I'm 20 years old and have $60,000 in my bank account from my father. How can I invest it ?
My father is a doctor and since he saved money for me and gave me it to me.
It's first time in my life I have this amount of money but I don't know how to use it
- 4 weeks ago
Just try to be careful with your money.
- dumbbuLv 64 weeks ago
You can invest it in a million plus one ways. But A. being pretty young it could be easy to squander in on stupid stuff. When its gone its gone. B. Inflation is still eating away these days at peoples assets. Start to learn about the different risks out there and see if you can reduce those risks.
- 1 month ago
You use to become a doctor.
- 1 month ago
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- Casey YLv 71 month ago
Take at least $30k and put it into a safe investment; mutual funds are nice.
Take $15k and have that as an emergency fund.
Take the other $15k and spend it...no need to rush, but there are probably some things you want.
Are you going to college? You'll have a lot of expenses and stuff you wont want your parents to know about (beer alone...)
- BLv 71 month ago
open a commission free brokerage account at tdameritrade or schwab. buy high grade stocks from companies which increase their dividends each year or invest in a commission free ETF of large cap stocks SCHG. do not get into the habit of buying CD's or savings accounts which do not grow your wealth.
- RichardLv 71 month ago
Given that you are relatively young and inexperienced, I also recommend that you find a FEE-only financial advisor because you are paying them for their expertise, and not being herded into high-fee load funds or other inappropriate vehicles. Also READ a lot of basic books on investing and personal finance.
Based on my experience (and that I am quite well-off), right now it would be best to dollar cost average your money into a NO LOAD stock (or balanced) index fund and just let it grow over the next 20 years. It is OK to spend a little of it on stuff you might like, but don't pizz the money away.
- Anonymous1 month ago
S&P 500 index fund. Low or no fee.
Start with $10k and then invest $2000 a month until its all invested. And then continue adding $500 a month when you get a job. Best to buy on the 28th every month.
FNILX is a no fee fund that I own and am buying monthly. Its an S&P 500 fund without the name.
- David B.Lv 71 month ago
Don't be a fool because as Thomas Tusser once said: "A fool and his money are soon parted". Seriously you should hire a fee-only financial planner. Fee-only because they won't be trying to sell you commissioned products that aren't going to make you much but will make them plenty.
- A.J.Lv 71 month ago
It's a very risky market. Think about investing in yourself. Where is your future going? Start a business, take a class, learn a trade. Other than that, try to secure a place to live.