▲ 118 ▼ What can I do with US$10K that is a good investment? (lemmy.world) submitted 2 years ago* (last edited 2 years ago) by robocall@lemmy.world to c/nostupidquestions@lemmy.world 95 comments fedilink hide all child comments Edit: update I decided on a CD. I may do an index fund in the future. This was a short commitment and easy to understand. Thanks everybody.
[+] Boozilla@lemmy.world 34 points 2 years ago (2 children) [deleted] permalink fedilink source hideshow 4 child comments replies: [–] Nougat@fedia.io 9 points 2 years ago Index fund, most definitely. And find one that has low administrative fees, I know that Vanguard has at least a few that are super low. permalink fedilink source parent [–] robocall@lemmy.world [S] 5 points 2 years ago (1 child) I have my emergency fund, and no debt. If I were to lose this $10K, it wouldn't impact my life. I'm comfortable with taking $10K out of my bank account and doing something with it but I don't know how to go about that. I don't know how to open an index fund or money market account. permalink fedilink source parent hideshow 2 child comments replies: [–] RBWells@lemmy.world 5 points 2 years ago I'm going to second (third, fourth, fifth) the Roth IRA recommendation. You can set it up with Schwab or whoever and can make recurring contributions too (set it and forget it) there are income limits so if you are really raking it in one year you can't contribute that year but whatever you put in there is still (usually) going to grow in value. If you have an emergency situation and need the money you can withdraw contributions, not earnings, ahead of retirement, so it's not lost to you, but working for you and much easier at tax time, no worries about how to report it. permalink fedilink source parent
[–] Nougat@fedia.io 9 points 2 years ago Index fund, most definitely. And find one that has low administrative fees, I know that Vanguard has at least a few that are super low. permalink fedilink source parent
[–] robocall@lemmy.world [S] 5 points 2 years ago (1 child) I have my emergency fund, and no debt. If I were to lose this $10K, it wouldn't impact my life. I'm comfortable with taking $10K out of my bank account and doing something with it but I don't know how to go about that. I don't know how to open an index fund or money market account. permalink fedilink source parent hideshow 2 child comments replies: [–] RBWells@lemmy.world 5 points 2 years ago I'm going to second (third, fourth, fifth) the Roth IRA recommendation. You can set it up with Schwab or whoever and can make recurring contributions too (set it and forget it) there are income limits so if you are really raking it in one year you can't contribute that year but whatever you put in there is still (usually) going to grow in value. If you have an emergency situation and need the money you can withdraw contributions, not earnings, ahead of retirement, so it's not lost to you, but working for you and much easier at tax time, no worries about how to report it. permalink fedilink source parent
[–] RBWells@lemmy.world 5 points 2 years ago I'm going to second (third, fourth, fifth) the Roth IRA recommendation. You can set it up with Schwab or whoever and can make recurring contributions too (set it and forget it) there are income limits so if you are really raking it in one year you can't contribute that year but whatever you put in there is still (usually) going to grow in value. If you have an emergency situation and need the money you can withdraw contributions, not earnings, ahead of retirement, so it's not lost to you, but working for you and much easier at tax time, no worries about how to report it. permalink fedilink source parent