Related Posts
After 2 rounds of interview (1 hour each) , Deloitte usi hr is telling me that due to organisational restructuring the offers are on hold. Got a salary discussion call last Thrusday (no pre hire survey) . Last working day in a week. Any suggestions? Cloud Data engineer CBO unit Deloitte Deloitte USI
Conversation Starter
How to maximum save taxes for 20LPA?
Bowl Leader
Enthusiast
More Posts
Notice period in jpmc is 1 month or 2 months?
Best bars to hit downtown for a bday?
Additional Posts in Advertising
At what age did you buy your first house?
Thoughts on Laundry Service as an agency?
Hi fishes! I volunteer with The Art of Good, a creative collective helping small businesses affected by the pandemic. They are seeking a little help from a media professional. Need an SEM POV for a small business looking to change their name and relaunch their brand. This is non-paid. More about giving back while in-between gigs. :) If you can help out or want to learn more, please reach out to me via LinkedIN. Thank you!! www.linkedin.com/in/karenkohn/
New to Fishbowl?
unlock all discussions on Fishbowl.
I’m sure plenty of people will have good advice on sound investments but from my experience I would just drop it into your savings account so when you have a big life thing like buying your own place or even taking a dream vacation or something you have some $ on hand - but don’t touch it for anything else! Or paying off towards any debt is always a good idea.
👆
Generally good advice is to add to savings until you have a 6 month buffer for expenses and then invest. Doesn’t fit all life needs but works as a guideline.
Yep. I was a huge supporter of emergency funds pre-pandemic, now I don't ever shut up about them. Always ensure financial preparedness whenever possible. If you already have six months in place, put it towards debt. If all your debt is paid off, save it for when they lift student loan deferment. If you have no student loans, invest it.
Treasury I bills are a great spot right now. 9%+ and govt backed
Rising Star
Seconding the I bond purchase
I'm not a seasoned industry person, but am a light personal finance nerd.
Have you maxed out your Roth IRA or are on track to? You could max it out early.
You could also throw it in a HYSA (High Yield Savings Account) such as Marcus or Ally.
Maybe I-Bonds?
I'm sure there are other options with the money. But without any other context on your financial situation those are some options I would suggest.
If you don’t have savings equal to a couple months worth of expenses, bank it and don’t touch it.
If you’ve got that base covered, the next step would be paying down any long-term debt, highest APR first.
If that’s not a problem, the next stage might be no-risk investments that pay some interest. CD rates are currently garbage, but if you’re fairly certain you won’t need the money for at least a year you should look at Treasury inflation-protected bonds, which won’t “earn” in real terms but will keep up with inflation, which is better than most options right now. You have to commit to holding them for a year, and if you withdraw before 5 years you lose 3 months of interest,
Normally I'd say invest, but given the state of the market today, that would be terrible advice. With the impending recession, I'd focus more on low-risk, high-reward options, like a high-yield savings account or a CD. Or, you could always put it into an IRA.
With a massive recession looming, just keep it parked and then invest 25% per month when the recovery starts and skip months that sound scary.
The financial feminist on Spotify has an awesome episode on how you should be prioritizing investments and debt!