What to do with 10k at 19: Making the Most of Your Savings
Invest in Your Future with Smart Choices
You’ve worked hard to save up over 10k at just 19 years old, and now it’s time to make the most of your savings. Here are some ideas on how you can invest in your future and set yourself up for success:
1. Consider Investing in Your Education
Even if you’re not interested in traditional college, there are other ways to invest in your education. Look into online courses, workshops, or certifications that can enhance your skills and knowledge in a specific field. This could open up new career opportunities and increase your earning potential in the future.
2. Explore Starting Your Own Business
With 10k in savings, you have a solid foundation to potentially start your own business. Whether it’s a small side hustle or a full-fledged startup, investing in your entrepreneurial dreams could lead to financial independence and personal fulfillment.
3. Save for Your Future Travels
If you have a passion for travelling, consider setting aside some of your savings for future trips. Saving now can help you afford bigger and more adventurous travels down the road. You could also look into travel hacking strategies to stretch your savings even further.
4. Invest in Real Estate
Real estate can be a profitable investment if done wisely. Consider looking into real estate crowdfunding platforms or purchasing a rental property to generate passive income. Just be sure to research and understand the risks involved before diving in.
5. Continue Investing in the Stock Market
Since you’re already putting money into Vanguard S&P 500, consider diversifying your investment portfolio further. Look into other index funds, individual stocks, or ETFs that align with your financial goals and risk tolerance.
6. Build an Emergency Fund
It’s always a good idea to have a financial safety net in place. Consider setting aside a portion of your savings into an emergency fund that covers at least 3-6 months’ worth of living expenses. This can help you weather any unexpected financial setbacks.
With careful planning and smart decision-making, your 10k savings at 19 can pave the way for a bright financial future. Remember to research your options, seek advice from financial experts, and stay proactive in managing your money. The choices you make now can have a significant impact on your long-term financial well-being. Good luck! 🚀
Consider using part of your savings for experiences like travel, hobbies, or new activities that interest you. Joining local clubs, attending events, or learning something new can also be great ways to enjoy life and meet new people.
Put it all into the S&P 500 or QQQ — and sit back and watch it grow. You’ll thank yourself in 30 or 40 years.
Savings and if a war might be coming invest in weapons manufacturers.
I would put that in a high interest savings account and leave it there as an emergency fund. You then have access to it quickly if you need it and you’ll be able to earn around 5% interest if you don’t.
Best of luck if you do choose to move!
Invest 5k into your education to eventually get out of that low-paying job, set aside 3k as emergency fund (like for a deposit on an apartment) and invest the remaining 2k on an ETF/Vanguard
1k I’m a high yield savings account. Forget about it until there’s an emergency.
Clear debts of any kind.
Not sure your financial laws where you’re at but if you any tax advantages ira contribute your max. In America I think it’s 6k.
Then invest the rest.
Your investments depend on how much work and risk you are willing to take. If you don’t want to do either put it in vti and chill. If you want a lot of both start mapping out a business idea you want to pursue to increase your take home pay. Your money should be making money. Each time your net worth grows so does your earning potential.
Invest it into some diversified ETFs. Don’t touch it. Make sure the dividends reinvest. Keep adding to the savings as you make more money. It will pay off in the end.
Invest all of it in a broad market index fund that tracks the sp500. In 45 ish years when you get ready to retire it will be worth probably upwards of 300,000 if you don’t mess with it. You will kick yourself 10 or even 20 years from now if you dont, HARD.
I just put $10K in a HYSA, so I can save to purchase a house one of these days.
Put it in a Roth IRA, invest in good mutual funds or S&P500 index funds, it’ll be worth around $320k in 35 years.
Check out the book *The Richest Man in Babylon.*
This is an easy to read book split up in small stories. it’s about 200 pages. It’s good for people new to general money management for life.
To be honest, the question you asked is pretty loaded and detailed. I think this book is a good answer to it.