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I started with a pretty basic Wealthfront investing account and automatically had paychecks partially deposited into it. There’s a HYSA attached so even safe funds that aren’t actively invested are still earning 4-ish% (DM for referral if you want). They have your usual mutual funds as well as most major companies without too many functions or advanced controls. Robinhood is another step up if you really want to look at charts but want more educational materials: Now I’ve learned more and have some more diversified investment accounts with other legacy brokerage firms like Vanguard, as well as a small bucket of crypto with Coinbase. I always invest as much as I can but only after filling my emergency fund for tough freelance times and obviously covering my regular expenses.
Thank you for this!
VTI and chill. Aka Vangaurd total stock market index fund. Most simple fool proof way to capture the returns of the US stock market with the lowest fees. You can buy this in any IRA or brokerage accounts or a fund like it (index funds Google them). All these people talking about annuities and financial advisors are getting ripped off. Read the simple path to wealth by JL collins who will set you right. I’m 41 and about 4 years from full financial independence ( my investments will cover my lifestyle without having to work) because I invested all my extra money in simple stock indexes like this - took 10 years but I started with a negative net worth and no idea what I was doing.
This. Cosign. And maximize your 401k if you can. Easiest tax haven we have.
Weird audience to get investment advice from.
Yeah, even mid level freelance can make it big. 300+ and you’re a top earner in the US. Some freelancers regularly break 800+, yall better be investing
@CriticalMass Why? We don’t have a 401K, so most people here are fairly well informed about these options.
I have a financial advisor / personal investor that charges a percentage annually. Which is fine because she makes me money
I should probably find one of these. Thank you!
Cd5 nailed it. I opened a vanguard account about 15 years ago and shovel any extra money I have into vti and have left it the fuck alone. It’s now over 4M and has earned an average of over 10% a year for the last 10 years. Compounded interest is amazing. Live simple. Don’t just buy shit to be a consumer. When you start to make more keep your lifestyle the same or just a little better and move that extra cash into vti and watch it grow.
low fee index funds. VFIAX, FXIAX.
Read Mr Money Mustache’s site from start to finish. Even if you don’t follow the strict style he sets up it’ll get you into the right headspace. It’s the best.
Yeah he really changed my view on lots maybe eight years ago, even then I wish I found him even earlier
Community Builder
Invest in QQQ.
For retirement, SEP IRA which is tax deductible.
Low fee ETF of the S&P 500
- SPY is a popular one
- make sure you have the fortitude to not panic sell when volatility hits
Next level, sell covered calls on the ETF
- 2.0 stuff, but it basically gives you a steady income
Also, choice real estate and become a land lord
- popular city centres
- gentrifying neighborhoods
- rent covers mortgage, fees, taxes & insurance
The real estate my partner and I own has done 10x better than our portfolios
I’m a nerd for this, DM me if you want
“Some sort of return”…when you do anything you need to have clear stated goals. Banks are paying single digit interest. That’s not “profit”, rather “returns”, which can be compounded. Read a summary of Think and Grow Rich asap. 🙏🏼
Sorry, me no money good. Grew up poor
OP: Start with some free education before you consider paying an advisor.
Fact: Historically, very few financial advisors (one in 20) outperform the average market growth, so you’re better off learning the basics and investing yourself via one of the many brokerage apps.
Tori Dunlap’s podcasts and classes are a good place to start, but there are others.
https://herfirst100k.com/stock-market-scholar
Get a financial advisor. Got one through my bank. Diversify, SEP IRA, traditional IRA. If you have upwards of 25K to invest, look into annuities. Tax deductions for freelance expenses, keep receipts. Donations are tax deductible, purge clisets/gatage & donate.
Remember the ol’ “past performance does not indicate future results”.