What should a college student do with their savings?
Quick question for all the financial gurus out there. I've saved up about 60k over the past couple of years, and I just have it all in a savings account earning basically no interest. I am currently on scholarship in college and so have no immediate use for the money. Coming from a lower middle class family, I don't know a lot about personal finance and am hesitant to invest because I'm worried I might completely screw it up, but at the same time I feel like I am essentially losing money if I don't at least invest in something.
I know that many advocate 60/40 stocks and bonds and focusing on index funds, but it seems like right now is a bad time to get into equities. Would it be completely stupid of me to just buy 60k worth of 1 year US government treasury bills and wait for a downturn to buy the index? I know that maybe seems extremely conservative especially given my youth, but this is a huge amount of money for my family, and as such I am pretty risk adverse.
I would love it if you guys who know a lot more than me would chime in on this. What would you do if you were in my position? Should I open a Roth IRA or do anything like that? Thanks, I appreciate any help.
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