I’m 26 and have $60,000 in savings.?
My question is how would you invest $60,000? In got 58,000 In a high yield savings account earning 1.85% a year and $2,000 in the s and p 500 , do you guys know if I should move the $58,000 into something else? What do you Gus recommend?
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No way to answer without knowing your goals.
Without knowing your goals I'd think your a soldier or sailor and recommend you buy a money belt the sink in into gold bullion. You can put that much into bullion you can keep on you and you can protect it yourself. You won't loose it like you will when the other investors get their hooks into your stocks.
Just don't loose it.
I am not a broker and have not relations with any brokerages and am only answering this out of boredom..
My name isn't Gus
i would buy parking lots (units) or storage room. in several cities or even countries. No more of 10k each. So you spread the risk. Dont expect more than 5% yield!
6 months of your current expenses in an account you can access easily in an emergency.
Other than that only a fool would recommend ANYTHING to you knowing absolutely nothing about you and your life style!
What bank gives 1.85%?
Hello. I'm a fan of radio personality Dave Ramsey. One of the important things that Dave Ramsey teaches about the answer to your question is that you should NOT invest in something unless you understand it. In other words, don't invest in something just because someone else advises you to invest in it. That includes, your parents, your financial adviser, your insurance agent, your broker, Dave Ramsey, me, other people who answer this question.
Right now you have your money parked somewhere that you understand. My suggestion is that you hold it there at least a little longer while you learn more. Dave Ramsey offers a money management class which includes video lessons and a discussion group. The class is about 10 weeks long, costs a couple hundred dollars, and covers many topics such as budgeting, getting out of debt, negotiating price when you shop, etc. There is an entire lesson where Dave Ramsey discusses the principals that he follows when he is investing, and explaining certain types of investments and retirement accounts. Whether or not you choose to follow any of Dave Ramsey's investment advice, I think you might like to take the class. It's informative. Information is power.
The class is named Financial Peace University, and you can look it up online. It often is held in church buildings. There is a religious component to the class, but it is not heavy handed. No church membership or belief is required for the class.
open a discount brokerage account. take the money out of the S&P 500 (its way too high) and out of the 1.85% savings account. put half the money in a diversified group of at least four different dividend paying stocks (each stock pays over 2% in dividends and increases dividends each year) such as Verizon (VZ), Microsoft (MSFT), Chevron (CVX) and Apple (AAPL). put the other half in a mix of gold stocks (Newmont NEM), Barrick Gold (GOLD) and GLD
Invest in different things.
BOLD FACED LIE. Anyone PARKING al their money is such LOW YIELD accounts doesn't accumulate $60,000 by age 36.
ou need to have an emergency fund that is readily accessible and doesn't fluctuate a lot, so it's not down when you need to take it out. Six months of expenses is often considered reasonable. Moving the rest of the 58K into the market could make sense, but maybe not right now when it's so high.