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

submitted 3 months ago by nieceandtows@lemmy.world to c/personalfinance@lemmy.ml

42 comments fedilink hide all child comments

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!

you are viewing a single comment's thread
view the rest of the comments

[-] techwithjake@lemm.ee 6 points 3 months ago* (last edited 3 months ago)

Going off of SMCF, it really depends on how liquid you are and what country you're in.

If you're in the US, I have SoFi and 4.5%/APY on my savings account. Gotta have your direct deposit or move $5k monthly into the checking. If you can swing that, it's a great bank. I think Ally does similar.

Most major brick and mortar banks are shite for accruing interest money.

this post was submitted on 05 Sep 2024

53 points (94.9% liked)

Personal Finance

3861 readers

9 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml