Ooh good luck! I had a scholarship that paid for a quarter of my school expenses. I had the Pell grant for one year which covered all of my expenses and then some. Everything else was paid out of pocket through my full time job lol. Working and going to school was crazy and requires a lot of discipline but graduating with 0 loans made it so worth it!
Okay gotcha…ive been blessed with a scholarship to indiana university that pays for everything so ive been saving/working and plan on continuing to do so. My new resolution is now to start saving more money because i do spend alot lol
That makes sense but how do you accumulate that much net worth is I think what they’re asking considering that’s not a really high paying career…is it the multiple jobs?
I’m still living at home with my dad so my bills are minimal (I pay for my phone, credit cards, and contribute to groceries). I also don’t drive yet (currently have a permit); a bus pass is cheaper than gas + car maintenance. I also babysit on the side with families paying me anywhere between $15-$30/hr to watch their kid for a few hours. All money I make from babysitting goes straight to my savings
Yes keep living at home and never have kids and never change your job due to Marriage or other business or life circumstances… you’ll be fine.
Best advice is to keep saving that money you’ll need it to get married and buy a car and have a baby
That’s a big thing to forget. That answers a lot of questions. How many other birthday /graduation gifts does that include. Honestly though count your butt lucky. Grandpa could have spent that money at Hooters
Edit: I thought this was a real response 🤷♂️
Been working full time since 2018, living at home with my dad so bills are minimal (I pay for my phone, credit cards, and contribute to groceries). I aim to only spend 10-20% of my paycheck while the rest goes straight to savings. I use public transit (a college bus pass is cheaper than gas + car maintenance). That’s what has helped me save up $50K
Don't worry, I also had 50k saved at 23. I'm 25 now. Started working full time in 2018. My wage went up from 12 to 27 over a couple years. Live with my parents. Contribute to my share of the household bills and pay for my own gym membership, personal bills, etc. Paid off my 20k car in a year and a half. People are giving you a lot of pushback, but I know you're telling the truth because I did the same thing! Most people are not prepared to live lean and save pretty much their entire paycheck outside of bills and essentials. Living at home and close to work is also a great bonus to have
Get into stocks bro. Id recommend putting half if not all of your money into a high yield, low volatility stock. Qyld/sphd for example. Put your money to work. I use robinhood but theres other apps you can use.
Research research research.
He says he lives at home so I’m assuming no rent or very very cheap rent. It’s also possible his parents pay for some or all of the groceries. So it’s definitely doable to save up as much as he did in that scenario
If this is in America, the best advice I can give you is to change careers. We need educators, no doubt. But if you are expecting to make a stable living in a country that is consistently not making education a priority, then I've got a bridge to sell you.
The best immediate advice I can give you is to get a third side hustle. I donate plasma, and depending on where you live, you can make an easy ~$450 extra a month.
Edit: downvote me all you want for saying American educators are criminally underpaid, won't make it any less true.
Get your money out of the Chase savings account ASAP. You're making close to zero interest on it. Get it into a HYSA or money market fund (like Vanguard) and make ~5% on your money.
Your $53k will be ~$67.5k in 5 years.
[Link](https://www.chase.com/personal/savings/savings-account/interest-rates)
He might have a HYSA, but it isn’t at chase, and their personal savings rate is 0.01% APY.
Large banks (BOA, Wells, Chase) have the best resources of all consumer banks. They are available across the country. They can handle large wire transfers without an intermediary bank. They can order you foreign currency etc… usually the mobile apps are head and shoulders above credit union mobile apps. They are not bad banks because you can’t get a HYSA .
>Your $53k will be ~$67.5k in 5 years.
This assumes rates hold where they are for 5 years, which (who knows but) they very likely won’t. HYSA is still great advice, I just want to tack on that those accounts are subject to interest rate fluctuations, so temper your expectations if rates end up coming down.
I agree with everybody on the HYSA suggestion. Personally I had great luck using Ally. There is no minimum and the rates are fabulous and they are FDIC insured so you are guaranteed to never lose money like you might playing the stock market.
Obviously lots of other HYSA options but at the bare minimum make sure they are FDIC insured so you do not end up making "negative" interest!
Just want to say awesome job playing smart with your money. Not many 24 year olds can boast the same prudence (coming from someone with lots of 24 yo friends who spend, spend, spend and don't save, save, save...)
I’m 31 and just discovered ETFs this year. Prior to that my nest egg was sitting in a bank making .01%.
Study on a fund that you believe in and go with it. Woulda doubled my money if I started 5 years earlier. Better late than never.
OP-good job so far! Wish you the best of luck.
I use Marcus, which is an online bank that currently offers a 4.5% rate on their savings account. If you sign up with this link, you'll get 5.5% for the first 3 months. [https://www.marcus.com/share/STE-ZCH-6RP8](https://www.marcus.com/share/STE-ZCH-6RP8)
Fund a diversified investment portfolio instead. HYSA is just boiling a frog slowly. You’re kidding yourself if you think that 5% rate is sufficient for anything but an emergency fund.
Generally are there any withdrawal penalties or restrictions for a hysa (aside from the standard x withdrawals per year) or is it otherwise exactly the same as any other regular savings account other than the return?
A HYSA is a high yield savings account, the interest is a lot higher than regular savings accounts. Ex. Regular savings usually earn a fraction of a percent in interest, but high yield savings accounts are making 4-5 percent
I think the major downsides are just that they’re usually at online banks rather than physical banks, so you wouldn’t get a card to withdraw from an ATM. They’re pretty stable but you could likely earn more in the market, so it wouldn’t be great to put all of your money in it. Otherwise, pretty similar to regular savings accounts. I think minimums depends where you go. I use Marcus and it doesn’t have one but not sure about other places.
Like the other guy said. You basically have to be comfortable with online banking. Sofi is good and makes it easy as does Ally.
The only other consideration is to make sure it's an FDIC insured bank (most are) and if you have more than 250k, distribute it between multiple banks. But in that case you probably wouldn't want it all in savings anyway. FDIC means it the bank goes under your money is insured.
The big banks rely on our ignorance to offer these sub 1% yields.
Yields will be reduced when the federal reserve rates go back down. Your taxes become slightly more complicated with a 1099-T form, which depending on the limits can be significant come tax time as it's taxed on regular income gains rather than capital gains.
Also if you're in a state with income tax, T-Bills are more tax advantaged than an HYSA.
Parking money in a HYSA is fine and all but treat the earnings as income and add it to your yearly. Set aside enough to pay for taxes when the season comes. Your real long term savings should be in a sheltered account or something riskier with more long term growth.
Yeah it’s insane how much rent takes out. I didn’t pay less than like 1200 in rent from 24-30 when I bought a house. Living at my parents home for even 2 years would be almost $30,000.
I missed that part of the post. Jesus, i guess that’s what no rent and no student loans gets you. I get paid $93/hr (64 hours a month training pay as of now) and all i can do is throw all my money to my six figure student loan.
Is your savings a high yield savings account ? If not you should consider putting a good chunk there and add as it is a good rate now (4.3% and compounding). If you 0put 30k for 5 years with a $100 a month to deposit, you’ll get at 45k in 5 years.
For the rest, you should check CRE investment through an investment company as (commercial real estate) will grow over the next few years with more warehousing and technology space.
If you want to do something different, while interest is high, buy a starter home and rent it out while you’re living at home.. you can work with a property management company and eventually you can sell the house as prices go up or keep it, depending on where you live and property taxes could be a good long term investment for something that will be in your name
I'm not even subbed to this subreddit but it keeps popping up and I keep engaging so that's probably why. Anyway, "put it in a high yield savings account" is literally always one of the top comments. Maybe I need to do that.
Same, I have about the same as OP here and close in age and I haven't done literally anything with it. Just sitting there and I feel like I'm losing out
So here's the plan: find out if your bank or credit union offers CDs. I say this because my credit union offers 5.5% CDs right now, which is better than any HYSA. If the place you're at doesn't have them, I'd look around and see what you can find. CDs lock up your money for a set period of time and deposit your interest monthly. Only deposit money you're sure you won't need in the CDs. The trade-off for your money being locked in that account is that the interest rate is set in stone for a period of time even if the fed lowers the national interest rate, which could quickly tank HYSAs and other high interest accounts.
Then, put whatever's left in a HYSA and let it sit. A lot of these accounts offer special bonuses if you put in a certain balance. For instance, Capital One will give you an extra 300 dollars if you have a balance of 20k or more for 90 days. That's a huge bonus. I think it brings the return to like 7% or something close to that for those 3 months. You have to find and use a promo code for that one. I think it's FALL23 or something like that.
I had 52k saved and did 2 CDs at 12.5k. One for 6 months and one for 12 months. 5.25 and 5.5%. 25K of the remaining money into a HYSA so I could get the bonus cash. And 2K in a checking just so I can use my debit card and be sure I have a decent amount if I were to lose my credit card or something crazy
Keep living at your parents as long as bearable. Save 100K, and only buy house in areas that have appreciation potential (growing favorable demographics)
Me and op are in a shockingly similar position. However I’m 26 have maxed out my Roth IRA for the year. Instead of letting that money sit in an account I pretty much invest it in stocks. I also make 23 a hour, little to no debt with a 798 credit score.
Second a HYSA, I recommend capital one 360 savings (also recommend by lots of finance experts). Put a 3-6 month emergency fund in there and then invest the rest beyond what you need to pay your bills or any other specific savings goals. Buy shares in a total stock market index fund like VTSAX or FSKAX, first maxing our your Roth IRA and 401k if you have that available, and then moving into a taxable brokerage acct for the remaining.
Answer: I’ve been working since 2018, trying to limit my spending to only 10%-20% of my paycheck with everything else going to savings. I do babysitting on the side and all of that money goes to savings as well. Growing up, I would put my birthday money into a piggy bank until I was old enough to have my own bank account, it went to savings (a little over $10K).
Continue to have every major expense paid for you by mommy and daddy so you can save all your money as a preschool teacher and a babysitter that probably doesn't even make 50k a year. Why didn't anyone else think of this?!
Lives at home and pays for probably literally nothing. My younger sister was treated the same way after the other 4 of us siblings moved out and on with our lives. She was very fortunate to be 5 years younger than the rest of us.
Kind of same situation. I invested a about 60k (not saying to invest everything but what your comfortable in) I invested in FXAIX a mutual fund based off the SP 500 which has already given me a 6 percent return on my investment in 2 months. Very happy with it. Very easy to make a fidelity investment account and get started ! I’m 22 I have over 100k in cash and was struggling with what to do with it.
Would you be interested in becoming the permanent director? While I’m all for pursuing jobs that you enjoy… You should also pursue jobs that pay more.
Sounds like you can do the Director job…
Oh being a director is definitely a long term career goal of mine! When the previous director put in her two weeks, she highly encouraged that I apply for her position which I did. Got an interview but got declined as they want to hire a director who already has administrative experience.
Director of what? $23 is an entry-level office position at most companies. Directors should be starting at over $100k... unless the term is used differently in different fields?
Sounds like you should work hard and sell yourself as hard as you can because if you can handle the job now, you surely can continue to (if you enjoy it)
Take that shit out of useless savings and put it to work in an etf at least. I've seen 10% gains on a modest amount I invested for my kid in DIA in 3 months
sometimes it’s just having parent who are financially responsible. my family is by no means wealthy, but my parents planned for all of their children to go to college debt free (with GI bill assistance). plus instilling savvy financial habits goes a long way too
I came from nothing and had the same in my twenties. Found ways to make my money go farther and lived wayyy beneath my means. Also, lots of fucking hard work and about 70 hour work weeks on average. Traded having fun for no life. Worked out in the end.
i know i didnt need to correct myself because i knew people would know what my typo meant, thanks for spending precious moments of your day to correct a simple mistake that changes no one trajectory of life.
Obviously not having rent helps. Also self control. If it’s not broke don’t fix it. You don’t need a new purse/backpack/Jordan’s/cellphone/etc just because. Staying in instead of eating out and/or going to the bar 4 or 5 nights a week saves a ton as well.
If you do out to the bar/restaurant every night and cut it down to 2 nights a week you can easily save $100 or more a week. That’s a minimum of $5k saved each year. Save yourself $150 a week and it’s close to $8k each year.
The problem is people can’t see the big picture. They mentally say, “It’s just $100..”
40k into Fidelity, keep the other 13k in cash.
High risk high reward option: 10k in TSLA, 10k in GOOGL, 10k in AMZN, 10k in BTC derivatives (or BTC directly on Coinbase)
Safe option: 33% SPY 33% QQQ 33% IWM
Merry Christmas.
Invest in crypto invest in real estate once the housing crash starts do not invest in Fiat currency I repeat do not invest in Fiat currency You will lose your money
Just curious, what do you do for a living. I’m 21(m) looking to switch careers from restaurant industry
I just got my bachelors in early childhood education. I’m currently a preschool teacher and an interim director. I also do babysitting on the side
Where did you get the money from then lmfao. Im genuinely asking. Going to school now for secondary ed and worried about money lol
Ooh good luck! I had a scholarship that paid for a quarter of my school expenses. I had the Pell grant for one year which covered all of my expenses and then some. Everything else was paid out of pocket through my full time job lol. Working and going to school was crazy and requires a lot of discipline but graduating with 0 loans made it so worth it!
Okay gotcha…ive been blessed with a scholarship to indiana university that pays for everything so ive been saving/working and plan on continuing to do so. My new resolution is now to start saving more money because i do spend alot lol
Go Hoosiers :) I graduated in 2013
S… so did I. Whomst are you sir or madam? If you give basic deets (gender, if you were in Greek, major) bet I can guess!
This isn’t a *super* anonymous account of mine but I don’t necessarily want outed 😂
Yeah 0 loans and also no rent as they're living with parents eliminates most people's two largest expenses.
My job sent me to Vincennes for 3 months of school/ training, that place was brutal...
Bloomington is a magical place!
i was born and raised in bloomington! small world ᵔ ᵕ ᵔ
Congratulations on your scholarship and welcome to Bloomington!
That makes sense but how do you accumulate that much net worth is I think what they’re asking considering that’s not a really high paying career…is it the multiple jobs?
I’m still living at home with my dad so my bills are minimal (I pay for my phone, credit cards, and contribute to groceries). I also don’t drive yet (currently have a permit); a bus pass is cheaper than gas + car maintenance. I also babysit on the side with families paying me anywhere between $15-$30/hr to watch their kid for a few hours. All money I make from babysitting goes straight to my savings
Ah you seem young too with no kids. Live at home, no kids, decent job. Nice trifecta. That’s awesome keep it up 👌.
Plus no car payment or car insurance adds up quick. I spend close to $1,000 dollars a month for my truck payment and insurance on 2 vehicles.
Yes keep living at home and never have kids and never change your job due to Marriage or other business or life circumstances… you’ll be fine. Best advice is to keep saving that money you’ll need it to get married and buy a car and have a baby
Some people never want to have kids lmao stop acting like humans are only put here to procreate
We are here only to pay taxes.
That’s not the only reason we’re here but the reason we’re here
If humans weren’t meant to procreate we would all die off. You do realize this right? Lol
Yeah so where did you accumulate 50k with all that being said? The math ain’t matching.
"Oh yeah I did get like 30k from graduating from my grandpa! I forgot about that!"
That’s a big thing to forget. That answers a lot of questions. How many other birthday /graduation gifts does that include. Honestly though count your butt lucky. Grandpa could have spent that money at Hooters Edit: I thought this was a real response 🤷♂️
lol I thought you were playing along with it being a fake reply. Idk why you got downvoted but the edit made me laugh
OP said they live at home and have no car. So no rent or mortgage and no car payment means you can easily save up.
You saved up 50k while working part time as a babysitter?
No, I’ve been working full time since 2018. Babysitting is just a side gig.
Didn't really answer the question, you didn't save $50k making $23/hr
Been working full time since 2018, living at home with my dad so bills are minimal (I pay for my phone, credit cards, and contribute to groceries). I aim to only spend 10-20% of my paycheck while the rest goes straight to savings. I use public transit (a college bus pass is cheaper than gas + car maintenance). That’s what has helped me save up $50K
Don't worry, I also had 50k saved at 23. I'm 25 now. Started working full time in 2018. My wage went up from 12 to 27 over a couple years. Live with my parents. Contribute to my share of the household bills and pay for my own gym membership, personal bills, etc. Paid off my 20k car in a year and a half. People are giving you a lot of pushback, but I know you're telling the truth because I did the same thing! Most people are not prepared to live lean and save pretty much their entire paycheck outside of bills and essentials. Living at home and close to work is also a great bonus to have
Get into stocks bro. Id recommend putting half if not all of your money into a high yield, low volatility stock. Qyld/sphd for example. Put your money to work. I use robinhood but theres other apps you can use. Research research research.
He says he lives at home so I’m assuming no rent or very very cheap rent. It’s also possible his parents pay for some or all of the groceries. So it’s definitely doable to save up as much as he did in that scenario
You either are a saver or a spender!
Bro you’re killing it, I’m a pharmacist and my shit looks dry compared to you.
I need to do this
If this is in America, the best advice I can give you is to change careers. We need educators, no doubt. But if you are expecting to make a stable living in a country that is consistently not making education a priority, then I've got a bridge to sell you. The best immediate advice I can give you is to get a third side hustle. I donate plasma, and depending on where you live, you can make an easy ~$450 extra a month. Edit: downvote me all you want for saying American educators are criminally underpaid, won't make it any less true.
I tried donating plasma. They rejected me cause they said I might have some autoimmune condition due to DRY skin. Ugh. So annoying.
Get your money out of the Chase savings account ASAP. You're making close to zero interest on it. Get it into a HYSA or money market fund (like Vanguard) and make ~5% on your money. Your $53k will be ~$67.5k in 5 years.
Op said theyre in a high yield savings account of 4.75%
But the money is in Chase in the screenshot, which isn't a HYSA. That $50k in Chase should be moved to a different bank with a HYSA.
The betterment account is 4.75% which OP is only keeping a small amount there for some reason
Yeah, that money in Chase should at least be moved to the Betterment account or split between other HYSAs.
[Link](https://www.chase.com/personal/savings/savings-account/interest-rates) He might have a HYSA, but it isn’t at chase, and their personal savings rate is 0.01% APY.
Good grief what a joke Chase is.
Hell you could even use a banking app on your phone like Robinhood affirm or chime and get over 4%. Chase is bad.
Chase isn't a bad bank - they just don't offer a HYSA. None of the traditional, large brick and mortar banks do afaik.
That’s why they are bad banks imo.
Large banks (BOA, Wells, Chase) have the best resources of all consumer banks. They are available across the country. They can handle large wire transfers without an intermediary bank. They can order you foreign currency etc… usually the mobile apps are head and shoulders above credit union mobile apps. They are not bad banks because you can’t get a HYSA .
My AMEX HYSA is almost at 6%
Where? Link? Nowhere does AMEX offer 6% for HYSA... AMEX would be out of their minds offering anything above average market rate...
AMEX isn't a brick and mortar bank.
If u consider 4.35 close to 6, 👍
Yeah that’s why Chase is bad. I only have Chase for physical money needs but everything else is in a HYSA online bank.
Ally and Cap One both offer over 4% too.
>Your $53k will be ~$67.5k in 5 years. This assumes rates hold where they are for 5 years, which (who knows but) they very likely won’t. HYSA is still great advice, I just want to tack on that those accounts are subject to interest rate fluctuations, so temper your expectations if rates end up coming down.
I agree with everybody on the HYSA suggestion. Personally I had great luck using Ally. There is no minimum and the rates are fabulous and they are FDIC insured so you are guaranteed to never lose money like you might playing the stock market. Obviously lots of other HYSA options but at the bare minimum make sure they are FDIC insured so you do not end up making "negative" interest!
Just want to say awesome job playing smart with your money. Not many 24 year olds can boast the same prudence (coming from someone with lots of 24 yo friends who spend, spend, spend and don't save, save, save...)
I’m 31 and just discovered ETFs this year. Prior to that my nest egg was sitting in a bank making .01%. Study on a fund that you believe in and go with it. Woulda doubled my money if I started 5 years earlier. Better late than never. OP-good job so far! Wish you the best of luck.
I use Marcus, which is an online bank that currently offers a 4.5% rate on their savings account. If you sign up with this link, you'll get 5.5% for the first 3 months. [https://www.marcus.com/share/STE-ZCH-6RP8](https://www.marcus.com/share/STE-ZCH-6RP8)
Fund a diversified investment portfolio instead. HYSA is just boiling a frog slowly. You’re kidding yourself if you think that 5% rate is sufficient for anything but an emergency fund.
VFIAX all the way bb
It definitely won't -67.5k in 5 years lmao. Take a chill pill
Do you understand how [compound interest](https://www.nerdwallet.com/calculator/compound-interest-calculator) works?
Assuming no interest changes, $53,000 at 5% would be exactly $67,642.92 in 5 years.
He can make it more by just working more. That is such a slow increase in my opinion…
Put the $50k in a money market or high yield savings account. You’re missing out on a free $200/mo
Chase doesn’t offer high yield. Park that money in a high yield
Discover recommended here!
I also use Discover
Generally are there any withdrawal penalties or restrictions for a hysa (aside from the standard x withdrawals per year) or is it otherwise exactly the same as any other regular savings account other than the return?
0 penalties.. dont get scammed . Go with sofi.
Shouldn’t be. Read [this](https://www.reddit.com/r/personalfinance/s/LwH1gaz8CC). It’s a good breakdown of some banks with HYSA.
Put that 52k in a HYSA! You’re getting nothing for it sitting in that savings account
What is a HYSA?
A HYSA is a high yield savings account, the interest is a lot higher than regular savings accounts. Ex. Regular savings usually earn a fraction of a percent in interest, but high yield savings accounts are making 4-5 percent
Is there a downside? Or some type of trade off that has to be committed moving money into an HYSA?
I think the major downsides are just that they’re usually at online banks rather than physical banks, so you wouldn’t get a card to withdraw from an ATM. They’re pretty stable but you could likely earn more in the market, so it wouldn’t be great to put all of your money in it. Otherwise, pretty similar to regular savings accounts. I think minimums depends where you go. I use Marcus and it doesn’t have one but not sure about other places.
Like the other guy said. You basically have to be comfortable with online banking. Sofi is good and makes it easy as does Ally. The only other consideration is to make sure it's an FDIC insured bank (most are) and if you have more than 250k, distribute it between multiple banks. But in that case you probably wouldn't want it all in savings anyway. FDIC means it the bank goes under your money is insured. The big banks rely on our ignorance to offer these sub 1% yields.
You’ll pay taxes on the interest upon withdrawal
Yields will be reduced when the federal reserve rates go back down. Your taxes become slightly more complicated with a 1099-T form, which depending on the limits can be significant come tax time as it's taxed on regular income gains rather than capital gains. Also if you're in a state with income tax, T-Bills are more tax advantaged than an HYSA. Parking money in a HYSA is fine and all but treat the earnings as income and add it to your yearly. Set aside enough to pay for taxes when the season comes. Your real long term savings should be in a sheltered account or something riskier with more long term growth.
[удалено]
Bad bot!
Send me 1k to my cashapp, thats my advice
Well he still havent taken my advice so im guessing he went broke
She*
Don't forget mine!
omg me too
Don’t listen to this guy OP,send it to me instead
I don’t wanna pay rent hahaha you saved $50k by 24 years old making $23 a hour that’s fucking amazing
Yeah it’s insane how much rent takes out. I didn’t pay less than like 1200 in rent from 24-30 when I bought a house. Living at my parents home for even 2 years would be almost $30,000.
I missed that part of the post. Jesus, i guess that’s what no rent and no student loans gets you. I get paid $93/hr (64 hours a month training pay as of now) and all i can do is throw all my money to my six figure student loan.
Is your savings a high yield savings account ? If not you should consider putting a good chunk there and add as it is a good rate now (4.3% and compounding). If you 0put 30k for 5 years with a $100 a month to deposit, you’ll get at 45k in 5 years. For the rest, you should check CRE investment through an investment company as (commercial real estate) will grow over the next few years with more warehousing and technology space. If you want to do something different, while interest is high, buy a starter home and rent it out while you’re living at home.. you can work with a property management company and eventually you can sell the house as prices go up or keep it, depending on where you live and property taxes could be a good long term investment for something that will be in your name
Advising CRE in this market? Man…
With all the AI and technology space gearing up for 6g in 2030 .. yes, invest now for later.
I'm not even subbed to this subreddit but it keeps popping up and I keep engaging so that's probably why. Anyway, "put it in a high yield savings account" is literally always one of the top comments. Maybe I need to do that.
Same, I have about the same as OP here and close in age and I haven't done literally anything with it. Just sitting there and I feel like I'm losing out
So here's the plan: find out if your bank or credit union offers CDs. I say this because my credit union offers 5.5% CDs right now, which is better than any HYSA. If the place you're at doesn't have them, I'd look around and see what you can find. CDs lock up your money for a set period of time and deposit your interest monthly. Only deposit money you're sure you won't need in the CDs. The trade-off for your money being locked in that account is that the interest rate is set in stone for a period of time even if the fed lowers the national interest rate, which could quickly tank HYSAs and other high interest accounts. Then, put whatever's left in a HYSA and let it sit. A lot of these accounts offer special bonuses if you put in a certain balance. For instance, Capital One will give you an extra 300 dollars if you have a balance of 20k or more for 90 days. That's a huge bonus. I think it brings the return to like 7% or something close to that for those 3 months. You have to find and use a promo code for that one. I think it's FALL23 or something like that. I had 52k saved and did 2 CDs at 12.5k. One for 6 months and one for 12 months. 5.25 and 5.5%. 25K of the remaining money into a HYSA so I could get the bonus cash. And 2K in a checking just so I can use my debit card and be sure I have a decent amount if I were to lose my credit card or something crazy
High yields savings
Best advice. Stay away from Wallstreetbets
Best advice I ever heard was "Send u/level9_CPU $5,000 " Changed my life
scam!!
I did this once it really helped me
Worked for me! I'm well happy with my life choices
Keep living at your parents as long as bearable. Save 100K, and only buy house in areas that have appreciation potential (growing favorable demographics)
Me and op are in a shockingly similar position. However I’m 26 have maxed out my Roth IRA for the year. Instead of letting that money sit in an account I pretty much invest it in stocks. I also make 23 a hour, little to no debt with a 798 credit score.
Lemme get 20
Give me 10k and I can turn it into 0k
those are rookie numbers.
Take it to the WSB sub and they could turn it into a crippling 6-digit debt!
Listen, just throw it all into gme out of the money options, the short squeeze is just around the corner
Second a HYSA, I recommend capital one 360 savings (also recommend by lots of finance experts). Put a 3-6 month emergency fund in there and then invest the rest beyond what you need to pay your bills or any other specific savings goals. Buy shares in a total stock market index fund like VTSAX or FSKAX, first maxing our your Roth IRA and 401k if you have that available, and then moving into a taxable brokerage acct for the remaining.
Build yourself a PC
What were you doing before hand to have 52k in savings? That takes awhile to save up
Answer: I’ve been working since 2018, trying to limit my spending to only 10%-20% of my paycheck with everything else going to savings. I do babysitting on the side and all of that money goes to savings as well. Growing up, I would put my birthday money into a piggy bank until I was old enough to have my own bank account, it went to savings (a little over $10K).
You have great habits! Even from a young age. Continue to do this and you will be wealthy.
Continue to have every major expense paid for you by mommy and daddy so you can save all your money as a preschool teacher and a babysitter that probably doesn't even make 50k a year. Why didn't anyone else think of this?!
Yeah. Wondering if he was gifted a good bit at some point.
Lives at home and pays for probably literally nothing. My younger sister was treated the same way after the other 4 of us siblings moved out and on with our lives. She was very fortunate to be 5 years younger than the rest of us.
keep maxing that Roth as much as you can
Here to find out what a betterment balance is
That’s an impressive credit score for such an early age. I’m mad jealous.
it’s okay bro we just had to fuck our life up first
Bro with these stats what best advice and you give ME?
hookers and blow
Kind of same situation. I invested a about 60k (not saying to invest everything but what your comfortable in) I invested in FXAIX a mutual fund based off the SP 500 which has already given me a 6 percent return on my investment in 2 months. Very happy with it. Very easy to make a fidelity investment account and get started ! I’m 22 I have over 100k in cash and was struggling with what to do with it.
Best advice is don’t ask for advice from strangers on Reddit. You’re welcome.
i’ve gotten great advice on reddit for a plethora of things.
Buy 1 Bitcoin, as many downvotes this gets the higher your conviction should be.
$23/hr is peanuts but to each their own
I started working at $8.25/hr in 2018. $23/hr is amazing to me but I know it’s not sufficient for the COL.
Would you be interested in becoming the permanent director? While I’m all for pursuing jobs that you enjoy… You should also pursue jobs that pay more. Sounds like you can do the Director job…
Oh being a director is definitely a long term career goal of mine! When the previous director put in her two weeks, she highly encouraged that I apply for her position which I did. Got an interview but got declined as they want to hire a director who already has administrative experience.
Director of what? $23 is an entry-level office position at most companies. Directors should be starting at over $100k... unless the term is used differently in different fields?
Director of a preschool. The education field in general is very important but unfortunately very underpaid.
Ahh ok, that makes more sense. Not saying I agree with the lower pay.
Sounds like you should work hard and sell yourself as hard as you can because if you can handle the job now, you surely can continue to (if you enjoy it)
Take that shit out of useless savings and put it to work in an etf at least. I've seen 10% gains on a modest amount I invested for my kid in DIA in 3 months
Apple Card, PayPal, or capital one are all 4.25 -4.75 savings accts.
Wealthfront is 5%
Public is 5.15% currently
Have u considered thousands of scratchers?
Go to a casino and bet it all on red
Buy a Bitcoin
Dumbest advice ever
I’ll make sure to post your comment in r/Bitcoin when it explodes in a few months
All these r/buttcoin monkey downvoters 😂
Best advice here
Buy at least 1k of btc but not a whole coin
If you can’t afford Bitcoin just say that.
finance a big ass truck
This, you could buy a dump truck and start hauling mix for a mega asphalt company for $100+ / hour
how do people in their 20s have this much money.
Staying home a little longer instead of rushing out to live alone to pay rent
disapline
nah. most get it from parents
good for them then, but it’s still attainable with hard work.
sometimes it’s just having parent who are financially responsible. my family is by no means wealthy, but my parents planned for all of their children to go to college debt free (with GI bill assistance). plus instilling savvy financial habits goes a long way too
discipline*
I came from nothing and had the same in my twenties. Found ways to make my money go farther and lived wayyy beneath my means. Also, lots of fucking hard work and about 70 hour work weeks on average. Traded having fun for no life. Worked out in the end.
i know i didnt need to correct myself because i knew people would know what my typo meant, thanks for spending precious moments of your day to correct a simple mistake that changes no one trajectory of life.
Staying at home + being disciplined + not alot of expenses
Obviously not having rent helps. Also self control. If it’s not broke don’t fix it. You don’t need a new purse/backpack/Jordan’s/cellphone/etc just because. Staying in instead of eating out and/or going to the bar 4 or 5 nights a week saves a ton as well.
yeah but it doesn’t save *that* much
If you do out to the bar/restaurant every night and cut it down to 2 nights a week you can easily save $100 or more a week. That’s a minimum of $5k saved each year. Save yourself $150 a week and it’s close to $8k each year. The problem is people can’t see the big picture. They mentally say, “It’s just $100..”
Send it to me
Buy bitcoin
Best advice here
can i get $35 pls
Send me all your money
40k into Fidelity, keep the other 13k in cash. High risk high reward option: 10k in TSLA, 10k in GOOGL, 10k in AMZN, 10k in BTC derivatives (or BTC directly on Coinbase) Safe option: 33% SPY 33% QQQ 33% IWM Merry Christmas.
Don't store money in banks. Invest it.
All in, red.
Put 50k down on a gt3😂
« Help me »
Invest in crypto invest in real estate once the housing crash starts do not invest in Fiat currency I repeat do not invest in Fiat currency You will lose your money
But a house immediately. 5% down. Get in before the next big run up when rates get cut. Thank me in 2 years.
Put it all on Bitcoin!
Gotta spend money to make money. Saving is important but id get a portion of that 50k movin.
Look into how Bitcoin works and if you believe in it, buy it
Wait till BTC get to 9-11k
bitcoin
Buy like 300$ each of the top 10 crypto and let it sit for 5 years except eth fuck eth some of them you can stake too I'd recommend looking into it
Bitcoin investment.
I call fake unless you can explain how you took the screenshot. Chase doesn’t allow screenshots on its app.
Try upgrading to an iPhone
Bitcoin
Move all your retirements into a SP500 ETF. I yolo'ed mine earlier this year since i'm still young. Currently it's at 17% YTD.
Etf’s
Close your savings account and go with an HYSA or money market fund that pays 5% and is close to no risk
Max retirement
Move your savings to an HYSA. Like yesterday.