Savings Account, IRA Breakdown, etc
Starting FT soon and just want to have a good personal finance set up. Does anyone have good recommendations for High Yield Savings Accounts or are these not even worth it?
Also Just signed up for a ROTH IRA and not too sure how to invest in it. What is a good breakdown/stocks to invest in within the Roth. Obviously hear Index Funds are a good play but not sure which ones/what else?
Is there anything else I should set up before Full time. Have decent credit history and a few cards.
High Yield Savings are 100% a good idea, AMEX offers 3.9%. It would be dumb to put it in an account earning 0.002% interest. I heard the Apple one offers a better yield not sure how it works though.
Index funds are definitely a good idea, dont be afraid of large cap stocks though. You can 100% beat returns on an index fund with limited capital.
As far as funds go:
QQQ
SPY
VTI
VOO
All are standard, if you wanna ride the AI Bubble before it bursts try TQQQ. If not, id set up a portfolio thats decently diversed in US stocks and emerging markets and max it every year.
Cheers
Following
TQQQ or bust.
Bump
No need for HYSA. Just buy money market funds in your taxable / tradable brokerage account
Last thing you want is a random open HYSA when fed pivots and you’re back to 0.08% APR. if you have this within a brokerage account (ie Schwab) then you can reinvest the money elsewhere
To answer your question - I keep 4 months liquidity in checking a. Everything else goes to the brokerage account, which is currently split 5% cash, 30% money market, 35% degenerate levered ETFs, and rest in SPY
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