Personal Finance on Yik Yak | Getting $20k in the next few months, planning on opening a high yield savings account, want to start investing again, should I meet with a financial advisor? Or just do more research.

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Personal Finance 2w

Getting $20k in the next few months, planning on opening a high yield savings account, want to start investing again, should I meet with a financial advisor? Or just do more research.

Anonymous 2w

I’d put it into Robinhood and buy gold ($50/yr) so it earns 4.6% while not being invested. Then do research on stocks, pick some companies you might have a passion for, or just stick with ETFs. VOO is typically your best bet, that should be your largest position, but don’t be afraid to invest in other companies that you feel will be a good investment (Apple, Microsoft, Nvidia, Tesla, T-Mobile, Berkshire Hathaway, etc)

Anonymous 1w

Meet with an advisor. My dad lost his job last year and took out his 401k and pension from the company and put them with the financial advisor. It was like $400k and he’s already made him $70k in less than a year

Anonymous 2w

You should absolutely do a HYSA! Emergency fund should be a top priority. I would recommend an account with fidelity/ vanguard/ Schwab for your brokerage acct/ IRA. They’re better designed for long term wealth building that robinhood which is built to encourage shorter holdings, not wealth building.

Anonymous

#1 2w

That is the best advice I’ve heard that aligns with what I’ve been learning so far, Thank you so much!

Anonymous

#1 2w

Should I still open a high yield savings account along with the brokerage account?

Anonymous

#2 2w

Bet! I’m between Fidelity and Schwab so I’ll look into them further! And that’s really good to know thank you so much for your advice! Trying to be better about my money while the opportunity is here

Anonymous

OP 2w

If you pay for gold you’ll have a HYSA built in. 4.6% is higher than most savings accounts rn but you do have to pay for it.