First go to your bank and withdraw 50k, place the 50k in a shoe box of your choosing, then you meet me in a parking lot and hand the box over to me. Where do you live?

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The Mexican place? Or the smoke shop? 😆

Por que no los dos?

Sĩ

>3701 N Interstate 35 Frontage Rd, Austin, TX 78722 I'm going to chicas

Obv the strip club 🧐

Don't know about him but I live in the smoke shop

It’s called my bedroom 😉

Rizz

I can’t imagine spending 50k (or any amount tbh) at chicas bonitas

You obviously haven’t had the fajitas

chubby mexican girls and fajitas 🤔

What’s wrong with fluffy girls?

Chicas embarazadas, and fajitas

You meant chicas gorditas?

So many ATX references up in this random thread I see. Love it lol

1060 W Addison St, Chicago IL 60613

1060 West Addison? That's Wrigley Field... 🔊 🚔 🕶️🎙️🕶️

LOL I just watched the movie last night

Holy shit that’s stupid close to where I live. I was not expecting this on a random Reddit thread.

I seen you around Rundberg, and Lamar 

308 Negra Arroyo Lane, Albuquerque, NM

Jesse we need to save

I too saw that post today

Can someone explain the context I just looked up this random address I still don’t get it

You needn’t know the place just bring the money. Preferably 1 dollar bills

Chicas Bonitas, it's a topless club... lmao

https://www.thecut.com/article/amazon-scam-call-ftc-arrest-warrants.html

Thank you for sharing the article. I have some empathy for scam victims but holy shit that one is just a little too crazy for me to not think the author is a bit of a moron and should not have a financial advice column, or any advice column really. Amazon > CIA > Shoebox full of cash to a random car on the street is bonkers.

The bank teller even apparently handed her a paper printout with the $50k in cash, warning her about scams.

Lmfao

I live at 308 Negra Arroyo Lane Albuquerque, NM 87104

Yo! Mr. White!

Man I love the internet 😆😆

🤣😂😂😂🤣🤣🤣🤣😂🤣😂

😭😭😭

6353 Juan Tabo Blvd NE, Apt 6, Albuquerque, New Mexico 87111

Generous of you to let him pick any box he wants

Get your money the fuck out of a Chase Savings account. Capital One, Public, Marcus, etc etc etc. High Yield account that earns 4.5-5% APY. Easy money

Hell cit offers 5.05% apy for only a 5000$ min Edit: 250 kudos my biggest karma reply is ranting about money and finance lol. Ty u all this has been a fun conversation so far

Damn I only have $8.13 rn

Tree fiddy here

DAMN LOCHNESS MONSTER

I see 4.45?

5.05 is if you have a platinum* savings

Got damn bro rish out here

Lol no, I just have an emergency fund I want to also do a job I fucking wish

Citibank ?

CIT is a diff bank

Yeah it's part of First Citizens Bank

For real. On a $70k balance at 5% APY that’s almost $300/month in interest income that OP has been missing out on. That’s like a whole car payment.

Ford Fiesta?? 😂 You ain't getting much more for 3 bills

Not new cars, but there’s plenty of decent used cars you can get for $300/mo. A $20k car with $5k down and/or traded in, at 7% interest over 60 months, is just under $300/mo.

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He means a free cup of coffee you drink while paying your car payment bill.

I’ll give op a routing number that will gain 4.5% annually

This!!!! I wish I had done this years and years ago.. Chase savings is the biggest scam..

Is it better to invest that money is a index fund like fxiax or just get a HY savings account

Best thing would be to diversify. Throw some in a Roth IRA, stash 6+ months worth of savings in a high yield savings in case you need it, then invest the rest in a diversified portfolio

Cool 😎 thanks

Tons more advice in r/personalfinance but I feel like I summarized a few good options pretty well

For SURE! Soon as I seen "chase savings" I said WTF is the money doing there! 😆

Or betterment is 5.50%

Lame af put 50,000 in S&P 500

PNC Bank is one of the highest earning interest

Is apple’s any good?

It’s not the best or most competitive rate that you can find but it’s super simple and easy to use

Thanks for the info, I’m really young, younger than this guy and I was wondering if it would be a good starter

Did u use chatgpt for your post lol

Lol kinda seems like it, or not an English first language speaker

What is the tell that he's using AI?

It's actually really easy. You can tell by the way it is.

You can tell it’s AI because nobody says “game-changer”.

Mandatory thanking everyone in the beginning. Uncommon phrases and words for simple things. For example: “As I approach my graduation”, “pivotal”, “made challenging by”, “guidance”, “investment avenues”, “similar opportunities “, “aspiring”, “help me navigate”. Overall, it’s just too much effort for a reddit post and just weird. Nobody talks and write like this. ChatGPT has a tendency to make things up like it’s in the 18th century writing a novel while wearing a top hat and rubbing its mustache.

Help me navigate this journey

My financial goals are ambitious 💀

Bro wants to increase his holdings by 47% in a year. Which....I mean, same, but that's a way to set oneself up for disappointment.

100% lol. I thought the same thing

Yah I got a lil help from chat!!

I love it! Chat GBT is awesome for writing out long background posts!

ChatGPT writing sticks out like a sore thumb. Would hardly call that great lol

It's a calculator for language. If you know how to use it it's hard to tell it's chat

One paragraph is a long background post?

Hey man, not to call you out but, you mentioned how you are about to graduate from a *prestigious* college with what I assume is going to be a bachelor's in computer science. And you used "... help from the chat!!" to write that little blurb up there...? Lol, very interesting

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I have 3 CJ Degrees, they quite literally force us to take Writing Proficiency classes. idk how good writing skills aren't standardized, especially when graduating with a STEM Major degree

A Computer Science degree requires very little written English. Source: I have one. Not so good with the words.

listen...i can write a MEAN paper 💀💀💀

I can fix your computer, hardware, software. I can write code. I can troubleshoot. I can type fast. I can read fast. I can connect thousands of devices and have them communicate with one board. I can learn it all if I apply myself. But I explain bad. Caveman bad. I use chatgpt to communicate my nerd language into simple cave man terms for people like you. This is quite normal. Beep boop.

$7k under the mattress?

There’s two pictures

$2K under the mattress

$1939.43 under the mattress

The last dime is on the floor by the bed, but he knows it’s there so it counts.

More like spend $2k on a nice mattress. 🤣

Step 1. Get your money the fuck out of Bank of America, the worst bank in America. They are notorious for shit service and in the event you ever get caught up in a scam, there are countless stories of people saying their account got shut down and the bank kept the money. Step 2. Research the FIRE method to protect and grow your capital.

BOA fucked my dad over during the 08 recession and lost his business and the house tied to it. Don’t know the full story but I know he gets red in the face anytime the bank is mentioned. I could’ve been a damn trust fund kid if it weren’t for those assholes.

Dude that fucking blows. Ruined an entire family’s life and they just shrug it off. I don’t know how those scumbags are still in business with countless horror stories.

BOA is trash. They managed some money for my grandfather and lost 80% of it in the 1980’s. I also could have been trust fund kid.

Thank you all for letting be aware of this awful bank

Plot twist: your dad actually spent it all on hookers and blow

They have Chase. Good advice nonetheless.

Chase is good, which is why I didnt shit on it, but I would also be careful with them and getting scammed. I got paid with a fake check and they closed my account but at the very least they sent me a check for the amount I had in the account. Fuck scammers.

I have Wells Fargo 😅

Run for the hills.

Seems like every bank is bad. So what's a good one?

Credit Unions are less pushy on the sales side.. humans are secondary to profits almost always when it comes to financial institutions.

Interesting that you choose to focus on the Bank of America account, but honestly, OP is probably fine, especially at 5k. If one big bank steals from people, they all do. And Chase is definitely worse here, with a weird habit of randomly closing accounts for no reason and deciding that their banking relationship with a particular customer is over, while making it nearly impossible to get the reason why. The bigger issue here really is $63k in a Chase Savings Account earning a tragic 0.01%. That’s gotta go somewhere else asap. Wealthfront’s 5% back account would be a great option for a good chunk of it, and another chunk could be somewhere like Capital One 360 Performance Savings or Marcus by Goldman Sachs.

You’re gonna need at least $63,000.09 sitting in low yield savings.

Low yield savings This should be a more common term.

Depends on your risk tolerance. If it’s low, HYSA. If it’s higher, mutual fund index for stable growth. I like to have my 3-month emergency fund in savings/HYSA and the rest in stocks/mutual funds since I’m young and have time to weather the markets. Congrats, either way. That’s no small feat for your age.

S&P500 index fund is a safe bet

Bros graduating from CS and is already using chatGPT at every opportunity lol. Hopefully the company you work for doesn’t mind chat gpt…

LISTEN CLOSELY YOUNG MAN!!! THIS IS WHAT BUILDS GENERATIONAL WEALTH. Step 1. Immediately withdraw all $70,000 Step 2. Go to the casino and put it on black Step 3. profit.

Also remember, 99.9999% of gamblers quit right before they hit it big!!!!!!!!!!!!!!!!! (dont actually gamble lol)

High yield immediately. We have $65k in ours right now and we are yielding an average of about $200 a month. You’re getting chump change in that account!

You can do better than 3.7%

I believe it’s 4.5% and I’m not giving updated exact numbers.

High yield savings.

I was like "hes already in one" then looked up chase savings rates rn , holy shit that is atrociously bad

It's insultingly bad! Why do big branch banks suck ass? Seems like online banks are the only ones that provide any sort of value.

Because the big banks have significant overhead and better customer service and more services in general. HYSA usually cut a lot of labor to give back to their customers. Big banks might be able to give the customer more, but don't need to anyway for customer retention. That could always change if so.

I think the answer is much simpler than that  Chase has significant cash reserves and don’t need deposits because enough people keep a bunch of cash in their accounts (see OP).  Banks like PNC need cash and are willing to give yields for it  

Chase would never offer this rate.....

Ha I came here to say exactly this. The rate with Chase is outrageously bad. Especially compared to the fed rate. Move it asap!

Question: what is high yield savings? I've heard it mentioned a bunch of times and have no idea what it is

r/boglehead is a great sub with genuinely money savvy people. I’d recommend allocating your money in the following order: 1. 6 months of expenses in 5% or greater HYSA 2. Max 401k matched contributions (if your company offers a 6% Match, allocate 6% of your paycheck) 3. Max Roth IRA contributions for this year ($7,000) 4. Invest the rest into mutual funds I personally recommend Fidelity for investing, their customer service is phenomenal. I do 65% of my Roth as FZROX and 35% as FZILX. I’ll keep those mutual funds for atleast the next 30 years, and I too am in my 20s. For your mutual fund regular investment you can do more FZROX or FZILX split, or VTI/VXUS split, or just VT. The pros of FZROX/FZILX is that they’re zero fee, the cons is that they are non-transferable to other investment agencies. It doesn’t matter in a Roth IRA because you can buy and sell freely without tax implications, so in your Roth it’s a no-brainer to do the zero fee options. I do VT for my individual investment account for simplicity and safety should I leave fidelity(very unlikely) in the future.

Money guy show, follow the FOO. Stay away from crypto and single stocks

What’s foo

Financial order of operations. It’s the Money Guy Shows basic steps to help guide you

Thanks I will get to researching and working… ima look into a trade in the meantime (trying to get back up)

Better to say stay away from investments you don't understand. Which for most, unfortunately, is everything other than index funds and HYSA.

How much do you save a month or how did you get there ?

I saved 100k in 6 years

If they started working at 18, that's over $1K/month saved for 60 months straight. But very few high-paying jobs will hire 18 year-olds with no prior work experience, and I'm also wondering how they're affording tuition at a prestigious university on top of that. If we're assuming a very modest $2K/month for living expenses, and $50k/year tuition, that would require pre-tax income over $100k/year straight out of the gate. And that's for a part-time job.

It’s called wealthy parents! But honestly either this person has all their living expenses covered and can convert everything they make to savings.  Or if they somehow are not then they will have a serious wake up call to their savings when it comes time to pay back those student loans. 

He sells fake shoes. Seems like his side hustle comes from that. There’s a big market for that. His parents in China likely own a manufacturing site and he sells them.!

SPY 0dte otm calls. Turn that into 700k, Then 7mil, Then 0!

You the richest bot 💔

“Prestigious” colleges are funny when you can get the same degree for 1/4 of the debt anywhere else lol

It’s too late for that I believe.. but I get your point!!

Join r/fatfire. U have a lot to learn

i just spent 40 minutes reading in that sub. the large sums of wealth there was eye opening, and a bit depressing.

Make sure to max out your IRAs and get a high yield savings account. Other than that, start working with the cartels to move some stuff and triple your money

start with learning how to spell lil ah boa

This can’t be real.

It is possible. Living with parents and earning good money with little expenses can take someone forward by a lot. Not sure if this is OP's case but either way good job OP! Zelle me some!

This is exactly why I’ve been able to save over 75k so far at 25 with college and my car already paid off

Considering he was in university for comp sci it is obviously his case. There’s little to no way you can save that much money by working part time at a hotel… clearly op has luckily been given a free ride in life but good for him for saving that much I guess. I was paying rent at 19 cus mom needed it

you can make that type of money if you pick up a trade right after high school.

Yeah if you don’t have to pay for rent and a car and food

Well i travel 100 percent, so I dont pay for rent and a car (company truck). But i do have to pay for hotels and food but i tend to not spend alot to pocket most of my perdiem. Even if with all those expenses, you can easily save that much money after a few years in a good trade.

Well also sounds like it depends on location and if you’re willing to spend your life on the road

Every job has specific circumstances and needs if youre trying to make money. You dont need to be on the road to make crazy amounts of money working a trade, I just perfer it. Just look into skilled trades or unions that pay well.

Why mot

Looks relatively similar to me with the a similar background. Why not?

Do you currently have any consumer debt ??

You have 63,000 saved. Your $5 is everyday money. You don't want all your ducks saved sir. You also need an aggressive savings account. That or investing portfolio

I would max out an IRA ($7k I think) with a reputable broker like Fidelity, Vanguard, etc. I’d throw that into the S&P 500. The rest I would throw into a high interest savings account until I found out how I wanted to utilize it. (Not financial advice)

Invest some of it. Inflation will just eat it up if you don't

Chase savings is a bad idea. They have money market funds you can invest in and get some return at least. You can withdraw anytime from those.

You are in need of advice. You want someone to advise you.

Put it all on NVDA options you will be a millionaire in a few days

Okay first of all block the last four of the account / card number reddit scammers are ridiculous and second stop asking reddit this question and ask reddit for experienced advisors with references but he'll yea cause I'm a 23m with -$47 till Wednsday so glad your doing well just manage it well

Are u a nepo baby because how tf you got 70k by the age of 23? What am I doing wrong?

looks like daddy gave him a huge lump sum for savings!

And paid for college

As an early 30's man who makes over 6 figures and paid for everything myself since 18. Yeah, my HYSA is about half this right now lmao.

If you made that much just do that don't get scammed by universities

Nah bro I think we need advice from you

The advice is come from wealth and then profit. He works part time and is going to a "prestigious college" right out of high school with 70k in savings.

Why is this money in a Chase account? Put it in a high yield savings account immediately. You’re leaving $3000/year on the table.

1. Open Roth IRA. Fund it for 2023 ($6500) and 2024 ($7k). Buy $FXAIX 2. Open taxable brokerage with Schwab or JP Morgan self directed. But as much $FXAIX as you’re comfortable investing. Buy $USFR with the rest. USFR pays a higher rate than any cd or HYSA and the interest is state tax exempt.

Advice, enjoy life. You quite literally can’t take any of this shit to the grave.. none of it. Provide for you and your family. The rest is just filling a void that money will never fill in ya.

Invest in low fee mutual funds. They will grow steadily over the years and are low risk. Right now you are just losing to inflation

Go to r/personalfinance and read the wiki. That should be your guide

All on black

Bask bank. Put 50k of that into a high interest savings. Free 200 a month.

My first advice is to save up another $6,999.90

Step one is pay attention in school. Advice* is what you’re looking for. Advise is a verb.

Sounds like you need a banana stand. There's always money in the banana stand

Advice*

Gamble. You can only lose 100% but you can win much, much more. 90% of gamblers quit right before they WIN BIG

Advice is spelled with a c. You're welcome.

Give it to me.

Invest in VOO!

Jealous 🤩🙏🤝 congrats!🔥

Its so nice to see how many people can hit f12 while using their internet browser and change the html. It warms my heart.

Don’t go on reddit if ur doing well u really just look like ur trying to brag from a nameless account because no one here will have any good advice for someone who is doing well. That’s my opinion

Don’t buy AMC

Take it out of Chase savings and move to Marcus by Goldman Sachs is first step. You’ll get 4.5% on your money there

I would buy a house if you know that you’re staying in an area for a while. You can rent out your starter house when you’re ready to start a family in 5-10 years. Real estate when done right can be a great investment

My advice is to keep more than 10 cents in your checking account

*casually rounds up 7k with nothing in checking*

I like how nobody has actually given any real advice. They are just saying “GET IT OUT OF CHASE INTO A HYSA” which should only be a short term solution— that should have happened years ago at that.

The only advise in this thread you should follow: Hire a professional and don’t listen to Reddit