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

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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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[-] 200ok@lemmy.world 2 points 3 months ago

Ask them about their investment strategies. If they put all your money on mutual funds, ETFs, etc (i.e. managed accounts that you can choose yourself in a self-directed account) then run.

Advisors often get a kick-back for getting their clients to invest in managed accounts where they have a relationship with the fund managers. AND you pay the fund management fees to the fund company on top of whatever your advisor charges you for their own fees.

this post was submitted on 05 Sep 2024

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