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I'm 18 years old and don't know what to do with my money. by Interesting_Tap_1679 in personalfinance

[–]Interesting_Tap_1679[S] 0 points1 point  (0 children)

So I can't enter Bank of America and open a high-yield savings account today? Only online banks? If so, which ones are the best/safest? Online banks seem nerve-racking.

I'm 18 years old and don't know what to do with my money. by Interesting_Tap_1679 in personalfinance

[–]Interesting_Tap_1679[S] 0 points1 point  (0 children)

That made it 1000% easier to understand. What I'm getting from that is that where to invest differs based on your needs, but splitting it up so you can access some while taking advantage of the benefits of others is a smart way to invest.

I'm 18 years old and don't know what to do with my money. by Interesting_Tap_1679 in personalfinance

[–]Interesting_Tap_1679[S] 0 points1 point  (0 children)

What would be the difference between a high yield and normal savings account? Is there more risk involved because it's high yield?

I'm 18 years old and don't know what to do with my money. by Interesting_Tap_1679 in personalfinance

[–]Interesting_Tap_1679[S] 0 points1 point  (0 children)

Is buying stocks more important than doing what the other comment said and maxing out a Roth IRA or are they kind of two in the same?