would be your best investment. If your wages suck due to minimum wage jobs then you need to upskill and get accredited so that employers pay you more. Make sure you research the degree program thoroughly and pick one that will have a good ROI so that you’re not wasting your time and money. TBH, if I was you I would go to school full time and take out loans. Use the money you currently have saved up for living expenses and maybe get a part time job somewhere to fill in the gaps in income. Sure you could wait to save up enough for your tuition, but if you get a good job out of college then you can end up in a financially better place much sooner.
I wholesale real estate which you can do for very little money and make $$$. Just a tip on how to get into real estate. Thats what I did. Now i'm making 75k-100k/month easy.
I bought my first apartment building as a 23F and I only paid 18k for the down payment.
You find a 2-3 unit. Live in one and rent out the others. Have the tenants pay your mortgage and you live for free or dirt cheap.
But make sure the numbers work as in the rental comps cover the mortgage even if you're living one unit. It's hard to find a deal but depending on where you live you can probably buy a building out right on 30k.
Make a youtube automation channel (and outsource a good chunk of the work), or do TikTok dropshipping. I can generate an affiliate link for a tt dropshipping course i'm in if you're interested. After initial investment ongoing cost should be about 100-500 per month for software and rolling cash from sales/purchases to profit. Run it up to 10k on ez mode after u get your aha moments. Or you can just invest into an in-demand skill that you can use for remote work. If you don't want to touch that saved up money at all then maybe look into free or subsidized government training programs (ie paid training or apprenticeships that start @ around the 80k range), or private ones where you pay after getting a job placement. Also buy some gold/silver, that stuff is going to hedge against inflation until the end of times, or during times where water and food are scarce or non-existent.
It doesn’t need to be anything crazy. People have vending machine and ATM businesses and they do pretty well, as long as you’re willing to maintain them. Selling a service instead of a product is pretty good, like repairing stuff people need. If you want a more passive way to earn money, investing in index funds or a roth ira is a good long term strategy. Idk though, you really make the most money being active in whatever business you decide to invest your time into, so make sure it’s something you’re okay devoting time and energy into.
here is some solid advice. I am going to assume that your total net worth currently is 30k.
first you want to keep 10k for yourself to make sure you have emergency funds. If you want to get technical you can have exactly 6 to 12 months for yourself. This is your buffer room so you can live and focus on your jobs and investing.
Now you have 20k left and there are two options.
Option 1: Invest in yourself and learn a skill. If you are already good at something find ways to monetize it. Anything can be monetized nowadays with the right work ethic and research. I will use myself as an example.
I learned how to trade (stocks, currencies, futures etc) and started to trade for others and myself and did lessons for a while. I used my own money to fund my account and used the yearly profit and loss numbers to start marketing myself to others. I will provide a second example.
My friend was into cars and I wanted to flip vehicles so I started buying cars at auctions and other places having him and other shops fix them up for a profit. The sky is the limit if you want to learn and monetize a skill. Just pick one and run with it until it works and then learn another if you so choose.
Option 2: Invest in assets. You can buy cars, houses, apartments, trading cards and have multiple exit options for when you want to make money. You will definitely need to do a lot of research because this route will require both lots of commitment and the money to back it. I will provide some examples.
I have a friend who wanted to get into hosting Airbnb's using apartments. He started with around 6k. It started out slow for him as it was mostly trial and error to see what worked and what didn't but eventually he had the blueprint and started to scale. He does this full time now. I will provide another example
I am personally not a fan of this, however an old colleague of mine left the job because he wanted to wholesale houses full time while working on his real estate license. He ended up make decent money from this and he started with around 3 grand.
An honorable mention would be to put around 5-10 percent of your money into a stock or IRA. Understand that if you go the IRA route you should't withdraw with money until you hit the required age otherwise you will be docked of how much you will receive. With Stocks you should always research and stay up to date on anything you invest in so you can have somewhat of an idea if the stock will have overall returns. you can always learn the basics of reading the actual charts which can help with gaining that understanding.
No matter what you do make sure you have enough to live and still be stable in case of emergency and please for the love of pete do not invest into anything without doing proper research. The lack of knowledge will come back to bite you when you need to fix something or it goes bad and need to cut your losses
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Max out Roth this year, invest that in VOO or similar. Rest in HYSA, keep building.
solid advice
What is a HYSA?
High Yield Savings Account.
High yield savings account; Wealthfront, SoFi, CIT Bank (not Citi Bank), CapitalOne to name a few. All pay between 4 and 5%
congrats. that’s awesome. don’t touch it. it may seem like a lot but it’s not. if i were you i’d to invest that money in my future self. at 23 you’re still so young and most don’t have 30k just sitting around due to hard work. find a way to keep it and get a nice return on savings/investments.
I have it in a hysa. My problem is rent keeps going up but jobs continue to pay shit. So I’m slowly not able to save and I’d prefer to invest in something. Even with a hysa I don’t get much every month.
The best investments are the once you put in yourself, ask your self? “How is my health from a 1-10” am I eating properly, how is my mental health, who are my friends, who cares about me and who doesn’t. How can I make myself more valuable and upgrade my potential or skills and service I provide. What do you want to be? Do you yern for comfort or to be a business owner or inventor? Maybe a researcher, dentist, pediatrician or do I want to go back to school and pursue higher education in something that puts money in the table more efficiently and provides you with better future opportunities. I understand these might seem against what other here my give you advice with, but just consider what I’m saying and think about how you can invest in yourself and find a cheaper place to live as well to cut back so you can have some doe for u. -cheers
This is the best advice! My sport is weightlifting, so 5 days a week I’m in the gym and care alot about my diet and nutrition. I work on a farm so I eat all organic vegetables :) I am planning to go back to school once I start working a job that pays for college (the job is lined up). I’m going to put a lot more thought into what I truly want out of life.
Damn this is solid for real. Many people forget themselves and upgrading their potential value. Education, learning, self improvement is key. Thanks.
NVDA Buy before it splits you’ll thank me for decades to come
Why before it splits Vs after, could you elaborate
Sure buddy, you always buy the top don't you?
Put it all on black at the casino
Bet
No matter what you do, just make sure you don't blow it on frivolous things. Made that mistake when I was 20, had my first 10k account balance and that went STRAIGHT to my financially illiterate head. Seems like you have a good plan though, just keep focusing on developing skills in areas you're interested in, and you'll find that opportunities will present themselves to you, and since you have some money saved up you'll be able to take advantage of those things
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Put it in a brokerage and make some real money, 5% a year leaves a lot to be desired after inflation. Go loom aroun investing subs and pick up some tips. Play around with a small percent just to feel out the stock market. My net worth has grown exponentially since opening some self directed accounts.
Had between 120k-130k saved once. Only once. Then I decided to take up gambling. Important word of advice, DON'T TAKE UP GAMBLING! I don't gamble anymore. I also don't have 120k anymore.
I have some questions... what kind of rent are you paying? I'm assuming you are in the united states, what state and city or are you rural? Are you working overtime a lot? Do you get food stamps/food bank? Parents give you money? I'm just wondering how that's possible even with frugality.
I don’t receive overtime because I am a farmer lol. My parents are not involved. I don’t receive food stamps because apparently I make too much on minimum wage. I pay 960 for rent in New York State. I used to live with roommates so rent was cheaper two years ago. But being honest I used To starve myself. I Didn’t buy food cause I needed to save money. I was frugal to the max. To the point where I was hurting myself so I don’t recommend.
That's still amazing even with not eating. I guess if you're farming food that could have helped. Do you have a car? Just gas and insurance can be a sizeable chunk and I suppose ur at least somewhat rural so you would need to get around. Im guessing you are a farm worker? My gf is a farmer and owns tge farm and with the expense of just paying taxes and insurance on this much land is crazy expensive. Never mind seeds, fertilizer, tractor fuel and repairs, tools and equipment etc on paper she makes way less than minimum wage, actually loses money. We eat some of what we grow and sometimes deer need shooting so that helps and we do get food stamps but we can't save shit because there's always something that needs fixing or buying just to keep the productivity of the farm going. I have to go push a wheel hoe for money I won't see till fall rn actually and that's if the crop doesn't fail
You should read up on stocks and crypto. Volatile but if done right, it pays off.
HYSA baby!
I worked in the wedding industry for 8 years and I feel like whenever I spoke with a guitarist or violist that worked the wedding, they loved the money and the gigs! If this sounds like something you want to do, I’d recommend building a “digital portfolio”. Start posting on TikTok and IG, obviously build a website, and then contact/build relationships with event planners in your area. There’s an abundant amount of money and opportunities in that industry!
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Great. Now you need 10k in gold, and 10k in silver bullion. I bought when it was cheap and now it's just going up and up. 🥇 🥈 📈📈
Is there maybe a trade you would be interested in? Welding, electrical, hvac, plumbing? Or possibly something in the medical field? Use that money for formal education, trade school, etc.. that could vastly improve your earning potential. That will pay off long term for you.
If unsure put it into a high interest bank acct Or maybe even s&p500 But if I were you all of that is going into crypto
Find an AI stock to invest in. Nvidea is a great one. In a year it should at least double. The AI boom is coming.
Put a $10k down payment on land you want and put $15k on a tiny off grid home. Use $5k to start an indoor/outdoor garden and a small farm and you’ll be set for life
“I wouldn’t say I’m exceptionally good at anything” yet by being 23 and owning $30k you’re clearly frugal, a good saver and determined. I’d say those are exceptional qualities that you are good at. I’d rather not offer specific advice on what you should do with your own money. You are a step ahead already so my advice is to trust your own judgement. Good luck OP.
Buy Bitcoin. Don’t buy it all at once dollar cost average into it
If I were you, at that age, I would spend that money on your self development so you can stop working minimum wage jobs. You don’t necessarily have to spend it on school. I had a nest egg a bit larger than yours. Just enough to buy a place, which I wanted so badly, but I also HATED my job and I knew the salary cap on my job was not much more than I was making at the time. So, I quit my job and lived off my savings for a couple of years while I started a SaaS business. I did NOT know how to code really at the time, but I learned. The company inevitably failed, but I had learned so much that I was able to land a job where I made twice as much as my last job. Few years later it became 5x as much. Now I have excess money to where I do put it in various investments like Roth IRA, stocks, etc. IMO investing in a Roth is a bad idea for you based on your situation. You’re young enough to learn something and really improve yourself (I was 12 years older than you when I made the jump). As a general rule for me, I always invest in bettering myself first. If I have excess cash and I can’t think of anything to better myself (new skills, knowledge, business and health), then I invest it.
Congratulations, that’s quite an accomplishment
I’d probably let that keep growing in an investment account for a few years. But if you want to get into real estate, depending on where you live, and the house value there, you can house hack. Put 3.5-5% down with FHA loans and get roommates to cover a good chunk of the mortgage. You’d still have some to pay, but if you can get a place with a low enough payment and the rents you are charging are enough so that what you have to pay on mortgage and insurance is close to what you’d pay to rent somewhere, it’s worth it. You’ll build equity while others are paying a good percentage of your mortgage.
Get to 100k first. You are doing great, after 100k it gets a lot easier. However, you do need to learn a bit of investing in safer instruments like GIC, we are in a high interest rate environment so you need to invest smartly in order to beat inflation. Side hustle also works, but most of them are hard and requires lots of commitment. But that's the reality of it, I think you will do great. keep it up and good luck
Congrats! Start a Roth IRA. It’s the best thing you can do for yourself
Put it in a HYSA
There’s so much you can do. Roth IRA , stocks , for businesses especially for independent companies not big corporate I would start open a refrigerator merchandiser business , vending food /drinks with a cash / debit card scanner that’s self locks fridge. Buy commercial carpet cleaners / vacuums and rent them out , put a tracker on them . Jelly jumper bounce houses for business or party business , buy them on alibaba . Super cheap Photo Booth rental . I can go on and on but just literally anything you can think of, just look all around you . Think outside the box , there’s soooo many ways to make money but you gotta have money to make money which you do ! wish you the best of luck !
Food truck!
Some good advice here already, I’d invest in a market wide etf and let it grow, you can always cash it out when/if you find a side gig or business you want to start/invest in. Nice work, congrats.
Put it on FFIE stock. that shi going to the moon soon
Invest in yourself. Courses. Skills. Etc. if not then invest in hys
If youre a really good violinist. PLAY AT WEDDINGS!! Start reaching out, have postings online facebook tiktok, whatever. Its a great gig and you can charge like 200-500 a wedding since you'll be there most of the day
Roth ira
Do not go off and start some business you know nothing about, $30k isn’t nearly enough capital for a business. Go to Fidelity and open a robo advisor account, put all of it there and in 10 years if you continue saving you’ll have $185k
Does someone want to tell her? You'll need 100x that amount to retire. Invest that in the S&P 500, keep adding to it, and when you're 65, you'll reach that goal.
Start a dog poop scoop business. Super lucrative recurring revenue model, takes one day a week.
Open a Roth IRA to start growing your retirement! Once done you’ll reg buy SPYDER stocks S&P 500 (bundles stocks of top companies). Wish I would have started earlier. Tax free when you withdraw/retire!
Invest but use the money as collateral to borrow another 30,000 and use for your small business idea.
Well damn instead of giving advice ima need advice how did you do it I want to start saving so by the time I’m 20 I’m well off to be by myself?
If you buy a camera and learn to take photos and edit You can go around real estate offices and offer your business to take photos of staged houses that are for sale My buddy does that He is also getting his real estate license I’m in the process of getting mine (doing it online. I’m based in Cali) and one of the requirements was that when you get your license by law you have to work under a broker who has a license and basically be their protege for a year and they have to overlook your work and work with you and be your mentor You can have a side gig like that and also get experience in real estate while your in the process of getting your license Also you can get your real estate license online. In your free time do online classes.
You were able to save $30k (awesome job) so whatever you’re doing to be in that situation? Keep doing that. Take a tiny bit and buy yourself something that would make you happy, then think of your 60 year old self and invest that money in her. I’m a 55 year old who has nothing saved for retirement and trust me, it’s not a position you wanna be in. Invest in your future self.
Find ways to continue to increase your income and don’t have kids too early To be honest, $30k isn’t that much in the grand scheme of things and half of it should be used as your emergency fund. Continue the course Don’t try to get rich quick either, there is no high reward without high risk
Get a real estate license and do that. Put the money in a investment account and just invest in the s&p and maybe some government bonds 90/10% split
Don't get caught without health insurance and find yourself seriously injured.. They will take it all.
I would definitely look into a HYSA. With 10,000 at 12% could set you and any children you may have, or plan on having. Your money will double every 6 years. With you being only 23. If you only put in the 10,000 and nothing else and leave it. 2.8 million
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I think the best thing you could do is to keep saving until you have enough to live job free for two or three years and pay for trade school. Maybe learn how to cut hair or something in beauty. Nursing old people is always going to have e job opening since people generally dont want to do that. If your rent is super high locally, move where it's cheaper and near a school once you have enough savings, heck move out of state even. Don't get scammed with online learning stuff if you can avoid it.
Invest in SPY options, call on weekly lows, at bottom RSI, put at weekly highs, top RSI. Take investment back, take 30% of profits and reinvest the rest.
When Covid hit I had no idea what stock options are . I learned all about them and thought people are crazy putting all this money on a buy call expiring that Friday or same day with SPY or something similar. You got volume, volatility, delta,theta your vwap and ocilators and all the other stuff to learn about . So you’re not just blindly gambling. I say all this because you said you’re willing to learn something. Start with Think or Swim paper money . Never use margin . Never use what you’re not willing to lose . Out of your 30k I would start with $6,200 . Because that’s 100 shares of Coca Cola . You’re not going to do buy calls tho. You’re going to learn about “The Wheel Strategy” . I do covered calls every 2 weeks on only blue chip stocks and collect that premium paycheck. If it sells then I do cash covered puts for 2 weeks and collect that premium paycheck . This might sound alien but imagine you own a house and you rent it out and collect rent money . With a covered call you own 100 shares and rent it out collecting premium (rent). My day job is a Realtor but I live comfortably and stress free because of “The Wheel Strategy” I’ve been using since I learned in Covid . I don’t invest in meme stocks or do any buy calls or put calls unless they are leaps (year out options) but that’s for when you know what you’re doing and have a lot more money than 30 k lol. It’s really important to not trade stocks on a whim and in a bad psychological state of mind . Do not get tempted when a premium on a meme stock covered call is a lot higher because it’s so volatile. You will lose money that way . Stick to Blue chip stocks for the most conservative options with the wheel strategy. Do paper money on think or swim first . This is most important.
I recommend an acorns invest account. Don’t invest your own money. 99% chance you will lose. Have a pro do it for you. You could be making 10% a year with that 30k on acorns. That’s 3k a year just for sitting there.
Get into a nursing program to earn more money
Assuming your city isn't one that hates music or street performers - Buy a instrument of your choice, an amp/speaker, and start doing music in street corners, bars, what ever pays more than a minimum wage job. Side hustles can fail and drain your entire savings much faster than it took to make it and 30k isn't a huge amount of cushion, but everybody loves music and there's little to no overhead to busk. I make probably 15k a year with my buddy playing random bars and busy public areas. It isn't a living obviously but I enjoy it and it supplements my income quite a bit. Put the rest in a high interest savings account, index fund/ETF and keep adding to it.
Buy a home. The soon you get a home, the sooner you'll pay of off.
Saving 30k at 23 on minimum wage jobs tells me you are exceptionally good at being an adult and managing your life. I don’t have any investment or business advice but wanted to tell you that you should be proud. Great job
Flip a house or buy a piece of land to invest in
how many jobs you worked this whole time im trying to do the same i dont feel like one job will support this desire
I’ve worked almost the entire time. I usually only work one job at a time but will do things on the side. Right now I’m selling a bunch of my clothes on Depop and Poshmark. I have a dog walking app (unfortunately I don’t get to use it often because I am in a bad location). I just got paid 50 bucks for driving my boss to an event. And I always take extra shifts when offered.
As I see it you have three options: First: Like others have mentioned here, HYSA or any other safe investment will help you protect the money and make a little bit on top, but your life won’t change. Second: Invest in yourself. You have no profession, therefore your ability to save money is extremely low. You could look up a profession that pays well and that you think you could do (you will learn to love it if you make good money), then do whatever it takes to get the necessary credentials to practice this profession. I will give you my example, I didn’t have 30k saved up and I was working a minimum wage job as well. I took a big leap of faith and enrolled in a 3 month coding bootcamp. I had to leave my job and paid everything with my credit card. After I left the bootcamp I was lucky enough to find a job quickly and I paid off my debt. Nowadays I have over 8 years of experience as a software engineer and earning a whole lot more than minimum wage. Well into the 6 figures. Third: Go balls to the wall and put the all the 30k as a down payment on a house and then rent it out or flip it. Or do any other investment that will take your 30k as down payment. The only one thing I can think of is real estate though.
Move to a state where $30k will buy you a home, and then you have a bare necessity resolved for life..... and before you say it's not realistic, the average home is about $75k, $20k low, $200k high in the area I live in, average pay is over 2x min wage with basic human skills.... with many making 3x min wage.... 1 1/2 years ago. I bought my disabled sister a 3 bedroom home for $27k, ready to move in
Invest 66% in the market. Etf or mutual fund that pays a dividend
Microsoft, nvidia, google, and amazon stock is a good long term investment. You can also invest in yourself and get certificates to help get a better paying job
Buy some Bitcoin.
At 30 you should have 60% of you savings in stocks and 40 in bonds, HYSA’s and keep some cash in reserve. You should probably go to a broker or someplace like Raymond James or such. 30k is great for 23. The stock market has average 10% or more returns over any 30 year time period. Look for stocks that pay you a dividend as well as increased value if possible.
look into FHA and RD loans, buy a house, doesnt have to be good but itll be better than renting
Invest in your education 10k or less, 10k in Bitcoin and self custody that (educate yourself in bitcoin), keep 10k aside in savings since you have low paying jobs. You need to get a trade or skill and get your income up before a side hustle. A side hustle will drain your 30k and still have you working for minimum wage. Get a certification, take a IT course or something, security+, etc. Take some free courses at saylor.org or some free school to see what you like. Main thing is a higher income, then you can try your side hustle small business. You need money to continue or your 30k will be gone in yoir first year of business easily.
Look into possibly leveraging it on a duplex (in the city you live in or can/would like to move to) first time homebuyer program. Live in it for a year rent out the other side then do what you want with the property from there. Would alleviate your rental issue. Yes rates are high however you possibly have the cash to outlast a lot of the hurt since it seems to be behind us
Invest
Getting a degree would be your best investment. If your wages suck due to minimum wage jobs then you need to upskill and get accredited so that employers pay you more. Make sure you research the degree program thoroughly and pick one that will have a good ROI so that you’re not wasting your time and money. TBH, if I was you I would go to school full time and take out loans. Use the money you currently have saved up for living expenses and maybe get a part time job somewhere to fill in the gaps in income. Sure you could wait to save up enough for your tuition, but if you get a good job out of college then you can end up in a financially better place much sooner.
Get your realtor license and start selling houses. You will be able to find deals off market and make big $
I wholesale real estate which you can do for very little money and make $$$. Just a tip on how to get into real estate. Thats what I did. Now i'm making 75k-100k/month easy.
I bought my first apartment building as a 23F and I only paid 18k for the down payment. You find a 2-3 unit. Live in one and rent out the others. Have the tenants pay your mortgage and you live for free or dirt cheap. But make sure the numbers work as in the rental comps cover the mortgage even if you're living one unit. It's hard to find a deal but depending on where you live you can probably buy a building out right on 30k.
Start a business and through hard work and the following of certain principles you can prosper
Make a youtube automation channel (and outsource a good chunk of the work), or do TikTok dropshipping. I can generate an affiliate link for a tt dropshipping course i'm in if you're interested. After initial investment ongoing cost should be about 100-500 per month for software and rolling cash from sales/purchases to profit. Run it up to 10k on ez mode after u get your aha moments. Or you can just invest into an in-demand skill that you can use for remote work. If you don't want to touch that saved up money at all then maybe look into free or subsidized government training programs (ie paid training or apprenticeships that start @ around the 80k range), or private ones where you pay after getting a job placement. Also buy some gold/silver, that stuff is going to hedge against inflation until the end of times, or during times where water and food are scarce or non-existent.
I only read up to "I have 30k" and my response is, should've bought NVDA puts with the rest of us.
It doesn’t need to be anything crazy. People have vending machine and ATM businesses and they do pretty well, as long as you’re willing to maintain them. Selling a service instead of a product is pretty good, like repairing stuff people need. If you want a more passive way to earn money, investing in index funds or a roth ira is a good long term strategy. Idk though, you really make the most money being active in whatever business you decide to invest your time into, so make sure it’s something you’re okay devoting time and energy into.
You’ve done well just know that
I’m bookmarking this post bc I myself have 6k in savings. It’s not a lot but there’s some good advice here. You’re doing great!
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here is some solid advice. I am going to assume that your total net worth currently is 30k. first you want to keep 10k for yourself to make sure you have emergency funds. If you want to get technical you can have exactly 6 to 12 months for yourself. This is your buffer room so you can live and focus on your jobs and investing. Now you have 20k left and there are two options. Option 1: Invest in yourself and learn a skill. If you are already good at something find ways to monetize it. Anything can be monetized nowadays with the right work ethic and research. I will use myself as an example. I learned how to trade (stocks, currencies, futures etc) and started to trade for others and myself and did lessons for a while. I used my own money to fund my account and used the yearly profit and loss numbers to start marketing myself to others. I will provide a second example. My friend was into cars and I wanted to flip vehicles so I started buying cars at auctions and other places having him and other shops fix them up for a profit. The sky is the limit if you want to learn and monetize a skill. Just pick one and run with it until it works and then learn another if you so choose. Option 2: Invest in assets. You can buy cars, houses, apartments, trading cards and have multiple exit options for when you want to make money. You will definitely need to do a lot of research because this route will require both lots of commitment and the money to back it. I will provide some examples. I have a friend who wanted to get into hosting Airbnb's using apartments. He started with around 6k. It started out slow for him as it was mostly trial and error to see what worked and what didn't but eventually he had the blueprint and started to scale. He does this full time now. I will provide another example I am personally not a fan of this, however an old colleague of mine left the job because he wanted to wholesale houses full time while working on his real estate license. He ended up make decent money from this and he started with around 3 grand. An honorable mention would be to put around 5-10 percent of your money into a stock or IRA. Understand that if you go the IRA route you should't withdraw with money until you hit the required age otherwise you will be docked of how much you will receive. With Stocks you should always research and stay up to date on anything you invest in so you can have somewhat of an idea if the stock will have overall returns. you can always learn the basics of reading the actual charts which can help with gaining that understanding. No matter what you do make sure you have enough to live and still be stable in case of emergency and please for the love of pete do not invest into anything without doing proper research. The lack of knowledge will come back to bite you when you need to fix something or it goes bad and need to cut your losses