[Tameka]

My 20yo has $8k sitting in a regular checking account. Where’s the best place for her to put it and earn interest?

I am looking for advice the most out of an $8,000 investment. The goal is to grow the money over time by earning the highest possible interest or returns.

We’re considering a few options, such as:

High-yield savings accounts – Is it still worth considering given current interest rates?

Certificates of deposit (CDs) – Would this be a good choice for stability, or are there better alternatives?

Stocks or ETFs – Is the stock market a good place to invest for someone this age with a long-term outlook?

Robo-advisors or mutual funds – Are these viable options for young investors with moderate risk tolerance?

Cryptocurrency or alternative investments – Are they worth considering for the potential higher returns, or is the risk too great?

What other investment opportunities or strategies would you recommend for someone just starting out? Looking forward to hearing your thoughts!

[Alex]

Money market fund such Vmfxx at vanguard or spaxx at fidelity

[Stephen]

Any HYSA… Pick which ever institution you feel more comfortable with. The fraction of a percentage doesn’t matter.

I have mine at SoFi. Also have my mortgage and about to do a short-term loan with them.

[Janel]

Would it affect FAFSA less if she put it into a retirement account? (If she is in/considering college)

[Rashad]

Maybe take $7000 and max out the Roth with FXAIX for 2024. Then throw $1000 into SPAXX for an emergency fund.

[Author]

Posts