I need the best option to put this money to good use so I'm seeing over 100k in the next 5 years..
I've reached 15,000 in my bank... what do I do now
- Thread starter Mr. Manhattan
- Start date
Secure Da Bag
Veteran
Gamble wisely?
Seriously, though, investing in some index funds should be a good bet. Though I don't know if you'll get 100k in 5 years though.
Index funds? School meGamble wisely?
Seriously, though, investing in some index funds should be a good bet. Though I don't know if you'll get 100k in 5 years though.
Flywin Lannister
Superstar
Congratulations man!
1. Don't tell anybody (chicks, homeboys etc.)
2. Whatever you do, whatever you do: please take a percentage and put it away e.g. 25%. Whatever happens keep that somewhere JUST IN CASE (car breaks down, family issue etc.)
3. Spend some time on quora.com reading about finances and investments
4. Then pick a few that seem interesting
5. Then make appointments with 2 consultants, 1 at a bank and 1 highly recommended independent ones
6. From that point make your best possible decision; whatever you do - don't put all your eggs in one basket
7. Don't trust anybody breh, assume that people want to fukk you over - stay in control and only go with things you truly believe in and have vetted
8. Avoid extremists 'BitCoin will CHANGE THE WORLD MAN!' 'THIS STOCK, ONLY THIS STOCK NOW MAN.. this is the ONE!' watch out, be aware of this
9. Don't borrow/give money - borrowing = throwing away money, you won't get it back
10. Look up an Instagram account called 'investingsimple' they tend to have good investment tips
Also this
1. Don't tell anybody (chicks, homeboys etc.)
2. Whatever you do, whatever you do: please take a percentage and put it away e.g. 25%. Whatever happens keep that somewhere JUST IN CASE (car breaks down, family issue etc.)
3. Spend some time on quora.com reading about finances and investments
4. Then pick a few that seem interesting
5. Then make appointments with 2 consultants, 1 at a bank and 1 highly recommended independent ones
6. From that point make your best possible decision; whatever you do - don't put all your eggs in one basket
7. Don't trust anybody breh, assume that people want to fukk you over - stay in control and only go with things you truly believe in and have vetted
8. Avoid extremists 'BitCoin will CHANGE THE WORLD MAN!' 'THIS STOCK, ONLY THIS STOCK NOW MAN.. this is the ONE!' watch out, be aware of this
9. Don't borrow/give money - borrowing = throwing away money, you won't get it back
10. Look up an Instagram account called 'investingsimple' they tend to have good investment tips
Also this
I mean, we need to know more. Make sure you have at least 1x of your yearly salary in fluid cash accessible. Stick it in a CD with low early withdrawal penalties. I would do that until you had at least 1.5 years of your salary away. That's step one before you do anything else. If you got that already, look into establishing an umbrella insurance policy. Get a good one with good limits to protect what you have and will have before you continue building it. Imagine spending the next 15 getting your shyt right, only to snuff some nikka in a bar for talking crazy and he falls wrong and ends up in a coma with 800k in bills on your ass post lawsuit. That shyt will end your whole shot at financial freedom and early retirement instantly.
After that, traditional investment lanes, then riskier investment lanes depending on your personal risk tolerance imo.
After that, traditional investment lanes, then riskier investment lanes depending on your personal risk tolerance imo.
Reality
Make your own luck.
The thought of a year's-worth of my salary chillin being eaten away by inflation
Investing will be the quickest way to get you there, but don't take too many risks trying to hit $100,000 in that time frame if you're planning on getting in the stock market (assuming you're talking about turning THAT $15,000 into $100,000 without adding to it yourself)
You want to diversify, so if shyt goes south, you're not getting completely smoked. If you're thinking long term, then throw it in an IRA.
You want to diversify, so if shyt goes south, you're not getting completely smoked. If you're thinking long term, then throw it in an IRA.
BaldingSoHard
Veteran
Open a Roth IRA with Vanguard.
Put $5,500 in there (yes I know, but just trust me).
Buy cheap index funds that diversify your assets. (VIIIX, VEMPX, and VTPSX... buy all 3).
Then put $5,500 in there every year till you retire.
You're not gonna reach 100k anytime soon, and that's ok. That's not how this game works. If you're feeling cavalier and really wanna hit that 100k mark, you could take the remaining $9500 and put it into Cryptocurrency ICOs, but... I wouldn't.
Put $5,500 in there (yes I know, but just trust me).
Buy cheap index funds that diversify your assets. (VIIIX, VEMPX, and VTPSX... buy all 3).
Then put $5,500 in there every year till you retire.
You're not gonna reach 100k anytime soon, and that's ok. That's not how this game works. If you're feeling cavalier and really wanna hit that 100k mark, you could take the remaining $9500 and put it into Cryptocurrency ICOs, but... I wouldn't.
Reality
Make your own luck.
I fully expect the housing market to have a correction within the next 2-3 years btw, so being more liquid may have it's advantage in the intermediate time frame.
What's your income look like OP? @Manny ManhaTTan
What's your income look like OP? @Manny ManhaTTan
You mean housing prices falling? Do you think it'll be regional or nationwide?
28000 a year, plus a side hustle I can average about 5000
NZA
LOL
just open up a small index account. save the rest because you need some liquidity
Reality
Make your own luck.
Are you single, no kids? Calculate 4 months of expenses, and leave that untouched in your savings account as your rainy day fund. Take 80% of the rest and put it in a Roth IRA with Vanguard like breh above mentioned. Take the remaining 20% and read up on some side hustles (real estate, bitcoin, etc.) - talk to people about it, get smart, and take some chances. Alternative is using that 20% to scale up your current side hustle.
Scared money doesn't make money, but neither does stupid money. Do your research and be informed before throwing away the other 20%.