news How to invest in your money?

[Queen.]

I just got a raise at my job and I want to be smart with my money. What you use or do to invest in your money?

[glitch]

I've got a stocks and shares ISA where the bank manages the investments for me for a small fee. You can choose how much risk you're willing to take based on how long you're planning to invest for.

 

I've also got an easy access savings account. Not really an investment per se but the interest rates are decent at the moment and it's good to have money set aside that you can easily get to in an emergency.

[getBusy]

Wealthfront and others are offering pretty decent rates for savings accounts! And it’s pretty easy to invest with Wealthfront as well and they have different levels, based on how risky you are with investments. 
 

only one tip: start SMALL and only invest money you’re willing to LOSE

[Gorjesspazze9]

Invest in real estate. 

[CBC]

resell eras tour tickets, i made like 4k

[Daddy]

I buy a bunch of vinyl records per month and just stare at them in total silence  

[Emperial]

6 minutes ago, Gorjesspazze9 said:

Invest in real estate. 

Yes. Rentals properties.

 

im not working until retirement age. 

[Gorjesspazze9]

Just now, Emperial said:

Yes. Rentals properties.

 

im not working until retirement age. 

Yeah, when I was younger I thought it was a waste of time. But I saw how my dad invested in properties and he has made Bank 

[Emperial]

2 minutes ago, Gorjesspazze9 said:

Yeah, when I was younger I thought it was a waste of time. But I saw how my dad invested in properties and he has made Bank 

We currently have two houses and four rentals.

 

*bling bling ******* is mad*

[flower moon]

the scammery in here whew

 

[Domination]

Do you have a 401k program through your company? If not yet, you need to start there, but make sure to do you research as to what fund is managing your money. 401k, despite having a decent reputation, were rife with corruption back when employers first rolled them out.

 

If your company doesn’t, you could just make a brokerage account with Vanguard or Fidelity and set up automatic transfers so you invest x amount every y time. Since you’re just starting out, look into VTI or VTSAX or some other broad market index and then you’ll never have to worry about it but make sure do your research first. Don’t just be one of those people who put all their money into Tesla and then lost it all after the fed raised rates.

[Happylittlepunk]

Focus on your retirement funds first and that’s more important than investing on random things. 
 

one thing you don’t want to **** it is your retirement. 
 

max out your 401k 

Create a Roth IRA or traditional IRA if you haven’t already. 
 

invest in the stock with index funds which is also amazing for retirement. 
 

every else like real estate, Individual stocks, crypto, artwork, etc should be a bonus imo and shouldn’t be focused on until you provided enough funding for retirement. 

[naval23]

index funds and retirement plan so you're not broke at 65

[gardendreams]

1 hour ago, CBC said:

resell eras tour tickets, i made like 4k

Someone I know got 4 floor tickets for $300 each. I told her she could have literally have sold them for over a 10k return.... that's over 10x return 💀

[gardendreams]

To answer the question I would have a 6 month safety net in a high yield savings account. 

 

Give yourself a little treat for a raise. And maxing out your Roth IRA (6k a year). If you have more money than that then look into some different options depending on the amount 

[elevate]

Invest it in ME, let's talk 

[wastedpotential]

It depends on where you want to start, but creating a Roth IRA account and maxing it out is a pretty smart move no matter what. I'd do some research to see what investment firm you want to use, but I know people who use Charles Schwab, Fidelity, and SoFi and are happy. 

[Year of Shadow]

*takes notes*

 

 

[Dei]

Max your 401K, Roth IRA, and HSA.

 

Then put the rest in bonds (tbills), HYSA, money market, or ETF. I also have some in crypto just for the sake of diversification. Bottom line is, don’t put all your eggs in one basket and definitely don’t leave them sitting in a low earning account.

[HEAVYONIT]

A fellow Barb being smart about her money, I ******* love to see it 

 

All the above about maxing out your ROTH and 401k, as well as investing in index funds.

 

Another lesser known one is to keep your money in a high-yield interest savings account. I just opened one with CapitalOne and threw like 7k in it for the first month while I move money around and I made like $25 in 1 month just by having my money in the account 

[Worm]

9 hours ago, Queen. said:

I just got a raise at my job and I want to be smart with my money. What you use or do to invest in your money?

The most important thing to realise about investing your money is that inflation makes it basically mandatory.

 

If you put money into a bank account this year and leave it there for ten years, inflation will cause the purchasing power representated by that money to decrease every year (even as the dollar amount stays the same). So in ten years' time, those savings will be worth a lot less to you than they are today, and this is obviously not a good thing to happen to your earnings and something you should take active steps to counteract. (As a side note, this is also the reason why you should be getting a raise every year at work that is at least the rate of inflation for that year, because otherwise you are effectively taking a pay cut).

 

My understanding is that there are some things that should be no brainers to put your money into and you should exhaust those first - employer agreements to match any amounts up to a cap that you put into your pension pot are pretty normal, and pension contributions in general are a good idea because rather than taking extra money from your raise as income now (and that money being subject to whatever income tax bracket you are currently in), putting it in your pension will mean that it is only counted as income when you take it out after 65, have no other income, and will therefore pay very little or no income tax on it since the amount is too small to push you above the tax-free bracket. So that's like pumping a free 20% extra out of your income compared with taking it now. 

 

There's also government schemes in most countries that people can invest in that tend to be pretty decent for young people, look for the ones that allow you to put money in up to a cap because that usually means those ones are pretty good value rather than something the government can offer freely. 

 

Outside of those two, I would just try to remember that a lot of people investing have an extreme amount of knowledge and track the markets every single day which is what allows them to do it successfully. If you do not have the time or energy to devote to acquiring all that knowledge, there are options that are relatively low risk and should still net you a decent return - I've heard that investing in an index fund or exchange-traded fund for the S&P 500 is a pretty reliable way to do it, though you should obviously do your own research. 

[Funnyfatty]

Wow technology just red my mind. I was wondering if there was a thread here about investing (yes on atrl  ) and i found one  

 

Are you guys who are recommending things talking about the USA? I don’t know much about that because i don’t live there. 

[MonsterJohn]

I'm sorry but listen to the guys in Crypto thread made me lost over 4k so Imma pass on ATRL finance discussion

[Mark!]

One thing that hasn't been mentioned in this thread. Once you get a raise, lifestyle creep happens. Evaluate what is a necessity versus those luxuries. HYSA is a must while you build those emergency funds.