Straight up in savings account, not 401k or ira or stocks. Share here. I will reach the milestone in about 9 months. (Yes I know, even with my blind low TC I was still able to save a lot). I have prior savings (not a lot), I do not own vehicle (major saving), I save majority of my checks. I try to have side incomes (still in progress) #investments #personalfinance TC: 85K yoe: 1
Why not in investing accounts? Kind of weird to aim for 100k in savings and not include ira, 401k, or brokerage accounts. That's where most of your money should be.
I have 401k which I will be converting into roth ira. But I did not want to include that in this post. And I'm planning to invest into s&p 500.
Still not there, but in investing in real estate in rural areas gave me 40k in 6 Years with TC of $48k.
37 years
100k in savings is one of the stupidest things you can make
Any other safe suggestions?
Depends on the use for it! If OP is ready to buy a house in the next couple years, it’s the smartest thing to do. God forbid, he dumps it all in stocks and the market drops - even 10% - when they sell to buy a house.
Don't keep that much cash in a normal savings account, that's just dumb.
What should I do with it. Any ideas ppl 🥴
If you don't want to stock pick/derive additional cashflow writing covered options, throw monthly a part of your income in the SP500. A savings account is a terrible idea as the inflation rate will always outpace the pitiful APY of any savings account
30-40k cash, rest in SPY, and a little bit in individual companies + crypto
This is assuming you don’t plan on buying a home any time soon.
I just hit my 100k in my brokerage account and 300k net worth. TC 115k 2021 85k 2020 75k 2019 50k 2018 50k 2017 45k 2016
stock market is all pumped up, i want to wait and see what happens when interest rates rise
They were starting to go up in 2015, take a look at what happened on the stock market afterwards.
Having that much cash lying around is just bad investment practice. You lose money out on inflation, your money in your savings account devalues itself more year after year. Put your money towards index funds or ETFs or something, like SPY or VTI/VOO/VGT. It grows year over year. My investments are up 50% since I started investing my money several years ago, it does nothing for you in cash. I can spend 20k on home improvements but my net worth will still increase by 80k in that same week.
Just curious, why put 100k in a standard savings account? It’s not gonna do much for you there. Are you saving for something specific?
Downpayments. But any ideas what to do with the money are welcome
Unless you live in a random Midwest city, buying a house isn’t worth it. In most big cities houses are a bad investment. Pay rent and invest in the S&P 500