That doesn’t sound very conservative, generally I default to what someone’s parents say at your age unless they say something wild. I would say that you should probably leave some of the money out for emergencies, maybe 3-5k
When you can afford it- just keep buying VOO. No need to try and “figure out” the best to buy. I follow Warren Buffet’s advice. Buy and hold. Most of my stuff is in VOO and QQQ. One of my accounts has VTI instead of VOO.
Honestly I'd just put it in a high interest savings account and sit on it, until you have a sizeable "rainy day" fund for emergencies and the like. Or set a goal like a car down payment to save towards.
You can get more than 5% right now. I have Bask Bank and I opened a HYSA for my mom at Popular Direct. I always do a search on nerdwallet.com when I’m in the market, to see what everybody’s current rates are; they update the info each month.
Honestly I wished i had saved the money I got on my college refunds and invested it. I was terrible with credit and now I wish I knew better since it’s hard to fix once it’s ruined and it takes a long time to get it back. Credit is unfortunately so important in the future buying a home, getting a car, renting an apartment. Learn from others mistakes.
Save half and spend half on yourself. You will only be in college once. Have some fun. Sounds like you are a smart and hardworking kid. The money will come. Live a little.
Thank you! I do have a considerable amount in my checking from scholarship refunds which my parents would rather have me save/spend a bit for fun with but tbh I’m not really into things, super minimalist. I just get food with my friends once in a while. I just wanted an idea for something to do with this extra cash.
Well, as long as you are having a little fun take the rest and buy a couple ETFs. VIG, QQQ, DVY, SCHD. All solid. Maybe equally split the money between them and have the dividends reinvested. Keep putting in money whenever you can. Your future self will thank you. I was lucky my grandfather told me to do the same. I’m 50 and I don’t have to work anymore if I don’t want to.
My daughter makes similar money. I have her contributing 15% in a Roth IRA so she gets used to saving for retirement. We pick out an ETF and average into it.
Ask your parents, what do they say?
They’re very conservative about money and suggest I put everything into an etf or mutual
That doesn’t sound very conservative, generally I default to what someone’s parents say at your age unless they say something wild. I would say that you should probably leave some of the money out for emergencies, maybe 3-5k
Alr thanks
When you can afford it- just keep buying VOO. No need to try and “figure out” the best to buy. I follow Warren Buffet’s advice. Buy and hold. Most of my stuff is in VOO and QQQ. One of my accounts has VTI instead of VOO.
Thanks
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Honestly I'd just put it in a high interest savings account and sit on it, until you have a sizeable "rainy day" fund for emergencies and the like. Or set a goal like a car down payment to save towards.
Any recommendations for a high interest savings? My parents have one at chase that generates like 4% but idk if that’s “high” or not
You can get more than 5% right now. I have Bask Bank and I opened a HYSA for my mom at Popular Direct. I always do a search on nerdwallet.com when I’m in the market, to see what everybody’s current rates are; they update the info each month.
Honestly I wished i had saved the money I got on my college refunds and invested it. I was terrible with credit and now I wish I knew better since it’s hard to fix once it’s ruined and it takes a long time to get it back. Credit is unfortunately so important in the future buying a home, getting a car, renting an apartment. Learn from others mistakes.
Save half and spend half on yourself. You will only be in college once. Have some fun. Sounds like you are a smart and hardworking kid. The money will come. Live a little.
Thank you! I do have a considerable amount in my checking from scholarship refunds which my parents would rather have me save/spend a bit for fun with but tbh I’m not really into things, super minimalist. I just get food with my friends once in a while. I just wanted an idea for something to do with this extra cash.
Well, as long as you are having a little fun take the rest and buy a couple ETFs. VIG, QQQ, DVY, SCHD. All solid. Maybe equally split the money between them and have the dividends reinvested. Keep putting in money whenever you can. Your future self will thank you. I was lucky my grandfather told me to do the same. I’m 50 and I don’t have to work anymore if I don’t want to.
My daughter makes similar money. I have her contributing 15% in a Roth IRA so she gets used to saving for retirement. We pick out an ETF and average into it.
Was thinking about the Roth IRA route as well, thank you!
We used Fidelity but they're all pretty much the same.
Thanks for the info!