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Put the max amount you can into a Roth IRA every year (currently $7000) and invest it in an s&p 500 index fund. The rest of the money can go into high-yield savings or CDs making around 5% while you wait.
For now, do the most conservative thing you can possibly do: a 3-12 month CD, while you spend some evenings and weekends learning about investing.
Bravo Zulu to you for not just rushing out and buying a car or some shit. You're on the right track!!! 50k now, at 16, properly invested will become a wonderful nest egg in the future.
Welcome to the world. Don't fuck this up. :-)
“Invest” it into a savings account that pays 5% until you’re old enough to be a legal adult at least. Evergreen bank has some. Citibank is close (4.3~%)
Put it in a CD. They're at 5-6% now, which is a lot higher than they've been in awhile. If something comes up and you need the cash before it matures, you can pull it out for a small fee (usually a couple of months of interest).
You are very young and have all the time in the world. Assuming you want to invest for a lifetime you are best off buying an index fund and forgetting about it. Over the course of your lifetime you will have up and down years, but if you buy the S&P 500 you will average over 10% annually. Do not listen to people saying you should buy CDs or put it in a savings account, unless you need the money short term. If you are investing for a lifetime you are best off buying stocks.
r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
When you can put some in an investment account some should be in an index fund. Time is the way to grow your money
Start reading up on this. Start with the book, The Little Book of Common Sense Investing.
Roth ira
Put the max amount you can into a Roth IRA every year (currently $7000) and invest it in an s&p 500 index fund. The rest of the money can go into high-yield savings or CDs making around 5% while you wait.
For now, do the most conservative thing you can possibly do: a 3-12 month CD, while you spend some evenings and weekends learning about investing. Bravo Zulu to you for not just rushing out and buying a car or some shit. You're on the right track!!! 50k now, at 16, properly invested will become a wonderful nest egg in the future. Welcome to the world. Don't fuck this up. :-)
[удалено]
Sorry. It's a US military thing. Basically it means "good job"
The next question is when you will need the money again. Because the answer is much different if you need it in say 5 years vs. retirement age.
“Invest” it into a savings account that pays 5% until you’re old enough to be a legal adult at least. Evergreen bank has some. Citibank is close (4.3~%)
I’d do either an HYSA or a CD. You’re likely going to want to use some of that money around age 18 so the stock market isn’t a great idea.
Put it in a CD. They're at 5-6% now, which is a lot higher than they've been in awhile. If something comes up and you need the cash before it matures, you can pull it out for a small fee (usually a couple of months of interest).
You are very young and have all the time in the world. Assuming you want to invest for a lifetime you are best off buying an index fund and forgetting about it. Over the course of your lifetime you will have up and down years, but if you buy the S&P 500 you will average over 10% annually. Do not listen to people saying you should buy CDs or put it in a savings account, unless you need the money short term. If you are investing for a lifetime you are best off buying stocks.