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nieceandtows@programming.dev

nieceandtows@lemmy.ml

Totally clueless with investing, $100k sitting in the bank earning 0.05%. How do I get started? Please advise. (lemmy.world)

submitted 2 months ago by nieceandtows@lemmy.world to c/personalfinance@lemmy.ml

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I have been putting part of my paycheck into a high yield savings account, but haven't bothered with investing it in a responsible manner partially due a fear of losing the money due to bad investments. I'm finally realizing how much potential money I've lost by letting my money stagnate. Please advise me on how to responsibly invest my money, thanks!

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[–] techwithjake@lemm.ee 5 points 2 months ago* (last edited 2 months ago)

Going off of SMCF, it really depends on how liquid you are and what country you're in.

If you're in the US, I have SoFi and 4.5%/APY on my savings account. Gotta have your direct deposit or move $5k monthly into the checking. If you can swing that, it's a great bank. I think Ally does similar.

Most major brick and mortar banks are shite for accruing interest money.