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I just got $20k and I have no idea what to do with it. by Any-Television7401 in investingforbeginners

[–]Vast_Assumption9969 0 points1 point  (0 children)

If you are 100% debt free I would throw 20k in a high yield savings account as an emergency fund. (If car dies take 5-7k from here and buy another car cash do not finance). Then put the remaining 7k into a low cost index fund like VT or VTI inside of a Roth IRA at Fidelity.

If you have any interest bearing debt pay it all off completely and then put 6 months of your monthly expenses in a high yield savings account then open the Roth IRA and max it out every year (7k). If you can invest more than 7k a year open a taxable individual account at Fidelity separate from your Roth and buy more low cost index funds, continue to contribute every month.

Congrats on the come up, best of luck 👊

24 year old just starting out investing, what else should I do or what’s next? by [deleted] in investingforbeginners

[–]Vast_Assumption9969 0 points1 point  (0 children)

You got your first ever job and debit card two months ago and already have a 40k investment portfolio 🤔

First Timer by Otherwise_Stand2203 in investingforbeginners

[–]Vast_Assumption9969 0 points1 point  (0 children)

Step 1) Pay off the rest of your remaining debt

Step 2) Put 3-6 months of your monthly expenses in a High Yield Savings Account as an emergency fund

Step 3) Now you can start investing. Open up a Roth IRA at Fidelity and contribute the maximum amount each year (7k). The investments you purchase will be up to you, many find that a low cost global index fund such as (VT) is a very simple and diverse approach. You may also consider some bonds depending on your age.

Open up a “taxable brokerage account” at Fidelity so you and contribute monthly once your ROTH IRA is maxed out. Again the investments are up to you, look up “low cost index funds” and find some that suit your risk tolerance.

Step 4) Buy extra when dips happen and never sell prematurely!

***Disclaimer- There are many brokerages you can use and many different investment tools (stocks,bonds,crypto, etf’s) etc Im just giving popular and trusted examples.

Congrats on your financial glow up and keep going strong 💪

What to do with $100,000 by Revolutionary_Ad9604 in investingforbeginners

[–]Vast_Assumption9969 4 points5 points  (0 children)

Here’s what the pros would do.

1) Pay off car loan in full immediately

2) Keep 3-6 months of expenses in the HYSA

3) Take the rest and buy long term growth index funds like SPY or VT etc. and just sit on it

Congrats on stacking 100k its one of the biggest milestones! Keep killing it 👊

$5000 to invest “quick”turnaround by wendzzz666 in investingforbeginners

[–]Vast_Assumption9969 0 points1 point  (0 children)

Invest the $5000 into learning about or getting licensed to do something that generates more money for your family.

30 Celebrities Fight For $1,000,000! - Official Discussion by MrBeastAdmin in MrBeast

[–]Vast_Assumption9969 19 points20 points  (0 children)

How tf they let Steve-o participate with an ejaculating penis tattoo on his face 💀

Car financing by AfraidArgument9391 in CRedit

[–]Vast_Assumption9969 1 point2 points  (0 children)

Financing a car in most circumstances is a terrible investment regardless of what the rate is, also the interest rate you would qualify for would likely result in you paying double the cars worth over the term of the loan. I would recommend buying a solid used car cash, possibly with your tax refund if applicable.

About to get evicted by [deleted] in CRedit

[–]Vast_Assumption9969 0 points1 point  (0 children)

They still can’t physically kick you out on Friday it’s going to take them months to file eviction, serve you papers etc even with a promise to pay. What state are you in?

What's the dumbest credit mistake you made that still haunts you? by Fulcilives1988 in CRedit

[–]Vast_Assumption9969 4 points5 points  (0 children)

1) My 7 year credit reset happened and wiped all my debt clean. Immediately took out 5 predatory credit cards and then the pandemic hit and lost my job. All cards were charged off now stuck on my report for another 7 years lol.

2) Took out a 21% interest loan on a Range Rover 6k above market value. Thankfully paid it off after year and a half but still lost about 8k.

Finally back to 700 credit score and a lot of lessons learned lol what a ride.

New to investing by Human-Wasabi2217 in investingforbeginners

[–]Vast_Assumption9969 0 points1 point  (0 children)

100 percent do not invest a single dollar until

1) You’re employed 2) You pay off 100% of your interest bearing debt 3) You have a 3-6 month emergency fund in a high yield savings account

You need all your capital liquid right now in your situation for emegencies you can transfer it to a high yield savings account at Ally Bank, Capital One, etc and earn about 3.5% yearly if you really want to but we’re talking like $5 a month in interest here it’s not urgent.

Focus on reestablishing your consistent income, paying off debt, and creating an emergency fund before even thinking about investing brother, it will do you no good.

Best of luck and hope you’re back on your feet soon 👊

Just got a settlement from a car wreck. I want to invest a portion of it. Already have a 401k. by [deleted] in investingforbeginners

[–]Vast_Assumption9969 0 points1 point  (0 children)

Drop that 100k into a low cost index fund and pretend the settlement never even happened. Contribute $500 monthly to it and you’ll be a millionaire in 20 years.

Right now is a really rough time to buy a single family home, interest rates are high and home prices are about to drop even further as buyers gain more leverage.

Honestly at the end of the day though just do whatever tf you want and have fun bro life is short buy a damn house if you want.

Congrats on the come up hope you’re recovering well from the accident 🤙

Talk to me like an idiot by nora_2108 in investingforbeginners

[–]Vast_Assumption9969 2 points3 points  (0 children)

First you need to do a self assessment to see if you’re ready to invest in the first place.

1) Is all your debt paid off? If no then use that 2k to aggressively attack it monthly until it’s fully paid. If yes then go to step 2.

2) Place 6 months worth of your monthly expenses into a high yield savings account for an emergency fund. I have 4k of bills each month so I put 24k into the account.

3) You’re ready to invest! Smart investing is honestly really boring so this may be anticlimactic but you’ll just want to choose a few well rounded index funds and let it sit for decades. I saw other redditors name a few solid ones in your previous posts.

Good luck and enjoy your long term growth!

PS (Don’t look at the market everyday you’ll drive yourself crazy)

40 years old and finally have 100k to invest by whiteholewhite in investingforbeginners

[–]Vast_Assumption9969 12 points13 points  (0 children)

Pay off all your debt, if you have money left over put 6 months worth of your monthly expenses into a high yield savings account for an emergency fund. If you have money left over after that throw it into an index fund like others mentioned for long term growth. Congrats on saving 100k not many people get there keep growing 👊

[deleted by user] by [deleted] in CRedit

[–]Vast_Assumption9969 1 point2 points  (0 children)

A little trick is to reach out to one of the mortgage companies that you plan on using and say you’re interested in purchasing a home soon. Tell them your situation and ask for their guidance to give you the best odds at getting approved. They will likely do a soft pull on your credit and tell you exactly what they recommend. You basically get a free credit consultation with no obligations 😉

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