Hi Everyone,
I needed some advice. I have about $40,000 in my checking account I’ve saved from various high school jobs, internships, scholarships and sneaker reselling. I have three semesters left of undergrad but I my money is literally just sitting in my account doing nothing. I was hoping to receive some advice on what the best options are for me in terms of an IRA or any other options I can put my money into right now. appreciate any and all help!
| +58 | SpaceX IPO - what are your thoughts | 13 | 22h |
| +28 | Should I use Claude or chatgpt? | 16 | 1d |
| +18 | London's future as a financial centre | 18 | 4d |
| +12 | Playing the $10K WSOP Main this year in Vegas | 0 | 1d |
| The Great Debate | 14 | 17h | |
| +9 | Will analysts give me a referral if I’m consistently #1 on all LinkedIn Puzzle Games? | 2 | 16h |
| +5 | get a model before you model | 3 | 4d |
| +5 | Pity that RU athletes can still compete | 2 | 1d |
| +4 | Finding Someone in 2026: Lost Cause? | 10 | 3d |
| +3 | Test post will be deleted automatically | 0 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Contribute the maximum $6,000 to a roth ira. If you haven’t filed your 2019 tax return already, you can still contribute for 2019 which will allow you an extra year of 6k. The market is hot right now but if you DCA into an S&P ETF you will be fine since I’m assuming you are decently young. If you want to get more fancy invest like 50% into an etf/index fund and put the rest into blue chip stocks or stocks you think will see growth in the future (most aggressive investments should go in your roth, more tame investments should go in your taxable account). Make sure to keep 3-6 months of reserves in your checking/high-yield savings accounts for emergencies.
I already filed my taxes for 2019 but I’ll definitely be following the rest of your advice. Do you have recommendations for which IRA to use?
pretty sure you can still contribute to 2019. not sure why this guy is saying you can’t. can anyone confirm?
Any of the major brokerages will have a Roth IRA account that you can open. I would recommend fidelity but it really comes down to personal preference.
totally agree with this ^
ETF's and high interest savings account
Vanguard.com
Vanguard account, VFINX or VOO for most, throw some of those in IRA like poster above, and I'd say bet on big tech like amazon, apple, google, etc
Thank you so much!
You can make it even easier and just go with the total world VT and hold that forever, get some international exposure and it adjusts by itself so you literally don't have to do anything and it's got a low ER. Just buy and forget until you retire.
Agreed, would invest in global equity markets and continue to add over time.
How did you earn that much money, thats incredible for someone 21 years.
If you were t take anything from this thread its a roth ira, it can work wonders for you.
I worked retail since the age of 15 and just saved. if my friends were going out to eat, I’d eat at home and just go chill. Received a full ride scholarship to a state school that was still semi-target and found cheapest living options. I also cooked my own food so that helps because college students spend so much money eating out at restaurants. I don’t drink alcohol (religious reasons) and it seems like my peers spend a lot of money on drinks. I’ve also interned every Summer mostly in corporate finance which I’ve saved. I pay for anything I don’t need buy flipping things. I constantly check my school’s buy/sell page (FB group where students sell things they don’t want from furniture to clothes) and buy things for cheap and flip them on the same page. I also shop exclusively in sales and clearance sections. Buy clothes off-season. Buy jackets and coats in the Summer and buy shorts and T-Shirts in the winter time.
lots of respect, keep it up and you’ll retire early
You sound like a lot of fun
It’s important to save, but please make sure you live a little.
OP finna post an AMA, How i went from Stock X to the Stock market
The key is to never wear the shoes yourself lol. I wear my basic white leather sneakers that I get for under $20 from Zara and H&M but I resell all the Jordans I buy.
Max out Roth IRA and put everything else into BITCOIN and TESLA
What sort of crap is this? Everybody knows that Beanie Babies are the best way to preserve and grow wealth.
Tulips, mate
Invest it all in highly speculative biotechs. What could go wrong?
you might live forever
ISRG?
Quae in ab laudantium sequi ut et aliquid. Pariatur dolor praesentium quia animi nesciunt. Aut numquam omnis deserunt eum. Quam perspiciatis iste totam odio. Molestias et fugiat voluptatibus assumenda ab ad.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Accusamus iste nisi possimus et. Fuga occaecati quis perferendis animi qui sed omnis.
Omnis et deleniti voluptatibus vero quo minima sunt illum. Perferendis quos est ipsum adipisci soluta.
Veritatis dolor dolorem quis voluptatem. Doloribus ab accusantium voluptatum nesciunt ullam ea aut. Qui qui accusamus ipsum sapiente porro voluptas.
Fugiat accusamus mollitia placeat nobis voluptatem cum maiores. Vel consequatur temporibus molestias et rerum. Eaque aut veniam aut et eos. Dolor harum consequatur iusto impedit eveniet laboriosam omnis. Delectus unde eos molestiae quasi eaque suscipit nobis.