I want to learn how to invest my money. I’ve saved up $25k in the bank from internships. I still have 2 more years of school to finish. Where should I invest my money and how? I’m totally new to this. Any advice and help is appreciated. #Invest #stocks #TSLA
To get you started open a roth IRA in Vanguard and dump 6k into VOO at once or in chunks like 500 a month for the next year.
I just researched what it is. Essentially when I’m 60 years old, I will be able to withdraw this money tax free. This is the benefit correct?
Correct. Just be careful of income limits when you start working as you will probably need to do a backdoor roth IRA. But every year you should max this out first.
You read “I Will Teach You To Be Rich”, ignore the pretentious title, and do everything it says to a T
I will certainly look into this. Was it helpful for you?
In more ways than you can imagine
VOO
What’s VOO?
It’s a low cost ETF that tracks the S&P 500
If you have any student loans I would pay those first. Then throw anything remaining in index funds. If you have time to study and monitor the stock market more closely, then you could try you luck with trading individual stocks instead of the index funds.
All in on TSLA and NVDA
Pay down any loans first. People will suggest to fund retirement accounts (401k, IRA, etc), but at your age you probably are going to want access to the money sooner for a car or house or wedding or whatever so keep the early withdrawal penalties in mind. If you really don't want to touch the money until retirement, consider opening a Roth IRA (you're likely not paying much income taxes RN anyway from an internship) and contribute after tax earnings while you're eligible (you can do backdoor contributions later when you're earning the big bucks). Beyond that, VYM (dividends) or VOO (s&p 500 index) would be decent ETFs to throw money into. Don't put more than you're willing to entirely lose into individual stocks - that being said - use word of mouth for new products and services around school, college kids tend to be earlier adopters than other age groups and you can get into the next big thing early. Also, make sure you've got an emergency fund if you don't have generous parents. Shit can go tits up at any moment.
Take an invest course on Coursera.
Literally can't go tits up.
Open Fidelity account or some kind of brokerage account (interactive brokers and ETrade fine too) utilize agents/advisors on the platform, go through intro courses on investopedia, dabble in ETFs that track the market/specific sectors
Have you heard of Robinhood 😏
Yeah I have! I don’t really know how it works tough. Is it “safe”?
Securities up to 500k are protected by SIPC, like other brokerages. You're safe. https://robinhood.com/us/en/support/articles/how-youre-protected/