#FinancialAdvice #Investing #CollegeSavings 💰
Hey everyone! 👋 So, I’m currently in college and I’ve got 50k just chillin’ in a high yield savings account. I’ve already got a Roth IRA with VOO stock and I funnel my summer internship earnings into it. Tuition’s not a big worry for me thanks to a scholarship, and I’m not quite making enough to max out my IRA yet. I want to make sure I’m making the most of my money now so I’m set for the future. Any tips on what else I could be doing with my 50k? I’m all ears! 🤔💡
Here’s what I’m thinking of doing with my 50k:
– Consider diversifying my investment portfolio with different stocks or ETFs
– Explore real estate investment options
– Look into a high-yield CD or mutual funds for potential growth
– Maybe start a side hustle for additional income to put towards investments
What do you guys think? Any other suggestions? Share your thoughts and let’s help each other out! 🌟💸
When will you need that money? What are your goals?
Nope..killin it..gonna need cash when graduate. Moving, rent, house someday, new used car etc..you got whole life to invest that 50 k….i would wait and see what hand you are dealt..job or stock could take a dump..50 k as an ace up your sleeve could be handy then
I would place around 10k in a HYSA to be used as an emergency fund. I would invest the rest in a good ETF (or some individual company stock if you are comfortable with that). Keep it up invested for at least a year(for long term capital gains tax rates). I would let it be and watch the magic of returns over the years. Good for you. Many would waste on things that are not necessary.
The max for a Roth is only 7k, I would at least max it for this year unless by you don’t earn enough means you didn’t earn 7k for the year, then never mind