High yield savings account at SoFi or Ally Bank will give you 4% right now.
this post was submitted on 28 Sep 2024
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Put it in an IRA so you cant touch it and buy high dividedend yeilding stocks that reinvest in more shares and let it sit for the next decade and pray that there is a radical social change in out society so we can save the Planet and Poor from Billionaires.
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(5 replies)
If you don't have an emergency fund, I would put some or all of it into something like a money market account. It won't grow very much, but it's safe and is quick and easy to withdraw when needed.
Otherwise depends on your age and situation, but an index fund (S&P 500) is almost always the right choice. It's flexible, doesn't usually lock you in, and will generally do very well in the mid-to-long term. If we hit a recession you might get stuck holding the shares for several months to a few years. The last thing you want to do is panic sell in that situation.
If you have any debt, paying that down is a very smart move, especially if the debt is charging more interest than your investment can earn. Future you will thank you.
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(3 replies)
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pay off high interest debt
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top off your emergency fund so you don’t run into expensive short-on-money situations
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take care of deferred maintenance on your car or house that might turn into an expensive repair
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If you have an employer sponsored 401k, increase the contribution amount to get 10k more tax free into it before the end of the year and use the $10k cash in hand for expenses.
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Open a roth IRA and contribute the maximum amount you can (which may vary based on your income)
VT, VTI, and SPY are good broad-market funds with good historical growth.
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