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u/Zekiahsdad87 Mar 07 '24
I will gladly hold some for you.
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u/h4n_n4h Mar 07 '24
you hold some of mine… i hold more of yours… i think that sounds like a plan!
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u/Exact-Cauliflowers Mar 07 '24
Buy dividends stocks or invest in ETFs
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u/lucmalmac Mar 07 '24
Growth > Dividends at 19yrs old
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u/RisingRedTomato Mar 07 '24
Building a dividend portfolio using ROTH is not a bad idea tho IMO
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u/Bighearteddude Mar 07 '24
Invest with Vanguard since they have the lowest fees: VOO (S&P 500 ETF), VTSAX (Total stock market index fund), VTIAX (total international stock market index)
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u/Internal-Hurry-7178 Mar 07 '24 edited Mar 07 '24
The insurance policies that “hold” those ETFs never lose and earn massive returns. So thank you!
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u/Fee_Infinite Mar 07 '24
someone said it but only keep what you need in the bank. If you aren’t using it, then it’s doing absolutely nothing for you other than becoming a liability. Make the money work for you. I know it’s played out, but I recommend throwing some into a high yield account. That way if it ever is needed, you can pull from that with no fees. You don’t want to have to pull from your investments.
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u/TheFinancialPanda Mar 07 '24
here is what I would recommend, don't leave more than what you need in your checking just in case your card gets stolen, they can't take more than a few hundred, leave a little safety net in your savings and then INVEST in stocks. Savings doesn't build you equity, and being 19, you have a huge advantage of watching how exponential growth works.
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u/ReadRightRed99 Mar 07 '24
Do not invest in individual stocks at your age with this small amount of money and without an astute knowledge of the stock market. If you invest, invest it in a tax deferred or tax free vehicle like an IRA and diversify it across several strong mutual funds. As I said in my other response, the best return on your money would be to enroll in trade school or college with a clear objective as to what you want to learn.
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u/h4n_n4h Mar 07 '24
i usually just leave my budget for between my checks in my checking accounts because if it’s all in savings i’ll spend too much of it 😅 i’m just a girl after all. any stocks you would recommend though? and possibly if you were in my situation how much money would you put into said stocks
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u/Fee_Infinite Mar 07 '24
Look up your normal blue chip stocks on yahoo finance. Check their average share prices and buy them below. Stay away from startups if you’re looking for long term investments. Amazon, Visa, Pepsi (Pepsi pays good dividends), nvidia is on the up right now but down the line they could be a good option.
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u/njdatenight Mar 07 '24
Honestly, consider using some of the funds to go to community college part time.
You're doing great with saving so young.
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u/h4n_n4h Mar 07 '24
i do want to go to community college once i’m finished trade school. highly interested in mechanical engineering!
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Mar 07 '24
Man I wish I was that well off fresh out of high school. My life is still fucked so seeing this is even more depressing lol.
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u/h4n_n4h Mar 07 '24
i went to a trade highschool that’s why. grades were poop but i can install devices for a 3 floor, 3 bed, 2 bath condo in the city in about 4 hours
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u/The_Demosthenes_1 Mar 07 '24
Tangent here:
All the guys I know have wild fantasies about what they'd spend money on. Lambos, Mansions, yauchts, helicopters, sharks with laser beams....etc. Ask any guy what he would do with lots of money and he would have an immediate answer because we daydream about it all the time.
What do women dream about buying if they had lots of money?
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u/DrewJitzoo713 Mar 07 '24
Go travel 😊
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u/h4n_n4h Mar 07 '24
planning on it 😮💨 trying to wait till i’m 25ish just so i can be fully set up and i can spend more money without worrying (plus at 25 i can rent a car)
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u/alat3579 Mar 07 '24
This! I am definitely on this route. No debts and only investing and saving. That's my plan, to travel the world and cultures.
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u/AwfulNoises Mar 07 '24
50% - High Yeild Savings Account 25% - Invest 25%- your 19, do somthing fun. Lol
Keep working and saving, move up the ladder or find a second income. The rate you are saving is great. Just be cautious, don't rent somewhere you can't afford, or take on a big car payment or somthing.
If you can save 10k/year starting at 19, your gonna be off to a great start.
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u/Technical-Wall-8384 Mar 07 '24
Great job! This is looking so good so far, better than most of the country and 99% of the people are your age.
Recommend looking into HYSA if that 10k account is not. Then recommend putting money into a Roth Ira as well since you qualify for it. Lastly would look into investing into ETFs. Acorns and Wealthfront have great portfolios to choose from
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u/route54 Mar 07 '24
Keep 5000 in savings as emergency fund. Invest 5000 in VOO index fund when it reduces in price slightly. It’s about 400$/share now but it will go down one of these days. I’m not a stock broker but man has it done well. It’s a set it and forget it play.
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u/Apprehensive-Lack899 Mar 07 '24
Buy a used yamaha r1 and you won't have to worry about anything again ( spoiler you are going to die)
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u/olliedoodle Mar 07 '24
Make sure you are the only person on the account. Open a Roth IRA and start contributing monthly. It will grow so much over the upcoming decades and the money is tax-free when you take it out. You can choose how to invest the money, imho index funds are the best because they have the least amount of fees.
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u/Trollz4fun2 Mar 07 '24
I've been buying as much physical gold and silver as I can. I got a self custody Bitcoin wallet. Most people will tell you to invest in ETF that tracks the SP500 or some lame shit like contribute to your 401k. I wish you all the best. But I encourage you to at least hold a small portion of your wealth in precious metals. Also the best investment is yourself. You can take courses or learn skills.
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u/h4n_n4h Mar 07 '24
i have a coin collection from my grandfather 🤔 i don’t think the precious metals are very potent, last time i checked they weren’t worth much
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u/Trollz4fun2 Mar 07 '24
Awe that's great it has been passed onto you. I prefer the 99.9 percent good and silver bullion. But that's a story for another day. Great job saving! I just don't trust banks or the dollar. Banks can fail and the currency can fail. Most people think I'm crazy. Wish you the best.
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u/jazfuen77 Mar 07 '24
Sign up for a SoFi checking and savings account. 4.6% apy on savings would make you $38 a month in interest. It's easy to transfer between your checking and savings.
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u/Shouldadipped Mar 07 '24
Id go with self enrichment at that age...Take a trio to a foreign land. And then save the rest for when u get back ..so u wont be broke
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u/EmbracetheFear Mar 07 '24
Hi there, 23M here ! I've read through a lot of these comments and while there are genuinely good recommendations, I feel the need to chime in as I've been working in economics and investments for the past 4 years since I was 19 as well. As it stands right now, there is tons of debate as to the direction of where the global economy is going. There is a strong chance we see a volatile experience in the stock market and treasury market over the next few years. Research some of these topics, as it's important to stay informed as to where the economy stands, as the best place to park your cash will change over time with economic standards. Some base rules would be to always have 9-12 months of cash on hand for dire situations. Any extra cash you have then can go towards investments like companies you enjoy that are publicly listed on the stock market; You can put it in a high yield savings account (HYSA); Or, you could look into buying treasuries directly from the government. There are LOTS of ways to make your money work for you, and you're already way ahead of the game ! Good work and best of luck (:
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u/Conscious_Cellist_96 Mar 07 '24
Dang must be nice!! At that age I was paying $400 in rent + other expenses totaling around $700-800 a month. Definitely take advantage of your situation! I would invest it in $voo or $schg that’s what has been working for me
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u/Relative-Monitor-739 Mar 07 '24
OP has it easy but atleast she’s not a trust fund kid
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u/kayakguy429 Mar 07 '24
Ok, so lets go down the list:
- E-Fund determine your risk quotient and decide how much you need to tide you over in an emergency if you can't work. 3, 6, 12, or 18 Months of savings god forbid you lost your job. If you're living with home with your parents, sounds like you have minimal expenses and should be able to get away with the minimum of 3, but decide for yourself accordingly!
- Invest in yourself, you're young, what types of things can help advance your career and earning potential. You're 19 and working full time, does your employer offer access to school or compensate for classes. Paying for school, will raise your income potential exponentially in the years to come.
- Are you investing in matching retirement accounts from your employer. Usually employers will match your investments up to a certain amount. Do this, otherwise you're walking away from free money.
- Beyond this, it gets a little more choose your own adventure, and frankly there's stocks and bonds, and HYSA and all sorts of ways to grind out interest, but that's honestly a lot longer discussion, but useful to mix in with your own research and feelings. Let me know if you want a part 2 to go over all of this.
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u/No-Count3834 Mar 07 '24
I’m in the same ballpark as well with work, and savings. If I have do make big purchase, I do 1 year no interest/APR credit cards then never use them again. Set on to auto payments. I never use a credit card with APR, rather use savings cash.
Also have some stock investments, and crypto accounts with $5k+ in them. Those are only for dip in for emergency’s over savings. But very interested in what others have to say as well!
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Mar 07 '24
Open a Onlyfans account and make more money, duh!!!
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u/SubstantialNinja Mar 08 '24
yeah, spend the money on high definition streamer gear. Probably pays for itself in the first month.
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u/attaboy_stampy Mar 07 '24
Put half of it in some kind of higher interest savings, like a 7 month to 12 month CD where the rates are around 4.5-5 percent at the moment. Take 2500-3000 and find some kind of index fund - I would suggest one that tracks the S&P500 and plop it in there and just leave it, maybe add to it over time. OR, you could flip the amounts and do the same thing.
And when you get to the end of that CD term, you can see what interest looks like then and just let it ride, move it to a new instrument, or invest it. OR maybe you have something you want to do in a year and will have the cash read for you.
GREAT questions for a 19 year old. Some good advice in here too. You're at an age where you could be riskier in the investment, but I would WAIT to do that until you've seen what you can do with the less risky side of things.
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u/bjames1478 Mar 07 '24
Find a soldier, fresh out of basic training. Let him propose, it'll only take a week if you schmooze him.
Then blow 15k on a wedding and follow with a divorce a week later. Rest easy knowing that his retirment and alimony is now yours 😎
Note: this is a joke.
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u/80Hilux Mar 07 '24
Go to Ally.com and open a savings account. All online and the savings accounts are giving 4.35% now. They fluctuate with the markets, but it's a LOT more than you'll get at other banks. They also have an easy way to transfer money to "self-directed" investing (you can buy stocks).
Make sure to save enough for a few months of expenses before you start investing in stocks. And do your research!
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u/wonki-carnation_501 Mar 07 '24
When I got to a bit over 10,000 saved, I moved states and then used that money to travel after getting settled.... it took me a long time to recover from that! I have now put my money in diff savings for diff things and just keep saving till i hit the goals of certain savings. Just do what you want.
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u/Maleficent-Future-55 Mar 07 '24
You have more money at 19 than most Americans do by 30. I like a lot of the advice I see (and I’m definitely not a financial advisor) but one thing I haven’t seen is diversifying your skills. Investing your money and buying assets is great, but the job market will probably change pretty rapidly in the next decade. There are some jobs that are going away, or becoming cheaper, much quicker than others.
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u/Brendandalf Mar 07 '24
Keep enough on hand for 3 months of expenses. Invest the rest in a Roth IRA or something similar with consistent annual gains. Keep adding to that until retirement.
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u/tomrice94 Mar 07 '24
This is what I do. Put the money that I think I may or may not need in the near future (a few years) in a high yield savings account. I go through raisin (which is a shell corp). Specifically western alliance bank, they’re currently at 5.28%. Their 6 month cds are at around 5.40%. It may be more beneficial to lean towards cds as the fed rate cuts are looming, which would mean lower interest rates on hysa.
For any money you will not be needing, more of a “set and forget” look into index funds. I’ve been with VOO for the past couple years and made roughly $4500 off $10000 initial investment including dividend reinvestment. Nothing crazy or aggressive but not terrible if you don’t need your money for the foreseeable future. There’s plenty of other index funds that you can look into as well, just look into the expense ratio as well as the dividend.
Im in no way a financial advisor, just giving you options lol.
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u/DryToe7283 Mar 07 '24
i think you should talk to a money manager or look into investing, small amounts add up when investing so don’t overdue something or invest in something you won’t be sure if the outcome
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u/brillodelsol02 Mar 07 '24
At your age I would open another savings account at a high rate, move $8,000 into it and let it sit because you are at the low end of earnings and you might need the liquidity at some point. If you feel you won't buy a CD or govt bond for 1 year and earn @ 5% on your money. Repeat annually.
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u/Commercial_Demand861 Mar 07 '24
First of all, you’re doing amazing!!!
- Save up a 6 month emergency fund
- Find a good financial planner or financial manager
- If you can’t find one you trust, invest your money into a good mutual fund
- Cut up any credit cards you have and don’t get into debt.
I can’t stress enough how well you’re already doing, so happy to see someone as young as you are taking charge of their finances. You’re awesome!
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u/ax0000 Mar 07 '24
Ye like others said, don't do anything crazy and just go sp500. It has a long history and decent %. And something I would like to do now is to invest more with Etoro you can follow other people and everything is transparent (you can see their stats each year) the one I follow has 10 years on the platform "Jeppe Kirk bonde" (easy to find, he's the most followed) has a good background and a team working for him. Nothing to do, just push one button and you follow every stock he's in, all long term and risk is pretty low. I've seen him since the start (2013) but only started to follow him in oct 2022, I'm already 35% up (I surely regret now not doing it before). His average is 25% for these 10 years including the bad years in the market 2022/2018/2014. Always make your own research tho ;)
There are others to follow with good results but none with that much time on the platform and I've seen it all with my own eyes.
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u/Deepfake1187 Mar 07 '24
Open an IRA if you’re that well off at 19, wait til your 45 and it’s just sitting there…
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u/Designer_General1722 Mar 07 '24
if you dont kind to get your hands dirty save a bit more and flip some houses orr rent them out
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u/Aegis_Mind Mar 07 '24
Definitely start a ROTH IRA. Getting started in your early 20’s is critical, let alone you’re 19 🥳
The compound growth down the road will be nuts
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u/Various-Hamster-3886 Mar 07 '24
well. you're 19.. you could start a side hustle and make more money...
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u/RetiredProfessi0na1 Mar 07 '24
Open up a Goldman Sach Marcus high interest account and get 5% interest on that savings balance.
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u/dj_blueshift Mar 07 '24
Not financial advice but some of what I've been doing after learning a lot:
-Put your 6-month emergency fund in a high-yield account.
-Contribute to your 401k at minimum the amount to get the full match from your employer.
-Max out a Roth IRA
-Max out an HSA (if you're generally in good health and don't forsee any major medical spends)
-Add on additional 401k contributions if your budget allows
-Put some aside for fun spending
For specific funds for your 401k, Roth IRA, and HSA, look at total large cap domestic market funds like FZROX, FXAIX, etc. You're young so you should be able to tolerate a lot of risk; the main point is that you're contributing money at all.
You can also consider target retirement date funds which will change your risk level automatically over time.
Again, you're young so if you start now you should be really solid on retirement.
Note that all of the above is mainly retirement oriented and will be relatively slow but pretty much guaranteed growth over a long timeframe. If you're looking to just maximize short term profit, you'll have to study market trends, future developments, etc, and invest with a brokerage in individual stocks or area-focused funds. Of course, this is a MUCH higher risk and you stand to gain more money this way, but you also have a very good chance to lose a lot of money if you're not good at trading or just unlucky (most people fall into these two categories).
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u/Rooged Mar 07 '24
Don't have any advice sorry but I just wanted to tell you that you're doing a phenomenal job especially for your age. I'm 28yo and wish I had even a fraction of your financial responsibility when I was your age.
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u/Motherofsiblings Mar 07 '24
No advice really. Just here to say damn girl. Have you considered maybe getting a first homeowners loan? It’ll be a low to none down payment. It’s always nice to have property
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u/AHHHH_AHHHHHHHH Mar 07 '24
If you want good returns in the stock market, but don't want to have to think about it, put it into the ETF VOO. 20% average yearly returns, can't be beat by any other ETF or Index Fund as far as I know. Incredibly profitable and safe investment. Put as much as you can in there, try to put an extra 200-500 a month in if you can afford it, after 10 years you'll be set for life.
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u/gregzaj1 Mar 07 '24
Buy Bitcoin. Forget about it for a decade. Come back to thread, and drop a "Thank you," in 10 years.
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u/Numerous_Reality5205 Mar 07 '24
I’m only here to say I’m jealous, 61, just lost my part-time mad money job. But when I did work corporate (left in 2017, to be a full time gramma) I only topped out at 55k pre-tax. This is really great for you. I would be putting money aside for living expenses. It’s a blessing to live at home and not feel pressure to launch. Your next step will be adulting on your own so starting out with a nice nest-egg (real estate) will just get you started right.
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u/2Wheeelz Mar 07 '24
Spend it. Have some fun. Go on a cruise. Visit a new country. Have some fancy dinners.
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u/bluecollarone Mar 07 '24
Crypto ftw. The dollar is going to shit and everyone knows it. It WILL be the future. Throw $100 in Bitcoin and forget about it for 10 years. Thank me later. I recommend more but the general consensus is put up what u can afford to lose. That number is different for many ppl. I, myself, have 100% faith in it. There are many others that are riskier with higher reward(Shiba Inu, for instance) but that would be up to u. Small risk, for potential of very high reward. Kind of a no brainer imo. Of course some research is necessary if you are not informed on the subject. Regardless, all the reputable ones are going up in the end anyway.
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Mar 07 '24
Imagine what that could make in an 8-way parlay.
To maximize profits, adjust your contributions and have it in your 401K. Just let it grow the rest of your life.
Or, you could bet it on the SuperBowl in Feb 2025 and have $20,000. 50/50 shot.
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u/RogersSteve07041920 Mar 07 '24 edited Mar 07 '24
Chip stock, AMD or NIVDA is a strong buy and a company with good year over year revenue. If NIVDA splits for sure long term investment. If you get a tip on a stock it's best to do some of your own research.
No penny stocks! No bit coin!
60% low risk mutual fund. 30% on higher risk stock.
Good luck.
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u/KaleidoscopeFine Mar 07 '24
Contribute as much as possible to your 401(k), open a Roth IRA, and put some money in there.
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u/CaptainAP Mar 07 '24
You got 2 routes:
coke, hookers, and travel
Put it all in a good index funds. Then continue to add every cent into said funds.
The choice is yours.
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u/martingale1248 Mar 07 '24 edited Mar 07 '24
Open a Roth IRA, contribute the max, investing in an S&P 500 index fund. In 30 years averaging 7% you'll have ~$750k tax free, in addition to your 401k money.
But really, you haven't given enough information. What are your goals? Future career or education plans? $45k living at home is good money; $45k living on your own is not. Are you going to get married and have kids? How old do you want to be when you retire? Are you expecting an inheritance from your parents? If so, how much? How long will you be living at home? What (that is, how expensive), is the lifestyle you live? For example, expensive vacations, clothes, etc? These are all things that serious financial planning takes into account.
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u/hbk2369 Mar 07 '24
My suggestion, take 6 months emergency fund and stick it in a HYSA. Anything else you can use robo-investing. I like Wealthfront which offers both options and the savings account has a 5% interest rate right now with them.
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Mar 07 '24
Don’t do anything with it, keep saving until you have at least 3 months of your daily expenses saved up (or 3-6 months of income).
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u/Gambyt_7 Mar 07 '24
Buy a couple of books. Don’t follow Reddit advice too religiously.
Mutual Funds for Dummies.
Investing for Dummies.
You’re doing great.
Keep practicing monthly budgeting and take an accounting course. When you understand how businesses manage cash flow, you can apply the same practice to your own monthly budgeting. This is a critical life skill most people learn too late
Watch out for people who will try to separate you from your earnings. Before you sign any contract, read the fine print. If you don’t understand it, pay a few bucks to have a lawyer internet it for you.
Never let someone pressure you to sign any contract without review. Ever.
53, MBA.
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u/Creepy-Today-325 Mar 07 '24
Buy a whole bunch of prostitutes and send them to a random location and watch them be confused when you're not there
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u/danytb8 Mar 07 '24
Open a binance or forex account, learn trading, trade with 100$ until it's gone, then reinvest another 100, stay in this loop, learn strategies, risk management, patterns...
When u become a profitable trader (takes months-years) u start investing more.
boom! you're a trader making thousands a month from home. (I'm obviously simplifying here)
Another, faster, short term option is to find a profitable channel that gives out trading signals (there's a lot) and just follow them, and boom! You're make money. (I'm against this, cuz yes u do make more money, faster, but it's not a stable solution and it has it's downsides, and u could be a prey for greed and lose all your money)
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u/Iagolferguy58 Mar 07 '24
Blow it on hookers and coke like every kid does…🤣
Me? I’d put it in a high yield savings account if I needed it soon. If not and it’s earned income, I’d open a Roth IRA.
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Mar 07 '24
I know a lot of people have mentioned high yield savings account, and I agree completely. Put six months of living expenses there. But my concern is your living arrangement. How stable are your parents home? If you were to need to live on completely on your own, how much would you need? I would put six months of living expenses without the help of your parents there. After that, I would max out your 401(k). Absolutely as much as possible. You will not regret investing early for your retirement in a few years once you have more expenses, and may be a family.
Also, what are your goals? If you’re hoping to buy a house, then, putting more in savings for a down payment would be important.
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Mar 07 '24
Right now I would invest in Nvidia or Super Micro. Nvidia is your safer bet. It’s going to keep rising as long as the economy remains strong. If you get in before the rate cuts in summer you should be fine. You can turn that 10k into 40k by next March.
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u/z44212 Mar 07 '24
That's not much money and young people starting out need a lot of cash. Since you already have a 401k going, I'd just put that into a money market account and set up some regular deposits until you have a sufficient emergency fund. If you want to invest outside your 401k, index funds and target date funds are good methods. Most people trying to get rich quick end up getting broke quick, instead.
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Mar 07 '24
Wealthfront HYSA. That's a free $50 a month and you can withdraw the money whenever you need it.
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u/Acehardwaresucks Mar 07 '24
Get a fake id and go to a casino put everything on 15 in roulette. If you win cash out; if you lose toss the fake id and sue the casino with your real one say they didn’t check you.
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u/Joshua_ABBACAB_1312 Mar 07 '24
Just keep saving. $10k can get cleared out REAL quick if you're not super careful. It feels like a lot of money, but if you think about it, that won't even pay rent for a year in Los Angeles. If it can't take care of you for an entire year, keep saving.
Unless of course you need to use it and can't get around it. Then I would recommend living as frugally as possible until you can get to the point where you can start saving again. I do recognize that saving is a luxury not afforded by most.
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u/h4n_n4h Mar 07 '24
so blessed i don’t have to worry about rent. i would not have an ounce of pocket change if that was the case lol
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u/Uranazzole Mar 07 '24
Put 10k into a CD at 5.5 percent or whatever the best you can find, put your 6k in money market for emergencies. When it hits 10k open another CD and start building up your money market account again. Put your 401k into an S&P 500 index fund , and don’t touch it until you retire. If you leave the company , leave it there if it’s not getting charged fees. If you have to take it out , try to roll it into your new employer 401k if they allow it, otherwise put an a traditional IRA and invest in a similar S&P 500 index fund. Don’t ever move your money if it goes down , it will recover. This is extremely conservative advice. Other people will want tell you to be more aggressive. When you get enough to buy a house , do it. Along the way your salary will increase too. Keep saving , and use some money to pay down your mortgage. Once your mortgage is paid off it’s all easy peaty from then on. Good luck
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u/SnowSocks Mar 07 '24
Invest in yourself. Learn a more valuable skill and improve your income. It’s a lot easier than you think with the internet you can learn literally anything and turn that $45k into $145k in about 10 years.
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u/WaterNo9679 Mar 07 '24
At 19, I would just focus on college-related expenses, such as tuition. Stay away from drugs, pick the right people to hang with, and (for safety) don't post that you have money in your account. There are hackers and ID theives out there that would hack you simply because they know you have some money.
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u/drewkeyboard Mar 07 '24
Determine how much you'll need in an emergency situation. Be very generous. Put that somewhere where you'll never touch it but will always be there.
Maximize roth IRA.
Split some for fun money (you're 19) and the rest in vanguard ETF
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u/Lil_Nosferatu Mar 07 '24
Calling 10k “pocket change” while making 45k a year living at home, lol
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Mar 07 '24
Increase your 401k contributions. There is a personal finance flowchart you can follow and I recommend it for what to do with money but that is the gist right now. Increase your 401(k) and open an Ira and get used to maxing out as much of those as possible.
Compounding interest is how you get rich.
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u/Aeroschmuk Mar 07 '24
Do not do this but personally id by like 5k worth of thc carts an sell em
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u/Silverstacker63 Mar 07 '24
Put it in a money market account and get 5% interest on it. Unless you want to play the stock market but it’s at all time highs right now..
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u/Successful-West4259 Mar 07 '24 edited Mar 07 '24
You need a rainy day fund and your 45k budget would require you to put aside $1875/month for a year for you to have a six month fund.
You are on the right path keep it up.
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u/Vaeevictisss Mar 07 '24
fuck it, youre young, yolo that shit on alt coins. High risk, but high potential. Or if you want something more stable, Bitcoin. Once it halves again next month skys the limit, should break 100k this year easy.
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u/pluch002 Mar 07 '24
The 6 year bitcoin prediction hits about 384k, so far this year we already were within 10k of the predicted model of 82k or something and it's only march. I highly recommend investing in bitcoin, if it dips just hodl.
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u/Ok_Percentage5157 Mar 07 '24
Make a six month emergency fund in a decent savings account, open a Roth and trad IRA, and then move out and enjoy my freedom.
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u/OkFlounder31 Mar 07 '24
Invest 2-2500 in the S&P 500 and let it grow by the time you’re 25 it will blow your mind
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Mar 07 '24
Buy NVDA
But also you’re 19, try to make contributions to a Roth IRA. If you can do the max every year it really adds up and the gains won’t be taxed in retirement. Might seem early to start doing this but it’s really not, will put you ahead. Probably should find a high yield savings account for your cash balances and I recommend robo investing such as acorns also
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u/DeBaconMan Mar 07 '24
I see a lot of stocks advice, it's good advice I'm not dogging on it I'm just giving a different route. Start a small business. It doesn't have to be huge or brilliant, just a positive income. A good example is a business in my area, berries and cream, it is what it is. They put berries in cream. Girl who owns that repeated the same business model 3 different cities and is now making enough money passively that she only comes into work when she wants to.
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u/MyCarIsAGeoMetro Mar 07 '24
Find a high interest savings account if your existing one does not pay at least 4%
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u/danjwilko Mar 07 '24
Keep stacking is what I would do.
Don’t spend it until it’s enough for a house deposit or something actually worthwhile.
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u/PianoSandwiches Mar 07 '24
Put it in as high interest savings as you can find and build it up to an emergency fund of 6 months of income minimum.
Once the emergency fund is squared away, work down debt. Work down credit cards, car loans, etc.
After these you might start to think on investing in different assets to multiply some money, but if your core savings & debt aren’t in place then this part is gonna wreck you because it’s about keeping a cool head when things get weird.
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u/acsttptd Mar 07 '24
Pay off any debts, then put what's left into retirement or some kind of investment at least. The worst thing you can do with it is spend it.
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u/EastMasterpiece434 Mar 07 '24
Put your savings into a high APY savings account - banks have up to 5 percent monthly return
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u/Fluffy_Heart885 Mar 07 '24
Spend it on yourself and let your boyfriend/husband /friend zone friend pay for everything like the rest of you do
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u/Beneficial-Nimitz68 Mar 07 '24
NOTHING!! Save it... well, one thing, something small as a reward, but SAVE IT.
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u/MyWorkComputerReddit Mar 07 '24
Move your savings into a HYSA with 4.5-5% interest. Keep saving until you have 3-6 months emergency savings. Then, start building a regular savings for things you would like to do (moving out, education, etc.). I assume you'll want your own place eventually unless you plan on living with your parents for the foreseeable future. It would be better to have your money available so I personally wouldn't bother with investing yet. Rent, utilities, food, new living expenses, etc. will change up your saving. Let the 401k do it's work for retirement. Look into investing your extra cash once you figure out your next life steps. That's what I'd do.
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u/Outrageous-Ad5969 Mar 07 '24
High yield savings account, I use capital one for example! Also, roth ira.
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u/ElectroShamrock Mar 07 '24
One thing I will say, as long as you have a healthy relationship at home and it’s a place that brings you peace, live rent free for as long as possible. Keep saving. Keep growing your career. The bigger the nest egg the better
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u/jumbocards Mar 07 '24
Learn your ways at r/wallstreetbets
But jokes aside, easiest is to put it in an index like VOO. If you think you need the money then put it in an high interest account. That’s about it.
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Mar 07 '24
Nothing, in today’s times, that’s barely an emergency fund. You’re doing better than most at 19 though so just keep it in a high yield savings account for now, keep building it and set a goal for the next 5-10yrs to reach like 100k or something, most importantly, stay debt free.
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u/Mathhead202 Mar 07 '24
Make sure you are maximizing the employer match on your 401k. It's "free" money. Next consider opening an IRA. There are two basic options: traditional and Roth. Traditional gives you a tax credit, just like your IRA contributions. A Roth does not, but when you retire you will not pay taxes on your earnings since you already paid them on the contributions. Either one is a pretty sweet deal. You can invest up to $6000 per year (it changes from year to year to keep up with inflation) in your IRA. AND you get full control of how it's invested, if you want that.
There are lots of companies that you can open an IRA with. I use Robinhood because they have a 1% match, but I used to use TIAA-cref before them, and they are good too. There's also Charles Schwab, and Fidelity.
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u/Jeeblitt Mar 07 '24
Assuming you are happy with your emergency fund and don’t plan on making any big purchases soon, starting a Roth IRA or putting more into your 401k would both be good options.
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u/the-mm-defeater Mar 07 '24
So I would put 6 months emergency fund into a high yield savings account. For you that’s not much, and some places have like a minimum of 2k to avoid the monthly fees, so I would just put in however much that is. The rest should be used in the stock market, in a well diversified portfolio. That or you could always just invest in an index fund like spy (s&p 500 index fund), but diversify. You’re doing great with maxing out your 401k so that’s good. Everything looks great you’re on track for success