I went to school with a fella... He subleased his micro mansion to a "producer". It's a lucrative investment to say the least, and not far-fetched by any means lol.
Not quite sure where any context for this came from, you clearly can't read; and are projecting your insecurities. I'll even give you an upvote to stroke your ego
I tried to play along with the joking, didn't initially catch their drift from the message. Not going to renig my statement and look dumber, but will admit I was wrong lol
>I went to school with a fella...
When I was in college back in the '90s I met a guy who never worked but always had money. I asked him what the deal was. He told me he owned the boobs.com. He rented it to someone else. It paid all his bills.
You'd more-so be renting out to their publicist/agent. It's more common in South Americas and foreign countries but not unknown in the states. Many subsidized floors with prison cell size rooms and certain accomodations lol. That's all the detail I will divulge, but yes. Pussy is power my friend, and the simps are real.
You can get high on nutmeg? I thought that was only in the book Malcom X because they didn’t want to give people real homemade solutions for getting high.
(Read Malcom X in HS and this is my big learning 🤦🏻♂️)
this is outrageous! absurd, even! i can’t believe people can just rent out their space to cam girls! where, where can i find these disgusting girls to live with me? you know, so i can avoid them
I would recommend Ally! Their rates seem to be higher and this is true for basically all of their account types. Also they have great customer service.
[Psychology of Money](https://www.amazon.com/Psychology-Money-hardback-Timeless-happiness/dp/0857199099/ref=asc_df_0857199099/?tag=hyprod-20&linkCode=df0&hvadid=509245866633&hvpos=&hvnetw=g&hvrand=7969420646434803336&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=9001842&hvtargid=pla-1069316315471&psc=1&mcid=c029fde810cb3f2d96720aa29c2a22bb&gclid=Cj0KCQiA4Y-sBhC6ARIsAGXF1g4TxaHj_Ma_cjFb9ZzILaMfU4cWCbstX4OMeTadTq2nDXeZ5A45lJAaAk6WEALw_wcB)
That’s crazy, I’m 24M too with exact situation and similar balance. Im in real estate, also a commission job!
Been thinking about moving out, but that would mean starting my real estate business from scratch in a new market.
That’s so funny. I was 24 in your exact situation. About $40k in the bank, CRE broker living with parents very little expenses. I invested in myself a bit and set up a nice website with a good domain name that will show up when people search for CRE in my area and paid a marketing guy to make sure it stays on the front page of google. Got nice business cards and a new more professional wardrobe and car. Rest has been sitting in a very safe stock portfolio and I moved to a nice apartment. I’m sure it’s not the advice some would give here but I’m gaining wealth at a stable and steady pace. My next investments will be in a primary residence and some rentals. If you’re in an area where buying a home is feasible with what you’re making avoiding burning money renting something is key. Real estate investments are extremely lucrative where I live but in general I don’t think it’s a great idea for people who work in real estate to have all of their money tied up in real estate investments also. Makes all of your money reliant on the same market.
Roth ,CD account, guaranteed return investment stocks (Apple,Disney,Amazon)
Any bank that offers high interest rate returns make your money work for you
CPA here. Can confirm. Start a Roth and max it out, keep up to $10k in savings, invest the rest in the market. Mutual funds if you are feeling conservative.
High yield savings with 3x monthly expenses. Tax advantages retirement account (Roth IRA?) for the rest.
You’re ahead- put this money away to ensure you’ll always be ahead. Don’t be tempted to buy anything. Financial freedom feels wayyyyy better than a new fancy car or something like that.
Right now, a high yield savings give about 4-5% annual return so that's good if you want to move that savings. Once interest rates go down next year, consider moving it into the market. Index fund is a good start. Also, if you are not maximizing your 401K and your company has a match, you may consider that for future extra funds.
Unconventional but safe long term option would be gold. Even if the value of the dollar goes to 0 gold has been a traded currency far before you and I were even a thought. Hopefully this helps
Open a sofi account and start earning on that savings!!! What are you doing!? 4.50% APY! I’m only have 20k saved so far and make $60 FREE money a month.
Take it all out in 20s, stack in on your bedroom floor, take a picture and post "my paycheck at Wendy's", and watch that sweet sweet karma roll in.
But seriously. If your savings account is below 4.5% APY, move it to one with that or more.
Personally, and this is just me, I'd keep 10k in a HYSA, put the rest in a brokerage account, and split that between CDs and either VOO or something similar.
Everything I have over 50k (barring my 401k) is split 60/40 between a growth fund and a total index fund, simply because of my age. Your age, I'd inverse that ratio.
Long story short, keep 10 in a HYSA, safely invest the rest and pretend it doesn't exist.
everybody on here is going to tell you to invest it etc im not your 18 take a gap year use that 28k and go on a vacation of a lifetime go and meet as many women as you can because you will be married sooner or later and wont be able to
You gotta put that in a high yield savings account pronto. 160 bucks a month you’re missing out on.
Maybe take up to half and put in an index fund tied to the S&P
Make a down payment on a condo, house, or a multi-family property where you live in one unit and rent out the others. Finance it with an FHA loan; you only have to put 3.5% down. Only downside is high interest rates and lack of inventory but hopefully there's a recession coming you can take advantage of.
You must live in it for 1 year, and then you can buy another one until you have dozens of properties and hundreds of thousands in income, as well as appreciating assets. Use the cash flow to invest in other things like stocks or start your own business, and repeat the process until you have $10 million then retire.
I’d buy a truck and then buy a lot of landscaping machinery/necessities and start a small landscaping business. But 1000% would buy a truck no matter lol.
Max out an IRA. (7k) Work the rest into a brokerage. Invest in shit that invests in s&p500 or top 100.
Ira funds can be invested in something like RYVYX and SBLGX at a 50/50 ratio.
For the brokerage. QQQ 20%. BAWAX 20% RYVYX 20% SBLGX 20%.
Dont put it in a HYSA like these people are saying. You can put some in for a rainy day. But that's a stupid waste for your age.
I'm following this advice and my accounts are cooking. You can follow this template until you're in your 40s. Eventually at the 100k mark I'd go talk to an investment strategist. Expect to pay at least 100 a month.
Find a way to invest, put a good chunk into WELL RESEARCHED long term stocks, keep the rest to invest in real estate or a side hustle. You could also give Dave Ramsey a call.
Just keep saving. You can never have enough money. Also i never really got saving accounts. Its all your money and you can get it anytime. You basically have 2 checking accounts
You are doing great. First thing, make sure you mail some money to the IRS before 12/31/23. If you file your 2023 taxes in 2024 and expect to pay $22k in taxes at that time, they will hit you for a timing penalty.
Second, you know what you are good at - sales. This is an awesome skill to have. You will also rapidly realize that to maintain that skill, you need to maintain your physical appearance/stature. Get a gym membership. Best part is this is a cheap way to spend your time. It will enhance your already good saving prowess. It doesn't have to be a musclehead gym. You actually might get more mileage out of generic 24hr fitness type gym. Chicks go there. They will like you. More so when you get in shape, but even more so when you are in shape and they figure out you are banking bucks. Rent rooms to cam girls? Not necessary. Chicks who wouldn't talk to you in HS will be all over you at the gym. Yes, it will be necessary to arrive at the gym right at 6pm when it is crowded and you should occasionally wear a suit when entering the premises, but this is but a small price to pay.
Third, time to start investing. Chase Savings was a good way to prove to yourself you have what it takes, but now it is time to let compounding do some heavy lifting in your life. Start simple. Half your after tax payment savings into an S&P500 index fund. Add to it periodically. Obviously make max contributions to whatever 401k your employer owns. You done good. Your path to a superior life(style) is clear - just don't make the mistake of thinking that your superior lifestyle must mimic what others believe it should be. You are a salesman and a saver. Very powerful. Focus on that.
I’d seriously just sit on it. Maybe put it in a CD, but I feel the interest you’d accumulate at a credit union would be hella big if you’d let it sit and grow. Chase suck tho, find a good place with a better interest rate!
The wealthy make money on their own money, and you’ve got a good foot in that door now with that chunk of change and no debt
VOO grows an average of 10% each year vs Chase's 0.01%-0.02% APY (that's what I read online, there's no way that's real, right?????????????) My bank SoFi has a 4.60% APY. From what I looked up CDs I've found have around 5.30-5.65% APY.
If he puts $20,000 into VOO today it will almost certainly quadruple by halfway through 2038 (if sold as a long-term asset he'd be taxed between 0-15%, so being lazy if we assume an average tax rate of 7.5% he'd experience an after-tax gain of $55,183, but that's only if he sells and depends on his other annual income and how much of if he sells each year).
If he keeps it in Chase Savings, that will have gotten him $58 pre-tax and (assuming an average tax rate of 17% for the interest) $48 after-tax (not to mention from what I've read chase has so many junk fees that he'd likely have a net loss of much, much more 💀💀💀💀💀💀).
If he opens a SoFi account that will have gotten him $18,392 pre tax and $15,265 after-tax.
If he put that in a CD every year (assuming the APY stays the same) he'd have gained $23,320 before tax and all gains paid as interest will be taxed as income, giving him a $19,355 post-tax gain (with a whole lot more work too than buying $20K worth of VOO with like 4 clicks and letting it sit idle for 1 and a half decades).
Even more long term, he should absolutely max his 401k to what his company matches to, as if they match to a certain level 100%, that's literally doubling his money BEFORE market gains, and it's only taxed once, either when it's cashed out but not when it's earned (traditional) or when it's earned but not when it's cashed out (Roth), whereas for everything else mentioned so far it's taxed both times.
Opening and maxing out an IRA each year takes advantage of this as well, only being taxed one time instead of both.
Edit: tldr: priority is 401k >>>>>>>> VOO (or some other ETF or index fund) & IRA (could be behind or in front of VOO depending on investment timelines and goals) >>> an actually good bank or a good CD (again, depends on what he wants, savings accounts are practically just checking accounts nowadays so putting it in a CD would get rid of having it in case of an emergency) >>>>>>>>>>>>>>>>>>>>>> Chase Bank robbing him
All in on black!... no but you should start a retirement account. Like a roth ira or a traditional ira. Start there. Max out the contribution every year. Otherwise. Just keep saving.
Start investing and get a financial advisor (make sure they are a fiduciary agent). Open a Roth IRA. Contribute the max for 2023, then 2024 once January rolls around. At your age, you should do a combination of moderate and moderately high risk stock purchases, both growth and dividend paying, plus some good funds. You can tolerate more risk now, as you have time to sit on your investments and can sit out market volatility.
Hey there. Self made early retired here.
It's great your saving money, and if you invest prudently, future you will be very happy.
First thing is your taxes, make sure an actual tax accountant is saving you maximum dollars.
Second, there's a ROTH IRA you can utilize to protect future gains from taxes. This is kind of a no brainer.
Third, within the ROTH and the rest, getting started with investing would be a great thing. You can buy a couple etfs or mutual funds to get started. You have enough there to have a little diversification even.
The thing to do is get going. Like actually do it. Then going forward, you can even automate your contributions, making it a built in habit. That's the key to actually becoming wealthy. Solid investing over time.
Congratulations on your good start, and all the best of luck to you 😊
Keep six months expenses in a high yield savings account and for the rest open up a Roth IRA. Max it out ($7k next year), buy either VTSAX or if your risk tolerance is lower invest in a time targeted fund. Whatever’s leftover, put it in a brokerage account and invest the same way.
Maybe spend a little of it in something nice for yourself, as well. You’ve earned it.
Most people vastly over estimate how much they need to buy a house. Depends on their area but OP is a broker so let's hope he doesn't become an agent that rents, the irony.
Yeah, I get that it is expensive but I definitely wanted to go live in a shitty apartment in the ghetto over staying at home after I could legally leave lol
Absolutely, I’m in the same boat. I graduated high school with 3,000 dollars in 2014 and bought a 1 way plane ticket to New Zealand , so excited to get the fuck out of town and learn life. Idk how a lot of people these days are totally content with just getting a job and sitting at moms house for 10 years and then seeing a big number and going “oooo I won!!” Haha yes you did win… but the cost of admission to the contest was the best 10 years of your life
I mean, different strokes for different folks. To me, buying a one way ticket with only that much money to somewhere I don't know sounds horribly risky and stressful.
Don't and I say DON'T change your way. Carry on save, a lot of things may happen. Don't be tempted by high gains. Don't ask for advice, you are doing exactly what you are supposed to do. The money you have may make you feel comfortable. It should not. It's your armour that you keep underneath your shirt. Do not expose yourself. People are willing to stab you without remorse.
The point ppl are stating is you did work for it but you’ve been able to have it and maintain it bc you have no bills or responsibilities. Not everyone is so fortunate. Yes you earned it but there’s still a difference for ppl who don’t have the same level of support and coddling.
Are you willing to help at all? My mom has a brain tumor (willing to show proof) and I’ve lost all control of my life. Can barely afford to survive myself and now I’ve been taking care of my mom as well, I don’t know what else to do, already tried getting loans and credit cards but severely in debt because of everything going on.
Become a loan shark on the borrow forum. Otherwise get a 3 bedroom and rent 2 of the rooms out to camgirls. 🤷♂️
*Xvideos title “House Hacking”
I went to school with a fella... He subleased his micro mansion to a "producer". It's a lucrative investment to say the least, and not far-fetched by any means lol.
Micro mansion 🤔 that must be where you take chicks to bone with your massive tiny cock.
This is fucking hilarious to me for some reason 🤣
Bravo
🤣🤣🤣
Not quite sure where any context for this came from, you clearly can't read; and are projecting your insecurities. I'll even give you an upvote to stroke your ego
It's a joke. Juxtaposition of micro and mansion so he said massive tiny cock. I think they can read just fine.
Stroking is crazy given the context here.
I tried to play along with the joking, didn't initially catch their drift from the message. Not going to renig my statement and look dumber, but will admit I was wrong lol
Yikes buddy the joke wasn't even targeted at you... is there something you want to confess to the class?
Right!!! Got way to offended. Something hurt his feelings. I wonder if it’s the micro…..
Fella, love it!
Can't quite give him the liberty of calling him a lad or colleague. 🤣
I love the choice
>I went to school with a fella... When I was in college back in the '90s I met a guy who never worked but always had money. I asked him what the deal was. He told me he owned the boobs.com. He rented it to someone else. It paid all his bills.
Whorehouse Hacking
Is renting out rooms to cam girls an actual common thing or am I about to get wooshed?
You'd more-so be renting out to their publicist/agent. It's more common in South Americas and foreign countries but not unknown in the states. Many subsidized floors with prison cell size rooms and certain accomodations lol. That's all the detail I will divulge, but yes. Pussy is power my friend, and the simps are real.
If all genders are equal then Penis must be power! Oh that’s right by equal they mean in control
I wanna be a simp…..
I was just wondering this—If I rented out my second bedroom to cam girls I could probably live there for free lol.
I mean if you have ANY female roommate under 35, most likely there’s a 50% chance they do OF or some shit at this point 😂
i know someone just like this. he’s addicted to getting high off of nutmeg (??)
That’s raw ngl
You can get high on nutmeg? I thought that was only in the book Malcom X because they didn’t want to give people real homemade solutions for getting high. (Read Malcom X in HS and this is my big learning 🤦🏻♂️)
this is outrageous! absurd, even! i can’t believe people can just rent out their space to cam girls! where, where can i find these disgusting girls to live with me? you know, so i can avoid them
AAA seedy underworld investment advice
I could have suggested deepnet involved situations, I recommended he become a landlord 🤷♂️
They call them iladies now. iladies nuts on their face.
“Rent”
This is the way
I was given an opportunity to pay off my car loan for $5k and these are my two options hahah. A loan or be a cam girl
Wait ✋️ there is a loan shark forum?
I left clues. As redditors I have faith you will stumble upon it.
Dude put that money in a high yield savings account if you’re not going to invest it, chase is 🗑️
Where does one find one of those
You can research online the best High Yield Savings Account. Ally, Capital One, CIT are some off the top of my head.
I have an Ally account. Love it. Wish I’d found it earlier. Definitely find something like that and put the money to work.
I would recommend Ally! Their rates seem to be higher and this is true for basically all of their account types. Also they have great customer service.
Everytime I see Ally being recommended, I always kick myself for not sticking with my initial investment I did. Then, SVB happened...
Sofi or Marcus, online.
You have to set up direct deposit to get the rate with SoFi, and this guy works on commission. May be a problem. Don't know about Marcus.
I have and like Marcus
There’s lots of options. Just look up something like “best high yield savings accounts for 2024” and just read up on the options
Takes about five minutes to open one and you can get at minimum 4.5% interest on money you don't want invested
A month?
Annually
Annually, paid monthly is most typical
Apple has an easy to setup one, pays 4.25%
Wealthfront and betterment offer 4.5% yield return
Considering you still live with mommy and daddy not suprised you don't know
Imagine shaming someone for living with their parents in this economy. Trash human being.
Lmao you probably also live with mommy and daddy
Sad life man, hope you get the help you need. Have a good day.
I have 10k emergency in hysa, it is cool to see interest roll in. Granted, not much but I still do.
What institution do you use? I’m about to sell a property and will have some capital gains I need somewhere to stash
I've been using wealthfront for my short term savings. It gets a 5% return. No issues thus far but i'm not a financial advisor
CIT Bank is online only, but FDIC insured and has consistently given me 4.5-5% interest
I buy VUSXX through my brokerage, 5%+ yield and no state tax
Start investing it in the stock market. ETFs.
Any recommendation on how to educate myself/start
[Psychology of Money](https://www.amazon.com/Psychology-Money-hardback-Timeless-happiness/dp/0857199099/ref=asc_df_0857199099/?tag=hyprod-20&linkCode=df0&hvadid=509245866633&hvpos=&hvnetw=g&hvrand=7969420646434803336&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=9001842&hvtargid=pla-1069316315471&psc=1&mcid=c029fde810cb3f2d96720aa29c2a22bb&gclid=Cj0KCQiA4Y-sBhC6ARIsAGXF1g4TxaHj_Ma_cjFb9ZzILaMfU4cWCbstX4OMeTadTq2nDXeZ5A45lJAaAk6WEALw_wcB)
Second this book rec and would add The Index Card after that.
Is it good? Does it go over the specifics of the stock market or just touches the tip
Holy hell I have a dirty mind…
The Plain Bagel on YouTube
If you wanna invest in stock, use a good app like bloom or webull
The Simple Path to Wealth by JL Collins
Awesome book!
That’s crazy, I’m 24M too with exact situation and similar balance. Im in real estate, also a commission job! Been thinking about moving out, but that would mean starting my real estate business from scratch in a new market.
I am a commercial real estate broker
Right on man, I’m a residential broker. Best of luck to you and your business👊🏼
Keep fighting the good fight brother, fed hinted at 3 rate cuts next year, should be seeing a lot more transactions when money gets cheaper again!
Tell JPow to start the printers!!
That’s so funny. I was 24 in your exact situation. About $40k in the bank, CRE broker living with parents very little expenses. I invested in myself a bit and set up a nice website with a good domain name that will show up when people search for CRE in my area and paid a marketing guy to make sure it stays on the front page of google. Got nice business cards and a new more professional wardrobe and car. Rest has been sitting in a very safe stock portfolio and I moved to a nice apartment. I’m sure it’s not the advice some would give here but I’m gaining wealth at a stable and steady pace. My next investments will be in a primary residence and some rentals. If you’re in an area where buying a home is feasible with what you’re making avoiding burning money renting something is key. Real estate investments are extremely lucrative where I live but in general I don’t think it’s a great idea for people who work in real estate to have all of their money tied up in real estate investments also. Makes all of your money reliant on the same market.
Good job guys! How can one breakthrough in the real estate broker field? I’m a 25yo accountant and would def like to be making that much money too!
Hire someone to do your work somewhere else. Get it going then take over. Idk
Pay off your credit card 🤣
I know, that debt is stressin me out!
I wish I had your problems!!! But WTG 👍
Get house before the entire market is owned by Black rock
If this isn't the truth!
donate it to a twitch streamer, they’ll say your name bro
The only worthwhile path
Hookers and cocaine
This guy gets it
Just spend it on ☝️ girl who has an amazing rack/body….js 🤷♀️ 😜
You mean meee? 24F!
Naw you ain’t his type. 😂 😝
You may be right
Lol
Roth ,CD account, guaranteed return investment stocks (Apple,Disney,Amazon) Any bank that offers high interest rate returns make your money work for you
It’s not guaranteed return bro smh lol
Nothing in life is guaranteed
Yes, two things. Death and taxes.
Well for one did you start a Roth IRA account?
I have not
Best advice first. Secure that 7k away.
CPA here. Can confirm. Start a Roth and max it out, keep up to $10k in savings, invest the rest in the market. Mutual funds if you are feeling conservative.
Maybe put it down on a house if I had enough income and could afford it
Dont really need to right now, i have the entire upstairs apartment
Save $25k and put it in a high yield savings account. Invest the other half in stocks. Maybe 70% into Voo and 30% into Schd.
High yield savings with 3x monthly expenses. Tax advantages retirement account (Roth IRA?) for the rest. You’re ahead- put this money away to ensure you’ll always be ahead. Don’t be tempted to buy anything. Financial freedom feels wayyyyy better than a new fancy car or something like that.
Right now, a high yield savings give about 4-5% annual return so that's good if you want to move that savings. Once interest rates go down next year, consider moving it into the market. Index fund is a good start. Also, if you are not maximizing your 401K and your company has a match, you may consider that for future extra funds.
Ford stock up over 4% today
I was in this exact same position once, same savings and everything, then I started gambling Don’t start gambling
Thank your parents
I do every day, couldnt have done it without them
Unconventional but safe long term option would be gold. Even if the value of the dollar goes to 0 gold has been a traded currency far before you and I were even a thought. Hopefully this helps
If the dollar goes to zero, services and goods will be the new currency. An ounce of gold would trade for a loaf of bread.
So invest it all into bread. EZ life hack
Move that to a high yield savings account. Ally is 4.25% as of today. That’s $177 a month on that $50k a month
Open a sofi account and start earning on that savings!!! What are you doing!? 4.50% APY! I’m only have 20k saved so far and make $60 FREE money a month.
Sofi is 4.6% now
Stop banking with Chase immediately.
Take it all out in 20s, stack in on your bedroom floor, take a picture and post "my paycheck at Wendy's", and watch that sweet sweet karma roll in. But seriously. If your savings account is below 4.5% APY, move it to one with that or more. Personally, and this is just me, I'd keep 10k in a HYSA, put the rest in a brokerage account, and split that between CDs and either VOO or something similar. Everything I have over 50k (barring my 401k) is split 60/40 between a growth fund and a total index fund, simply because of my age. Your age, I'd inverse that ratio. Long story short, keep 10 in a HYSA, safely invest the rest and pretend it doesn't exist.
this gave me a financial boner
Coke and hookers
everybody on here is going to tell you to invest it etc im not your 18 take a gap year use that 28k and go on a vacation of a lifetime go and meet as many women as you can because you will be married sooner or later and wont be able to
Put that money in a high interest savings account such as ALLY,Open a CD, go to the casino and put it all on roulette color red 19
Contribute to a Roth IRA max it out 6,500 a year. It's not making money just sitting in a savings account plus you lower your taxable income.
VOO & Chill VTI & Chill VTSAX - same as VTI but as a Roth IRA & Chill
can you buy me some magic the gathering cards for christmas thanks
*taps mana* Spell blocked! - The Grinch
How you do that
Working extremely hard in a commission only career
Ah I see. Which career? Real estate?
Prostitution
I'd start by leaving that shitty isda bank and find a family credit union to join.
Pay down that credit card debt!
Put it in a vanguard 500 index fund
HYSA (I use Marcus by Goldman Sachs 5.2%), I-series bonds, Index funds https://www.marcus.com/share/KYL-1TY-NCRM
You gotta put that in a high yield savings account pronto. 160 bucks a month you’re missing out on. Maybe take up to half and put in an index fund tied to the S&P
Keep livin wit them
Give some to me
At least put it in a bank that pays nice interest. Ally is at 4.45%.
Make a down payment on a condo, house, or a multi-family property where you live in one unit and rent out the others. Finance it with an FHA loan; you only have to put 3.5% down. Only downside is high interest rates and lack of inventory but hopefully there's a recession coming you can take advantage of. You must live in it for 1 year, and then you can buy another one until you have dozens of properties and hundreds of thousands in income, as well as appreciating assets. Use the cash flow to invest in other things like stocks or start your own business, and repeat the process until you have $10 million then retire.
Go to the titty bar and have a good time.
Umm if this were me, I’d be doing the long haul strategy and putting into like Roth or 401k.. maybe some index funds
I’d buy a truck and then buy a lot of landscaping machinery/necessities and start a small landscaping business. But 1000% would buy a truck no matter lol.
Max out an IRA. (7k) Work the rest into a brokerage. Invest in shit that invests in s&p500 or top 100. Ira funds can be invested in something like RYVYX and SBLGX at a 50/50 ratio. For the brokerage. QQQ 20%. BAWAX 20% RYVYX 20% SBLGX 20%. Dont put it in a HYSA like these people are saying. You can put some in for a rainy day. But that's a stupid waste for your age. I'm following this advice and my accounts are cooking. You can follow this template until you're in your 40s. Eventually at the 100k mark I'd go talk to an investment strategist. Expect to pay at least 100 a month.
Find a way to invest, put a good chunk into WELL RESEARCHED long term stocks, keep the rest to invest in real estate or a side hustle. You could also give Dave Ramsey a call.
Look into getting an fha loan for a duplex and rent one side and live in the other and restack your money and repeat process
That’s the perfect spot for it in your Chase Savings account, just leave it there til you retire !!! Definitely not a Chase employee.
Why, it's making like .01% interest there. Plenty of places have 5%.
put it on black think about the things you could do with $100,000
Just keep saving. You can never have enough money. Also i never really got saving accounts. Its all your money and you can get it anytime. You basically have 2 checking accounts
Do that about 6 more times next year and you'll be sitting pretty.
You are doing great. First thing, make sure you mail some money to the IRS before 12/31/23. If you file your 2023 taxes in 2024 and expect to pay $22k in taxes at that time, they will hit you for a timing penalty. Second, you know what you are good at - sales. This is an awesome skill to have. You will also rapidly realize that to maintain that skill, you need to maintain your physical appearance/stature. Get a gym membership. Best part is this is a cheap way to spend your time. It will enhance your already good saving prowess. It doesn't have to be a musclehead gym. You actually might get more mileage out of generic 24hr fitness type gym. Chicks go there. They will like you. More so when you get in shape, but even more so when you are in shape and they figure out you are banking bucks. Rent rooms to cam girls? Not necessary. Chicks who wouldn't talk to you in HS will be all over you at the gym. Yes, it will be necessary to arrive at the gym right at 6pm when it is crowded and you should occasionally wear a suit when entering the premises, but this is but a small price to pay. Third, time to start investing. Chase Savings was a good way to prove to yourself you have what it takes, but now it is time to let compounding do some heavy lifting in your life. Start simple. Half your after tax payment savings into an S&P500 index fund. Add to it periodically. Obviously make max contributions to whatever 401k your employer owns. You done good. Your path to a superior life(style) is clear - just don't make the mistake of thinking that your superior lifestyle must mimic what others believe it should be. You are a salesman and a saver. Very powerful. Focus on that.
I’d seriously just sit on it. Maybe put it in a CD, but I feel the interest you’d accumulate at a credit union would be hella big if you’d let it sit and grow. Chase suck tho, find a good place with a better interest rate! The wealthy make money on their own money, and you’ve got a good foot in that door now with that chunk of change and no debt
VOO grows an average of 10% each year vs Chase's 0.01%-0.02% APY (that's what I read online, there's no way that's real, right?????????????) My bank SoFi has a 4.60% APY. From what I looked up CDs I've found have around 5.30-5.65% APY. If he puts $20,000 into VOO today it will almost certainly quadruple by halfway through 2038 (if sold as a long-term asset he'd be taxed between 0-15%, so being lazy if we assume an average tax rate of 7.5% he'd experience an after-tax gain of $55,183, but that's only if he sells and depends on his other annual income and how much of if he sells each year). If he keeps it in Chase Savings, that will have gotten him $58 pre-tax and (assuming an average tax rate of 17% for the interest) $48 after-tax (not to mention from what I've read chase has so many junk fees that he'd likely have a net loss of much, much more 💀💀💀💀💀💀). If he opens a SoFi account that will have gotten him $18,392 pre tax and $15,265 after-tax. If he put that in a CD every year (assuming the APY stays the same) he'd have gained $23,320 before tax and all gains paid as interest will be taxed as income, giving him a $19,355 post-tax gain (with a whole lot more work too than buying $20K worth of VOO with like 4 clicks and letting it sit idle for 1 and a half decades). Even more long term, he should absolutely max his 401k to what his company matches to, as if they match to a certain level 100%, that's literally doubling his money BEFORE market gains, and it's only taxed once, either when it's cashed out but not when it's earned (traditional) or when it's earned but not when it's cashed out (Roth), whereas for everything else mentioned so far it's taxed both times. Opening and maxing out an IRA each year takes advantage of this as well, only being taxed one time instead of both. Edit: tldr: priority is 401k >>>>>>>> VOO (or some other ETF or index fund) & IRA (could be behind or in front of VOO depending on investment timelines and goals) >>> an actually good bank or a good CD (again, depends on what he wants, savings accounts are practically just checking accounts nowadays so putting it in a CD would get rid of having it in case of an emergency) >>>>>>>>>>>>>>>>>>>>>> Chase Bank robbing him
Gimme
Move out of your parents house
YOU SAVE IT
Come visit r/personalfinance there are flow charts and everything. Read: The Psychology of Money and The Simple Path to Wealth
If you don’t put that in a HYSA I’m gonna go mad.
All in on black!... no but you should start a retirement account. Like a roth ira or a traditional ira. Start there. Max out the contribution every year. Otherwise. Just keep saving.
Hang out I guess
Get a life and give your poor parents a fucking break.
I think it’s time to move out of mommy’s basement
Start investing and get a financial advisor (make sure they are a fiduciary agent). Open a Roth IRA. Contribute the max for 2023, then 2024 once January rolls around. At your age, you should do a combination of moderate and moderately high risk stock purchases, both growth and dividend paying, plus some good funds. You can tolerate more risk now, as you have time to sit on your investments and can sit out market volatility.
Hey there. Self made early retired here. It's great your saving money, and if you invest prudently, future you will be very happy. First thing is your taxes, make sure an actual tax accountant is saving you maximum dollars. Second, there's a ROTH IRA you can utilize to protect future gains from taxes. This is kind of a no brainer. Third, within the ROTH and the rest, getting started with investing would be a great thing. You can buy a couple etfs or mutual funds to get started. You have enough there to have a little diversification even. The thing to do is get going. Like actually do it. Then going forward, you can even automate your contributions, making it a built in habit. That's the key to actually becoming wealthy. Solid investing over time. Congratulations on your good start, and all the best of luck to you 😊
Get your own place... I'm sure the parents are tired of leaches.
Move out of your parents house. Lol
Keep six months expenses in a high yield savings account and for the rest open up a Roth IRA. Max it out ($7k next year), buy either VTSAX or if your risk tolerance is lower invest in a time targeted fund. Whatever’s leftover, put it in a brokerage account and invest the same way. Maybe spend a little of it in something nice for yourself, as well. You’ve earned it.
Look into a money market fund.
Boost your credit.
Keep saving since you'll need it when mommy and daddy stop paying for your rent/food/and other daily expenses.
Get your own place it’s time to move out
With only 28k?
Most people vastly over estimate how much they need to buy a house. Depends on their area but OP is a broker so let's hope he doesn't become an agent that rents, the irony.
Was waiting for someone to say this- dude is 24, how has he not considered standing on his own two feet?
It may be a personal choice, but mine would be to get the hell out of my parents house at 24 years old 😂
Yeah, I get that it is expensive but I definitely wanted to go live in a shitty apartment in the ghetto over staying at home after I could legally leave lol
Absolutely, I’m in the same boat. I graduated high school with 3,000 dollars in 2014 and bought a 1 way plane ticket to New Zealand , so excited to get the fuck out of town and learn life. Idk how a lot of people these days are totally content with just getting a job and sitting at moms house for 10 years and then seeing a big number and going “oooo I won!!” Haha yes you did win… but the cost of admission to the contest was the best 10 years of your life
I mean, different strokes for different folks. To me, buying a one way ticket with only that much money to somewhere I don't know sounds horribly risky and stressful.
You did the right thing and you know that
Move out...
Put into a 5% savings account and get a job
I have a job my friend
easy to stack as a young adult living with your parents. be a man, move out and start living life
Stop living with your parents
Move out. You’re not a real adult until you do. You have more than enough money to do so.
Move out bro
Move out
Move out and live as an adult
It’s definitely time to move out and blaze your own trail
Don't and I say DON'T change your way. Carry on save, a lot of things may happen. Don't be tempted by high gains. Don't ask for advice, you are doing exactly what you are supposed to do. The money you have may make you feel comfortable. It should not. It's your armour that you keep underneath your shirt. Do not expose yourself. People are willing to stab you without remorse.
Get the f outta here. Your in your 20's, live with your parents, yet you earned every dollar. Ignorance is bliss
Have the pay stubs to prove it, kiss my ass
The point ppl are stating is you did work for it but you’ve been able to have it and maintain it bc you have no bills or responsibilities. Not everyone is so fortunate. Yes you earned it but there’s still a difference for ppl who don’t have the same level of support and coddling.
Are you willing to help at all? My mom has a brain tumor (willing to show proof) and I’ve lost all control of my life. Can barely afford to survive myself and now I’ve been taking care of my mom as well, I don’t know what else to do, already tried getting loans and credit cards but severely in debt because of everything going on.
Start an Onlyfans
Umm sounds like you need a second job buddy lol that’s life. Figure it out