{ "media_type": "text", "post_content": "Hey guys, I come from a blue collar immigrant family and was not taught what to do with my saved money. I currently have 70k saved in the bank and 13k in stocks. I have researched but don’t know where to start. Any guidance? Thank you!! This app is extremely helpful and very grateful for it.", "post_id": "625c34f2809b7a002ce9ddc0", "reply_count": 11, "vote_count": 3, "bowl_id": "59eff9a569d52d00113392cc", "bowl_name": "Accounting Exit Opportunities", "feed_type": "bowl" }

Hey guys, I come from a blue collar immigrant family and was not taught what to do with my saved money. I currently have 70k saved in the bank and 13k in stocks. I have researched but don’t know where to start. Any guidance? Thank you!! This app is extremely helpful and very grateful for it.

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Easiest thing is a follows
1. 3 months of living expenses in a money market account
2. 1 month in your checking
3. Max out your roth 401k
4. Either buy a total stock market etf like VTI, a SP 500 etf, or a 2060 target date retirement fund. (Or frankly all 3). I typically buy vanguard or fidelity but I shares is good too.
5. Put a small amount of money in berkshire b shares and ark etf (fidelity offers a lower cost comparable ark fund now). 1 of these companies chasing value businesses and 1 chases businesses that have lower earnings but high upside
6. Buy a 30 year term life policy for about 10x current salary. Assume you'll have a wife and kids (unless you know definitively that's not you).

That's a good starting point to get your house in order. Set your account for monthly payroll deductions so you are averaging in and you're not chasing market ebbs.

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I love this breakdown. The first question anyone should ask themselves is “When do I need X amount of this money” and then traunch it. The above advice shows what’s typical, but again you have to assess your needs. Ie you’re expecting a baby in a year or two, you’re planning on buying a house etc you may then put more in the lower risk buckets like a money market, if you’re okay waiting 5 years maybe some index funds.

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Index funds

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First word of advice. Don’t listen to people that tell you to not have money sitting in your savings account. That money could easily go towards a house or whatever big purchase you may be looking to make. You put that in the market and you have the chance of either doubling that 70K or losing half of it. Not worth the risk in my opinion especially since you worked hard to save it. My opinion going forward is to invest a certain portion of your income into the s&p 500 and even a few mutual funds. A lot of research will have to be done to see what fits you best though of course. But the whole idea of if your money is sitting in your savings account you’re losing money is just dumb to me but I’m sure plenty will call me ignorant for saying that.

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It is losing buying power due to inflation... Put some in I-bonds which are currently returning significantly more than you can get from a savings account. 70k is more than a typical audit associate salary where I live so I find it doubtful you will need all of that money at once.

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I’d purchase a home and rent it out

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Coming from an immigrant family watching my parents come from working hard and now buying their dream home with over 10 rental properties in ATL, NY, and CT I think purchasing property was a great investment

You should check out the personal investment bowl on here!

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Listen to the Simple Path to Wealth and do exactly what it says

this is what I do. (this is in no way financial advice) figure out what is needed for short term vs long term, chuck the long term piece into general market indicies, they are "on sale" right now. Dont worry if they lose value within the year (especially because it's money I don't need immediate access to since it's my "long term" allocation) they generally go up in the long run, most earn income as well, use auto reinvest options. I can also use short term losses up to 3k to offset ordinary income if i wanted but meh

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