How do you invest while on a visa?
I have 100k in my checking account with Wells Fargo. I spoke to one of their financial advisors and told me to check their intuitive investing option since it's better than having it on my checking or opening a CD. I checked it out but apparently I can't use that service because I'm a non-resident alien. I have some money on Robinhood, I'm not an expert but i feel like I'm just losing money by just having it on my checking account. For all immigrants, how do you manage your money any advice you could give would be helpful. Thanks
TBills/HYSA for emergency funds 2-5 year horizon - VTI/VOO is your savings account Anything longer - housing All that can be done on visa
Irrespective of how you chose to invest your money (based on guidance you get here or elsewhere), the first thing you should probably do immediately is move this money to a high yield savings account that will give you a 4.5%-5.25% return at the very least. At least till you figure out what you’re going to do with it. No reason to let it sit in a checking account.
I've seen a lot of mentions to wealthfront. I think I shouldn't have any problems opening an account there and moving part of my money
Wealthfront offers a high yield savings account as well. So whatever money you choose not to invest will earn 5% if you let it sit in wealthfront.
In fidelity or vanguard, money that you park will automatically be in the money market fund yielding 5% based on current rates. Provides a lot of flexibility when you want to invest
If you work here you can open account as a resident alien
I do work here
You could park it in a property. At that amount you can get a cash flowing property in the Midwest. For example, my most recent deal in Detroit was 85k with rehab and rents for $1200/month. I own 9 doors across Detroit and Memphis and they all cash flow. Detroit has also seen the best appreciation in the country recently. https://fortune.com/2024/01/09/corelogic-home-price-index-housing-market-miami-florida-outlook-forecast/amp/ Happy to share more if you are interested
If you work here and live in the US, you are considered a resident alien for tax purposes. What form do you use for your tax return?
W2 I also remember like 2 years ago going to a Wells Fargo and asking about investing since they had like a robo advisor, and the guy who helped me told me, I don't think we can help you because you're not a permanent resident but you might have better luck with Fidelity
I can’t tell you about WF but I have accounts in Fidelity, Vanguard, MS. You just need to say that you are a resident alien.
There are so many options. You can still Buy and sell stocks and options. Automatic investing in etf and mutual funds open CD or HYSA. Buy US treasuries. Technically you’re still a US person for tax purposes
I've seen many posts about wealthfront for a HYSA, is it possible to open an account there as an immigrant?
Yes technically you can use all brokerage accounts on visa