I've got $55K in my checking account. I'm 22.

Methshot
Methshot

Obviously this is a stupid way to keep my money. What does Veeky Forums think I should do with my money? I've got some people saying I should stick it in a mutual fund, others saying I should play the stock market, others recommending an IRA. None of these people are rich, so I'd like to get another opinion if possible.

TalkBomber
TalkBomber

KNPD. to the moon.

whereismyname
whereismyname

Trump Coin or BTC

Soft_member
Soft_member

Index fund?

CodeBuns
CodeBuns

thinks keeping 55K in checking account is "stupid"

thinks literally gambling it away on stocks is somehow a great idea

You're 22. Save and/or invest in commodity purchases, not fluctuating stocks.

Booteefool
Booteefool

Calls stocks a gamble
Suggests commodities
mfw

Put 5500 (the yearly limit if under 50) in an IRA. Put the rest into a standard investment account. Set all the money in the IRA and the investment account to an index fund if you don't know or don't care what else to put it in.

55k isn't going to make you rich but it's a good start. Don't forget to keep contributing to both the IRA and the investment account every year.

Boy_vs_Girl
Boy_vs_Girl

Damn, if you buy 5k in Trump coins you alone would pump the price to 50K and you still have 50K in cash. If the Trump hits the 1$ you would have 180K.

Evil_kitten
Evil_kitten

180K plus the 50K that you kept.

ZeroReborn
ZeroReborn

real estate

Garbage Can Lid
Garbage Can Lid

I think you should quadruple it

Why not learn to invest or trade? Don't play with your money, use paper to learn

Wait a few years (5+) so that you understand it, let money work for you

cum2soon
cum2soon

flip property

askme
askme

is this real? is it really that easy to minipulate? how can this be true?

kizzmybutt
kizzmybutt

Loan 2k of it to me and ill pay you back in 6 months with 10% interest thats better than any index will get you. I have shit credit from unpaid medical bills but I need this to pay my tuition this year
inb4 sallie mae
ive been denied by 3 private student loan places and cant get fafsa until 24.
heres my throwaway to discuss it
[email protected]

Gigastrength
Gigastrength

Send it to me :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D
[email protected]
plz plz plz id really appreciate it im so poor

Carnalpleasure
Carnalpleasure

No problem, just need you to send me a $100 deposit first as a show of good faith :D

[email protected]

kizzmybutt
kizzmybutt

No problem, but as a supervisor of the good faith trade society incorporated you both have to deposit 100 to this account

[email protected]

Gigastrength
Gigastrength

Put a few thousand into Trumpcoin, seriously

RavySnake
RavySnake

investing in le upsidedown Obama logo
Pumping and dumping is illegal, buddy.

Crazy_Nice
Crazy_Nice

Don't play the stock market unless you are going to spend 8 hours a day on it to compete with the pros. Just put it in 2 or 3 index funds and focus on your skills/career.

60% Total US Stock Market, 30% International, 10% Total Bond Market.

Sir_Gallonhead
Sir_Gallonhead

Damn, if you buy 5k in Trump coins you alone wou...

JunkTop
JunkTop

I'm in a similar situation as op. Slowly accumulating chunk of money in checking, I got 5% going in a tsp and 5% going into a Roth IRA every paycheck. Put 5k in a mutual fund a couple years ago (stupid, I know, I cosider that money gone now).
My takeaway from this board is keep 25k in checking just in case I need it, and put the rest in index funds because they're relatively safe. Good plan? I don't consider trading because work takes up most of my time and I'm legit dumb.

GoogleCat
GoogleCat

Serious answer here.

Spend $5k on semi-numi silver coins, ideally 1oz Pandas. Sell off individually
over the next few years, once they are a year or so old. Easy to make 50%+ profit to reinvest in cheaper silver along the way

The rest in a rental property and pay down the loan asap.

Will provide more details if requested.

New_Cliche
New_Cliche

literally same age an money as you OP

i havent got a clue
itd take 10 fucking years to move it all into an ira

cum2soon
cum2soon

Man is there some bad advice in this thread.

A good start is to open a Roth IRA. You can add $5,500 to it each year, and when you finally take the money out (after age 59.5. This is a retirment account) you won't have to pay taxes on any gains you've made. You can invest the money you added into nearly anything you want.

You should also open a basic investing account. Add, say, 35,000 into that. The 15,000 left over you should keep on hand for emergencies or if you get fired. You may not need that much. As a general rule, you should have six months to a year's worth of cash on hand.

So now you have 40k total to invest. I recomend you drop 5-10 into individual stocks. 25k into vanguard) ETFS (VYM, VTSMX, VGTSX) and the rest in Vanguard Bonds ( VBMFX, VTIFX).

Those funds cover pretty much the entire domestic and international market. If you just buy 9k of the first 3 and 4k of the last two you'll be surprisngly well covered.

For the individuals, do your homework. Drop 1,000 on smart shit like Google, but also don't be afraid to invest in companies you personally like. I was a huge Call of Duty fag five years ago, so I invested 1,500 into it. Made like 5 grand.

If you have questions let me know. I also don't recomend letting people here shill you into things. They're either 17 year olds who think playing with $200 on Robinhood makes them an imvestors. Or assholes trying to scam you into fueling their pump and dump.

Bidwell
Bidwell

lol this guy has never done either of these things.

If it's a rental property why the fuck would you pay down the loan? Leverage to the hilt and use the income to buy a second home, third, etc.

Inmate
Inmate

Who did you inherit from?

kizzmybutt
kizzmybutt

blue chips with high dividend. After 12-16 years the dividend returned full investment back.

Burnblaze
Burnblaze

Guide 2 invest

Grandma mode (safest and easiest, but yields so low not worth)
- Treasury bonds

Welfare mode
- Open up 5% savings accounts with Netspend up to $5000 per account (requires direct deposit and other shit to be eligible)

Normie Mode
- Buy wide-index stock funds; hope the market doesn't crash and continues to chug along. Alternatively, buy lots of diversified ETFs.

Slower but safer mode
- Buy dividend stocks that have a 15+ year history of growing their dividend (you are buying for the dividend, and if there is a capital gain, consider selling to reap it)

Effort mode
- Research and invest in growth stocks that are undervalued

Veeky Forums mode
- Buy the meme stocks in robinhood threads, hope for the best

Trump mode
- Buy Trump coins. Most estimates feel that once this coin gets mainstream exposure it will reach $1 each coin (currently 4 cents a coin) unreal gainz if it happens.

Bitcoins had a huge bull run recently, but most price targets stick it at $600 a coin. Still undervalued a bit and could always explode, so worth sticking some cash in them.

Other considerations:

- LISK, ETH
- Peer lending such as LendingClub

If ur already rich: Rental Real Estate and Franchises (or just starting your own business)

Evilember
Evilember

Welcome to the wonderful world of unregulated cryptocurrencies! May great profits come to you if you reply with Make Crypto Great Again!!

WebTool
WebTool

Thanks, it's nice to see all the different ways that people can invest.

StrangeWizard
StrangeWizard

Open up 5% savings accounts with Netspend up to $5000 per account (requires direct deposit and other shit to be eligible)

why is this welfare mode

Nojokur
Nojokur

This is tremendous advice!

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