A little background: I am 23; I’ll be 24 in a few months. I am a military police officer in the army reserves and a cyber security student with about a year and a half until I complete my bachelor’s. I’ve saved this money over the last 2 years while deploying and having no major expenses other than basic necessities. I’m wondering how to get my money to work for me because I don’t plan on buying a house right now. I want to finish college and then decide where I want to settle down once I find a job. My family has never seen anywhere near that much money at once, so they wouldn’t know what to do.
At the moment I have most of it in a high yield savings account with Webull, which offers 5% APY, and another portion in a SoFi savings account.
Asa said:
At the moment I have most of it in a high yield savings account with Webull, which offers 5% APY, and another portion in a SoFi savings account.
That’s as good and safe as it gets. Playing the market isn’t passive, and broad ETFs are being held up very high by the tech sector. If you want something that pays monthly, it might make saving even easier, but I wouldn’t expect much higher returns than 5%.
@Thorn
On the private side, there are many possibilities with hard money to compete with banks. Private debt/hard money construction loans are doing well.
Mal said:
@Thorn
On the private side, there are many possibilities with hard money to compete with banks. Private debt/hard money construction loans are doing well.
Good point; I’m not versed much on the private side.
@Thorn
Sometimes you have to be an accredited investor, but not always. Using clients as the bank can yield better rates.
Asa said:
At the moment I have most of it in a high yield savings account with Webull, which offers 5% APY, and another portion in a SoFi savings account.
What bank offers the 5% APY? I have some money I’m looking to put aside, but the 0.01% in my regular savings isn’t cutting it.
@Valentine
Webull is a brokerage account where you can enroll in cash management. You earn interest daily, and it compounds. I’m making about $5 a day right now.
Asa said:
@Valentine
Webull is a brokerage account where you can enroll in cash management. You earn interest daily, and it compounds. I’m making about $5 a day right now.
How safe is Webull?
@Ira
It’s FDIC insured and is one of the top brokerages in the US.
I recommend putting that money into a high yield savings account for liquidity and faster accumulation of interest than a traditional savings account.
Consider TikTok theme pages for an investment under 5k.
Brady said:
Consider TikTok theme pages for an investment under 5k.
Wouldn’t he then have to make content?
I’d err on the side of caution with the market right now due to substantial volatility. A high interest savings account is the best option in my opinion.
It depends on your goals—short, mid, or long term. You can consider investing in real estate, stocks, or education. It all depends on how risk-averse you are.
Charlie said:
It depends on your goals—short, mid, or long term. You can consider investing in real estate, stocks, or education. It all depends on how risk-averse you are.
I’m thinking about mid-term investments. My thought process was to dump the whole thing into SPY, but I know it takes a long time.
@Asa
Expecting a return in 50 years from VOO is a wild expectation.
@Asa
Mid-term, consider investing in real estate that you can rent out until you find a buyer. That, or invest in stocks.
Consider mutual dividend funds to build your nest egg. With 70K, you could retire comfortably if handled well.
Digital products can create passive income! Set it up once, and that’s it!