[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 141 KB, 500x529, IMG_9372.png [View same] [iqdb] [saucenao] [google]
8722705 No.8722705 [Reply] [Original]

I'm 20 years old and have about 17,000 in my savings account.
>what do I do with it?
I always hear that you shouldnt keep much in your savings account and to start putting it in a roth ira but is there anything else?
i am obviously ignorant on these matters

>> No.8722723
File: 114 KB, 830x557, XRP Collection.jpg [View same] [iqdb] [saucenao] [google]
8722723

Buy rare, key-date PCGS certified XRP.

>> No.8722753

>>8722705
buy 1btc and sit on it, youre welcome just made you 15k by EOY.
>not getting your slice of the biggest transfer of wealth in centuries.

>> No.8722788

>>8722753
>>8722723
i don't really know anything about cryptos so i dont feel comfortable investing in them. i don't think they are bad investments, but i doubt that i am knowledgeable enough to be successful with them

>> No.8722875
File: 309 KB, 1437x908, XRP Will Save You.jpg [View same] [iqdb] [saucenao] [google]
8722875

>>8722788

>> No.8722890

>>8722705
All in doge wait 10 years

>> No.8722900
File: 72 KB, 979x594, AI0FaHg.png [View same] [iqdb] [saucenao] [google]
8722900

>>8722788
All we do here is shill crypto. XRP is the most hated coin by /biz/. That should be reason enough to buy.

>> No.8722911

>>8722788
Buy a pair of knee pads. It’s my back up plan if crypto doesn’t work out.

>> No.8722964

>>8722705
first make sure you habe 6 months of emergency money + $1000 USD cash set aside somewhere you will not touch

then and only then
Obviously Roth IRA is good.
buy $1700 worth of PM (I recommend American Silver Eagles)
Put 4k in SPX
use $1000 for volatile investments like crypto or businesses if you desire

If you have some left over you can use it to make a down payment on some land.


also go to places other than 4chan for investment advise.

>> No.8723026

>>8722705
don't buy any market or crypto with money you can't afford to lose.
Here is the quickest rundown:
Get a positive cash flow, develop a budget for money in and money out.
Keep about 3 months worth of cash in your savings account as self-insurance. Don't invest this if you can't afford to lose it.
Identify your Goals. Are you trying to retire? Retire early? Buy a house or car or college fund.
Extra money can now be invested towards your goals. If you don't care much, cheap index funds are usually an ok choice. If you want to gamble in new markets there is crypto or if you really believe in a certain company you could buy their stock particularly. do more research.

>> No.8723163

>>8722964
>>8723026
thank you both. if it matters my goal is to buy 10-50 acres of hunting land in my state and build a small cabin on it to live in.

do you know of any reliable resources for learning more about investing and managing money?

>> No.8723183

>>8722705
If you send me 17K I will double it and send back 25K. 6 months guaranteed. No stop loss.

>> No.8723223

>>8722964
Listen to this guy if you want to retire at 72

>all in crypto & precious metals after DYOR if you want to retire at 25

>> No.8723241

>>8722964
I've heard from my dad and his advisor that your 1k emergency money should be thrown into an index fund and let it ride so it's not just stagnating, but me and my advisor don't think it should be out on the market and it should be in physical cash or gold.

Who's more right?

>> No.8723315

>>8723241
You have to take out a penalty or worse, you might take out a 1000 loan to not disturb the yield.

Better to have it in a savings account or separate from your usual accounts, look up credit unions that don't charge by having a pre set amount in an account.

It's important to have it liquid and not too easily accessible (think in your drawer or directly tied to your accounts to supplement overdrafts)

>> No.8723377

>>8722788
Just buy 1 BTC faggot, you don't need to know anything else, just how to store it.

>> No.8723388
File: 48 KB, 1280x720, stocks trader.jpg [View same] [iqdb] [saucenao] [google]
8723388

>>8722964

>> No.8723398

>>8722705
I'm an Nigerian prince, send me 10k wire deposit and I will send back 100k in 10 months.

>> No.8723506

I'm a poor American. Send me $10 ETH to buy some Link and I will send back a thank you over 4chan in an hour or under.

>> No.8724251

>>8723241
Who gives a shit? With 1k you’re literally going to end up with an extra $70 on a good year and then technically you owe like $20 in taxes. With that amount t literally doesn’t matter

>> No.8724955

>>8723223
where can i research cryptos?
>inb4 /biz/

>> No.8725026

BTC and microsoft stocks. You're welcome

>> No.8725054

i just maxed my IRA what should i put that 5500 into?

>> No.8725325

>>8722875
Fucking scammers!

>> No.8725354

>>8722705
Get a CD, some bonds, perhaps a self certified loan to up your credit. Ask a jew.

>> No.8725932

>>8722705
Put it into 2x inverse ETFs.
3x inverse ETFs if you like being risky.

>> No.8726076

>>8722788
at least you're not one of the idiots that bought at 20k

>> No.8726812

>I'm 20 years old and have about 17,000 in my savings account. I always hear that you shouldnt keep much in your savings account

Why not? I have 50k in my savings account and I just keep adding more. I simply look at it as a place to put it and have easy access to if I ever needed it for an emergency.