Look into quick flips or side hustles you can start for a small amount. Even if you don't make money initially, you'll learn how to pitch your product/service. Keep stacking meanwhile and trying bigger money flips until you start seeing significant sales, and then scale up.
I've reached 15,000 in my bank... what do I do now
- Thread starter Mr. Manhattan
- Start date
The thought of a year's-worth of my salary chillin being eaten away by inflation
That's why you stick it in the CD with low withdrawal penalties. If you live in a big city you should be able to get some really decent 3-5 year CD rates that will keep you above inflation. But you need to have some liquid fiat to some degree. Not having it available can cost you opportunities should they arise.
Yeah, you definitely should look into at least CDs. There are better options, but CDs are offered by most banks, so you can arrange them with a single visit+phone call. Get interest on it, because if you arent getting at least 2% or somewhere in there, inflation is literally eating your money.
You don't have to have it all in a CD, but about 80% of that should definitely be in one just so you aren't literally losing money for holding it.
You don't have to have it all in a CD, but about 80% of that should definitely be in one just so you aren't literally losing money for holding it.
can you take out all the money anytime you want if all your money is in CD?
like for example i have 100k in my cd
It depends on the CD, you have to ask your banker for the ones that have low penalties. Typically there's a penalty for taking money out of a cd. The better the interest rate they give you the higher the penalty. If you have been banking with them a long time they might be able to get you a nice setup where your early withdrawal penalties won't be so bad. But truth is, withdrawing early from a cd defeats the purpose really. So you kind of have to plan to not touch the money until they mature. If you can't be sure, then don't put so much in them.
Flywin Lannister
Superstar
What's a CD? Like a long-term savings account that gets you higher interest rates because you leave the money in longer?
When you say traditional investment lanes and riskier ones, do you have some examples?
Also: what are your thoughts on budgeting? Do you feel every person should have a very clear budget (recurring costs e.g. rent-standard house bills-phone-transportation-groceries-Netflix AND other costs 'fun costs' (e.g. shopping))? How do you approach budgeting?
Thanks, I'm trying to get a better grip on my finances (I already can say 'I own exactly x' at any point, but I want more predictability as far as saving. My goal is also to get 1-1.5 year salaries saved, and then I want to start a business for myself and also move abroad/travel around for 6-9 months to lower monthly expenses (e.g. in South-America and Asia life costs are way lower so it would be a win-win, lower expenses and discover new places).
DrBanneker
Space is the Place
Global. Commercial real estate prices are falling globally in a coordinated fashion in major high end cities (NY, London, HK, etc.) for the first time in history. Usually real estate was a local market but globalization and a glut of cheap money from quantitative easing has hiked prices everywhere. What rises together falls together...I expect a bottom to fall out within 18 months, especially with rates going up.
Perfectson
Banned
Therrs no quick way to take 15k to 100k
Get that through your head first. Yes it can happen but the chances are not likely
Determine your risk tolerance and decide whether you'd like to manage the money yourself or an advisor.
A solid 3 fund option would be best And realize you won't win every year , there might be some loss making periods but stay the course and keep adding to it.
Get that through your head first. Yes it can happen but the chances are not likely
Determine your risk tolerance and decide whether you'd like to manage the money yourself or an advisor.
A solid 3 fund option would be best And realize you won't win every year , there might be some loss making periods but stay the course and keep adding to it.
Perfectson
Banned
Not about the 15k, the question was in general.
Perfectson
Banned
You should be auto investing monthly and reviewing your allocations annually at least.
Then if you have additional savings move it at that time.
The monthly allocation is just for discipline reasons and also so you don't have cash drag...which is cash sitting idle being eroded by inflation
Perfectson
Banned
There's robo investing
But the first thing you should do is make your budget and aggregate your investments and income streams
Use excel, mint, or personal capital . Links soon drop
But the first thing you should do is make your budget and aggregate your investments and income streams
Use excel, mint, or personal capital . Links soon drop
To be honest that sounds like enough to be an emergency fund that you can just put in an online savings account...I don't know your salary but if that's 3-6 months of your living expenses then put it in a savings account and now you can look into investing into a place like betterment.com and just put in every month what's left over after expenses
don't go crazy...slow and steady based on your time horizon and risk tolerance and age...betterment will ask you those questions and set an investment portfolio based on how you answered the questions
https://www.betterment.com/
don't go crazy...slow and steady based on your time horizon and risk tolerance and age...betterment will ask you those questions and set an investment portfolio based on how you answered the questions
https://www.betterment.com/