Totally clueless with investing, $100k sitting in the bank earning 0.05%. How do I get started? Please advise. (lemmy.world)

submitted 2 months ago by nieceandtows@lemmy.world to c/personalfinance@lemmy.ml

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I have been putting part of my paycheck into a high yield savings account, but haven't bothered with investing it in a responsible manner partially due a fear of losing the money due to bad investments. I'm finally realizing how much potential money I've lost by letting my money stagnate. Please advise me on how to responsibly invest my money, thanks!

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[-] HubertManne@moist.catsweat.com 4 points 2 months ago

well first off you can get way better than .o5% right now. what do you have it in checking? I agree with some others. get rid of debt if you have any, fund your ira or hsa or any other tax free things. If you have some sort of match for retirement at work and not taking it sign up for it right away. then honestly see if you can swing a condo or townhouse or something.

this post was submitted on 05 Sep 2024

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