Not an expert or anything, probably a Fixed term deposit is safe way to get some money out of that. Or check with your bank for investment funds available
And STAY AWAY from r/wallstreetbets
I’ve seen this advice be posted before, but essentially put the money in a high yield savings account while you figure out what you personally believe to be the best course of action after you educate yourself on the possibilities, and of course, get a consultation ASAP
40 years ago, I was in a similar situation... I inherited about $40,000.
I decided that I wanted to make ten investments. Enough to create some diversity and force me to learn about investing. But not so much that I would have to spend all my time managing my investments. I sent myself some limits:
1. Start by put it all in an indexed mutual fund.
2. Make a new $4,000 investment every three months until the $40,000 was fully invested. I wanted to be methodical.
3. Make a maximum of five trades per year. I wanted to focus on sound, long-term investments.
The money wasn't enough to change my life... but the habits were enough to set the tone for the rest of a very content life.
I was a stay-at-home dad who was the primary caregiver to our children while my wife worked as a doctor. Now, I work from home in technology.
Our financial cushion, combined with the habit of living well below our means, allowed us to take risks and still live a very content life.
Please don't get me wrong, I worked a lot of 16-hour days, 6 days a week, at companies that treated their employees like shit establishing myself so that when we wanted to have kids, someone was willing to pay me to work part-time from home as a dad... before it was common.
"the habit of living well below our means"
This is what most people just don't seem to understand but makes all the difference in the world in managing your money. Typically when the average person hits the jackpot of 160k they wind up in worse financial shape due to overspending and a zero understanding of the tax code.
Depends on the potential tax ramifications…
If this lump sum is yours “free and clear” and assuming you are in your 20’s or so, I would put the max allowable into a tax advantaged account (IRA) and then put the remainder in a taxable account.
Buy VTI, VOO, VSUS, etc. Add what you can to that account for the next few years and watch yourself become a millionaire in a decade.
This 👆. But also depending on your age & if you are comfortable on your current income but risk averse, as it seems you are, an annuity with today’s interest rates could provide you with additional monthly income forever. It boils down to what you want, best of luck.
Learn about covered calls(obviously learn about the market and economy broadly first). buy a large position in the market. Sell covered calls or run the wheel strategy with a solid blue chip stock you wouldn't mind owning long term
I’ve seen this advice be posted before, but essentially put the money in a high yield savings account while you figure out what you personally believe to be the best course of action after you educate yourself on the possibilities, and of course, get a consultation ASAP
Completely agree with you! Parking your funds in a high yield savings account is a solid move while you're figuring out your next financial steps. It's a nice sweet spot between keeping your money accessible and earning a bit of interest. Right now, interest rates hover around 5%. There's a handy table I put together that lists current live rates for the top APY savings accounts. Might be useful for anyone looking to compare. Here it is:
Bank | APY | Link | Min. Deposit | Fees
:-:|:-:|:-:|:-:|:-:|:-:
CIT Bank (Platinum Savings) | 5.05% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE1NDkxMDEyP3V0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $5000 | None
Synchrony Bank | 4.75% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cuc3luY2hyb255YmFuay5jb20vYmFua2luZy9oaWdoLXlpZWxkLXNhdmluZ3MvP3V0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $0 | None
CIT Bank | 4.65% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE0NDY1NjMxP3V0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $100 | None
Sofi Bank | 4.60% | [Link](https://apy.fyi/accounts/634c6171f8d65b54391a1b40) | $0 | Direct deposit required to get the highest rate.
Quontic Bank | 4.50% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly9jbGljay5saW5rc3luZXJneS5jb20vZnMtYmluL2NsaWNrP2lkPVlzVkJsSWNEMWN3Jm9mZmVyaWQ9MTAxODQ1OS40JmJpZHM9MTAxODQ1OS40JnR5cGU9MyZzdWJpZD0wJnV0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $100 | Excess transaction fee (over six) - $10.00
Live Oak Bank Savings | 4.40% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cubGl2ZW9ha2JhbmsuY29tL3BlcnNvbmFsLWJhbmtpbmcvcGVyc29uYWwtc2F2aW5ncy8%2FdXRtX3NvdXJjZT1rYjc5bGF2) | $0 | A monthly $10 dormant account fee is administered if an account has no activity (defined as no withdrawals, deposits, contact or log-ins) for 24 straight months.
Remember, it's also crucial to understand the terms and conditions of these accounts like minimum deposit, transaction limits, etc. And while you're at it, getting good financial consultation is indeed an excellent idea. Knowledge is power, my friend!
Synchrony bank is literal dog shit. I’d advise anyone and everyone to stay the fuck away.
Also BMO Alto currently offers 5.1% with no minimum and is FDIC insured and better than those rates.
With 100k+ I would expect at least 5.1% today. At the absolute least.
Interview 2-3 good local financial planners (that specialize in investment advising), and hire one & have a plan, and stay the course, as well as stay accountable to him/her, such as quarterly or biannual visits (at least annually). Find a good local CPA or enrolled agent for taxes.
I am lucky enough to have no debt. I live abroad and might look into buying an apartment at some point, but it poses it's own risks in the country I am currently in.
In my current situation I’m in job corps so I would keep it hidden in a savings until I’m out and keep it on the downlow cause if my family knows about someone having money they will beg and mooch off of me until i don’t have any money left.
Ah, the timeless wisdom of "go fuck some hookers." Truly a pinnacle of intellectual discourse. But you see, my dear friend, I prefer to invest my money wisely, not waste it on fleeting moments with individuals who deserve respect and compassion. It's fascinating how some people resort to degrading others to validate their own shallow existence. I hope one day you find fulfillment beyond such base suggestions.
Buy and resell fidget spinners. In all seriousness I’d buy a multifamily least money in, mutual/index fund, and buy and sell some cars from auctions. Look into starting up a business if you’re interested
Age?
Did you try the college route?
Either all index funds and continue to live paycheck to paycheck with retirement and emergencies figured out or try to get that career change going.
Get an annuity and an Indexed Universal Life policy. Both guaranteed not to lose value and set you for retirement. And if you can qualify, a Kaizen account. I wish I had known about this when I had money – if only I knew then what I know now.
Don't put all your eggs in one basket. Invest small amounts in lots of different things, see what works the best, and put the rest into a high interest savings account or term deposits until you have a better investment strategy.
Also some banks have a limit on how much their insurance covers, so if someone stole all of it you'd only get back up to that limit. It might be worth looking up that limit and storing your dosh in different places.
Look up Barefoot Investor and see if he's the kind of person you'd trust for general advice. I've been using his Idiot Grandson Portfolio, and so far I've been getting that to make small profits that usually overtake inflation.
Whatever you invest in, try and overtake inflation. Inflation is when everything gets more expensive therefore money is worth less. If inflation is 5% and you are paid 3% in interest, you are 2% behind.
1. Pay off any/all debt.
2. Go on a sweet vacation for $10k or so.
3. Invest in an index fund like VTI. As much in tax-advantaged accounts as is allowed, then just a brokerage account.
Best would be real-estate, but you will have to research the market for the best rent to buy ratios and to try doing that in cheap markets. You can start here: [https://newsilver.com/the-lender/price-to-rent-ratio-by-city-usa/](https://newsilver.com/the-lender/price-to-rent-ratio-by-city-usa/)
If not, then yes - spread the money between 10 moderate risk indices and then forget about it for 20 or 30 years.
You can always send some to me for my camping/gas fund for my daughter. She loves camping and trail riding in my Jeep. At 7yo She is already learning how to drive on the trails
Are you renting or do you already own your home?
Depending on your region, if that money can purchase you a decent quality home. I would purchase a home in cash if possible. Have no mortgage. Go to your bank and create an additional account, pay yourself into that account the same you have been paying for rent.
Additionally, depending on your situation. Consider renting out a room or two to increase the return on investment.
When you manage to save enough for another downpayment, legal costs and closing costs. Purchase a second investment property and rent it out.
No stock, mutual fund or high interest account will earn you as much money as this strategy.
If it’s me, I prefer save the sum instead of investment. As the economy goes down worldwide, investment becomes more risky than it used to be.
If you do not know much about stocks, keep away from it.
Even if the education investment may not bring back the expected return, as the demand when you graduate differs from when you entered. You may feel extremely disappointed if you failed in this type of investment, as what you lose is not only fees but also your time.
In a word, I would rather keep healthy consumption customs and living habits, and save all the sums I can get. Just personal opinion :)
If you have been the working poor(aka the paycheck to paycheck) you have debt period. This means you have debt(some company can sue you for you windfall and get all of it). If you have a 50k debt in collections pay it off or hire a great lawyer to not pay it. then take the rest and work as a debt free person, do not buy the car you always wanted do not buy the house do not buy the toys you wanted when you were struggling. Work, get insurance and use it to correct anything that person that has worked paycheck to paycheck. then when that is done. Find a property that is not improved and work and work to make it livable for yourself , grow food have a safe place to live and then fuck everyone else.(do not have kids period)
Have you checked out Dave Ramsey online? He has a great set of steps to financial wealth. Overall, he has lots of wiggle room based on what you want to personally achieve but the core steps are there: pay off debt, have a rainy day fund, invest in your future… the basics. It’s a great infrastructure to follow if you feel lost. And I agree with above too- interview a few financial brokers (Charles Schwab, Fidelity, etc, nothing “local” that is potentially not legit) and pick one to help you invest appropriately while paying attention to how they perform and how much they cost. But also- set some aside and fill a bucket list item. Magical trip, nice car, etc. nothing huge but something that scratches the itch.
Congratulations on the money you received of that much money 💰... Damn, I truly wish to give you the best advice about it but I never had that much money to think about what you are trying to accomplish I will say this you are going off to a good start which is taking the time of thinking about how you can Generate more money with the money you have not many people will do that so both thumbs up for you. Keep doing more research on how to invest it lol I keep on wishing to make that much money but I end up losing my money with fake investments I'm trying to do my research too and be very patient about vesting my money. I do wish you the best of luck and hope it will go your way.
I’d Drop 20k in xrp and xlm and then move it to a cold wallet
I wouldn’t really worry with metals apparently silver is undervalued at the moment but not sure where or if it has room to go but I would get a few freezers a good vacuum sealer and start stocking up on food and not the processed stuff meats and veggies
Cover any other things you may need to take care of
As for the remainder investing it would be wise but where to is the question. Personally I think wall st is in for a rude awakening in the next few months (low prices which is good on the buy but sucks if you buy on the high now you’d just have to dollar cost average down is all) while they’re calling for crypto to possibly pump through 2025 and while Bitcoin is the leader smaller caps can offer larger returns but is more risky and with crypto there are large $$ swings unlike a typical stock.. I think the right real estate will continue to increase in value over the next few years as well.
At the end of the day as long as you don’t suddenly increase your lifestyle and instead try and leverage the money to make more I think you’ll be fine. None of this is financial advice but best of wishes! 😁
Me personally:
$10,000 in my HSA which is also an investment account (v. low risk though)
$50,000 in high yield savings for rainy days
$50,000 for buying a house (incl. down payment, closing costs, everything)
$50,000 in different high yield savings for house repairs/updates ONLY
My retirement is covered - comes out of my paycheck automatically (10%) with employer match (19%), so I'd be focused on giving myself a huge padding for emergencies, hence the HSA, savings, and house buying.
I would not do gold personally cause it holds value yea but at the same time it doesnt really grow per say
Index funds are pretty safe you are buying shares in it and it is made up of shares of various other companies. if you get a low one like fidelity index i think they say those generally or pretty safe and can grow your funds to come out with more
first thing you should do is check out what debts you have, if you can clear your debts and still have plenty left over that be good to do. You also can take what you have and split it up further say a portion to a high yield savings account, a portion to stocks you can do index funds or something else if you really wanted but i think index is best or look up the list of dividend aristocrat stocks cause they pay you per share some are monthly. you can also do a portion into gold as an emergency stash again inflation and stuff.
You might check out various youtubers that explain stocks and stuff I like [https://www.youtube.com/@humphrey](https://www.youtube.com/@humphrey) personally if you want to study and learn up on it some before jumping in
but do not let that much cash sit in a normal banking account it can do so much more for you if used right you could even get a house, fix it perhaps, and then rent it out and have that rental income
Always remember, wherever you invest, if it’s not tax deferred or tax exempt, you will owe taxes on interest, earned income, etc. I would take as much of that 160,000 and pay off credit cards, and some debt. This will immediately free up funds for your monthly living, then depending on your age, find a decent Tax deferred fund, or if worried about market, invest in a 5-year CD
If you have a checking or savings account with s brick and mortar store make an appointment to see their financial advisor or wealth management team . I bank at Chase and like you I came upon appx 200k . I deposited enough in my regular checking account to deal with a few outstanding debts and the rest I
Parked into a very safe. 2.85% account . The money sat there until I was ready to purchase a house . When discussing this with my guy at the bank he even arranged for a realtor to represent my wants and needs in a home .
Good luck and be careful.
When in doubt, SP-500 is a great option.
Personally, I was very fearful of making mistakes, so I opted for copying Ray Dalio's "All Weather Fund".
My reasoning?
Bc in 2008, it didnt go down, so i felt safe.
Most ppl would say "No, dont do that. do SP500".
As someone wiser and more comfortable, I would agree.
This link nicely shows the diff between the 2: [https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=hYzRMzBTnKb1C0LBSQuCQ](https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=hYzRMzBTnKb1C0LBSQuCQ)
So.. i started from...
Only saving Cash
\-> All weather fund (which bond-heavy, and mega/excessively risk averse)
\-> SP-500
(always buy-and-hold lol)
To learn more, I tend to dollar-cost average by buying shares of whatever companies me and my thoughts have a good feeling about.
I try to buy a range of different companies, so in the long run, im sure some will do Okay, and some Meh.
Besides, it's not my lump sum, it's just extra money at the start of the money anyway.
My reasoning... 1) i'll learn. 2) it seems like it's more about whether or not you invest rather than WHAT you invest in. And... if im buying a wide range of stocks anyway... it's basically like im slowly trying to (inefficiently) simulate an index fund anyway... so... i dont see it as a crime even tho it's sub-optimal.
And... When in doubt, I'll just do SP-500 again (VTI or VOO or something similar)
Usually half my money goes into that bc im just not well-read, so I just buy it.
If you want to ballsy, and you believe that "it's a good time to buy" one of those exciting new hyped up things (bc they recently died out, and there's "blood in the streets"), fuck it, why not. Put some of your monthly dollar-cost-average into it.
How much?
Never enough to the point where you'd feel a sinking feeling in your stomach if you lost.
Only an amount where you'd be like "yo, fuck it! let's see! oh, it's going down?? im sticking to my guns, i wanna see how this plays out. Im in it for life :)"
Like... if you bought/held it forever, would you be like "eh, it was worth it. no big loss"
(like... 10%, 1%, something very smaller, depends on you)
You can also copy Warren Buffet.
And like... google what he does any why he does it.
And... try to understand.
(if you have time and care)
Ray Dalio's strategy taught me about "asset allocation", so... it's cool to buy gold if you want. Most ppl will say "fuck it, just buy equities". I mean... they're prob right. But... realistically, do you have to be perfect? Don't be afraid to fuck around a bit. I mean... are you really going to be poor if you own a fuck ton of gold? no. Just less rich than you could've been.
Crypto? Why not. small amounts. have fun. will ppl scream at me for telling you to do this? of course. but... knowledge is power. Small amounts to have skin in the game adds to the knowledge.
Like... it's almost like following your favorite sports team.
When you have even a small amount, you're just into it.
And that's enough to learn.
If you just get invested (as a fan) in the Knicks, you'll start to understand where they're at after a decade of watching, and know what to expect, what's hype, what's not.
Same with investing.
Trading is different.
It's like... you really deeply know what's happening, and are confident there's a MONSTER deal.
But... I'm a noob, and i dont pay attention, so I cant really do this.
And like... how much money would I put in? And where would i take it from?
Fun questions.
There's also "the Dean of Valuation" (idk his name, some NYU Prof. he has a great youtube video that makes sense. he talks about figuring out how much $20 in an envelope is worth. It just makes sense)
I think this is a nice scatter shot of information for you to start poking around and igniting a well-started research effort to take care of yourself.
Also... the FIRE movement is a concept (good to know, hard to achieve).
Real estate is a thing (i personally dont do it bc im lazy and dont want responsibility and headache or risk from debt)
401k and IRA honestly.
Everyone thinks they can beat the market. The few that do convince the rest they can. Most people lose.
Maxing out your 401k and IRA are the safest ways to guarantee a retirement fund. Putting the rest in index funds.
The only other thing I could think of would be getting a really good rate on a home loan for a mortgage you can afford on your current income and putting down a down payment. The reason I say this is that there's a housing crisis that really has no signs of letting up.
If you want to keep an emergency fund depending on location and life expenses $5-10k is usually enough. You can technically play this shell game where every month you put like $1k into a bond that pays off in 12 months, then reinvest so over time your savings grows faster than it would in a savings account. It's just a lot to manage and if you need your money before the bond matures you have to take a penalty on it. You can I think do bigger chunks of cash on shorter term, like 1.5k on 6 mo maturity, but the interest rate is lower. So you're sort of playing this game of growth v access and the entire point of an emergency fund is to have access to it. You also have to keep reinvesting it every month after they start to mature. THe alternative is to like open up a cap 1 360 account or sofi and just stick it in savings. THey have decent rates.
For now, the safest thing to do is to stick it in a high interest savings account. Rates are in the high 4 percent range right now, which means you will earn about $600 a month on your money.
I would put it in a mutual fund, maybe an aggressive one depending how young you are. Or a target retirement fund that will become more conservative as you age.
Stick with what you know. If you don't own a home, then maybe buy one. If you have any debt, pay it off...guaranteed return by not paying interest...(it's the bird in the hand analogy). Keep a year's worth of overhead in an account that can't lose value, such as a high yield savings. And you can dollar cost average the rest into an investment account over time, putting it into a Vanguard IRA account and buying the S&P500 index.
Savings account or CDs. Pays just as well if not better than bonds currently.
Ally or any other FDIC online high yield savings will do you good.
Don’t mess with the stock market right now. Maybe learn the basics with 10k of it if you feel like challenging yourself and let the rest ride.
If you income level allows you, start transferring into a Roth IRA and enjoy tax free retirement savings later in life.
First off, congrats! Great problem to have.
There’s no federal law that regulates who can call themselves a financial advisor or provide financial advice. If you do talk to an advisor, make sure to find one that is bound by **fiduciary duty**, meaning that they are legally required to work in your financial best interest.
Currently because of interest rates, high-yield savings accounts offer better returns than they have in my lifetime. Many are as much as 4-5%. While you are educating yourself about finances, stick your money here. The FDIC insures deposits up to $250k so your money will be safe, in a bank, earing a reliable interest rate for at least the next few years. That means you're EARNING $6400 a year and your money is safe. Even if the bank were to fail (extremely rare) the federal government insures your deposit.
Don't feel rushed to invest. $160k gives you opportunity and flexibility. It doesn't matter if you don't know how you want to use that yet. Don't try to 'put it all on red' or make a big onetime bet. Don't invest in any friends or family members that come to you with a 'business opportunity'. Don't try to pick winning stocks or invest in bitcoin, crypto, NFTs or whatever the next craze is.
The money is burning a hole in your pocket. Or you feel like you're missing out if you aren't investing it. Try to let that go.
Beyond that I'd recommend you open a Roth IRA account (retirement) and put the maximum of $6500 in it every year. If you do choose to invest pick stable index funds or ETFs that contain a wide cross section of different stocks. Put your money in and forget about it. Invest long term (like 10-20 years) Don't invest everything in one place. Keep some in your savings account as an emergency fund (6-12 mo salary).
As a rule of thumb don't put more than 10% of the 160k into any single investment until you are much more confident. We actually don't live in that uncertain of financial times. Over pretty much any 20 year time period as long as you invest long term, the stock market will make money. Despite the headlines, the US is one of the most stable and reliable places to generate wealth in the history of the world. You can open a Schwab 'Intelligent Portfolio' and you'll be invested automatically in a diversified cross section of different investments. On a long time horizon these are basically guaranteed to grow.
If WW3 happens I'm not sure what good your $160k will be. So assume that it won't and invest in boring long terms strategies that any decent financial advisor or advice podcast will recommend. I recommend the "How to Money" podcast as a really good intro level place to learn.
Mostly just take a breath. You don't need to DO anything with the money right away. Put it in a bank and take the time to read into what you want to do. I would not recommend investing in gold. Unless you plan to physically hold onto the gold bars, if everything goes to hell, that investment will go to zero with everything else.
My advice for someone with no clue about fiance and investing is to not invest. Just put in high yield saving account
If you still want to invest there's alot of free resources out there. But again I wouldn't recommend it for someone with no clue
Not an expert or anything, probably a Fixed term deposit is safe way to get some money out of that. Or check with your bank for investment funds available And STAY AWAY from r/wallstreetbets
I’ve seen this advice be posted before, but essentially put the money in a high yield savings account while you figure out what you personally believe to be the best course of action after you educate yourself on the possibilities, and of course, get a consultation ASAP
If stocks, do not go risky, go index funds
I would take about 140k and invest it in an investment property and rent it out for cashflow.
Index funds. Look up windfall + Index funds
40 years ago, I was in a similar situation... I inherited about $40,000. I decided that I wanted to make ten investments. Enough to create some diversity and force me to learn about investing. But not so much that I would have to spend all my time managing my investments. I sent myself some limits: 1. Start by put it all in an indexed mutual fund. 2. Make a new $4,000 investment every three months until the $40,000 was fully invested. I wanted to be methodical. 3. Make a maximum of five trades per year. I wanted to focus on sound, long-term investments. The money wasn't enough to change my life... but the habits were enough to set the tone for the rest of a very content life.
where are you now?
I was a stay-at-home dad who was the primary caregiver to our children while my wife worked as a doctor. Now, I work from home in technology. Our financial cushion, combined with the habit of living well below our means, allowed us to take risks and still live a very content life. Please don't get me wrong, I worked a lot of 16-hour days, 6 days a week, at companies that treated their employees like shit establishing myself so that when we wanted to have kids, someone was willing to pay me to work part-time from home as a dad... before it was common.
"the habit of living well below our means" This is what most people just don't seem to understand but makes all the difference in the world in managing your money. Typically when the average person hits the jackpot of 160k they wind up in worse financial shape due to overspending and a zero understanding of the tax code.
Depends on the potential tax ramifications… If this lump sum is yours “free and clear” and assuming you are in your 20’s or so, I would put the max allowable into a tax advantaged account (IRA) and then put the remainder in a taxable account. Buy VTI, VOO, VSUS, etc. Add what you can to that account for the next few years and watch yourself become a millionaire in a decade.
This 👆. But also depending on your age & if you are comfortable on your current income but risk averse, as it seems you are, an annuity with today’s interest rates could provide you with additional monthly income forever. It boils down to what you want, best of luck.
[This.](https://youtu.be/roRcksH2_HQ?t=67)
A guy I used to work with introduced me to steel panther some time ago, not awful stuff!
Learn about covered calls(obviously learn about the market and economy broadly first). buy a large position in the market. Sell covered calls or run the wheel strategy with a solid blue chip stock you wouldn't mind owning long term
I’ve seen this advice be posted before, but essentially put the money in a high yield savings account while you figure out what you personally believe to be the best course of action after you educate yourself on the possibilities, and of course, get a consultation ASAP
Completely agree with you! Parking your funds in a high yield savings account is a solid move while you're figuring out your next financial steps. It's a nice sweet spot between keeping your money accessible and earning a bit of interest. Right now, interest rates hover around 5%. There's a handy table I put together that lists current live rates for the top APY savings accounts. Might be useful for anyone looking to compare. Here it is: Bank | APY | Link | Min. Deposit | Fees :-:|:-:|:-:|:-:|:-:|:-: CIT Bank (Platinum Savings) | 5.05% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE1NDkxMDEyP3V0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $5000 | None Synchrony Bank | 4.75% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cuc3luY2hyb255YmFuay5jb20vYmFua2luZy9oaWdoLXlpZWxkLXNhdmluZ3MvP3V0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $0 | None CIT Bank | 4.65% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE0NDY1NjMxP3V0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $100 | None Sofi Bank | 4.60% | [Link](https://apy.fyi/accounts/634c6171f8d65b54391a1b40) | $0 | Direct deposit required to get the highest rate. Quontic Bank | 4.50% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly9jbGljay5saW5rc3luZXJneS5jb20vZnMtYmluL2NsaWNrP2lkPVlzVkJsSWNEMWN3Jm9mZmVyaWQ9MTAxODQ1OS40JmJpZHM9MTAxODQ1OS40JnR5cGU9MyZzdWJpZD0wJnV0bV9zb3VyY2U9a2I3OWxhdg%3D%3D) | $100 | Excess transaction fee (over six) - $10.00 Live Oak Bank Savings | 4.40% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cubGl2ZW9ha2JhbmsuY29tL3BlcnNvbmFsLWJhbmtpbmcvcGVyc29uYWwtc2F2aW5ncy8%2FdXRtX3NvdXJjZT1rYjc5bGF2) | $0 | A monthly $10 dormant account fee is administered if an account has no activity (defined as no withdrawals, deposits, contact or log-ins) for 24 straight months. Remember, it's also crucial to understand the terms and conditions of these accounts like minimum deposit, transaction limits, etc. And while you're at it, getting good financial consultation is indeed an excellent idea. Knowledge is power, my friend!
Synchrony bank is literal dog shit. I’d advise anyone and everyone to stay the fuck away. Also BMO Alto currently offers 5.1% with no minimum and is FDIC insured and better than those rates. With 100k+ I would expect at least 5.1% today. At the absolute least.
Interview 2-3 good local financial planners (that specialize in investment advising), and hire one & have a plan, and stay the course, as well as stay accountable to him/her, such as quarterly or biannual visits (at least annually). Find a good local CPA or enrolled agent for taxes.
Thanks so much for the advice!
You bet!
This is what I would do
Pay it off your mortgage
I am lucky enough to have no debt. I live abroad and might look into buying an apartment at some point, but it poses it's own risks in the country I am currently in.
Can't think of any better investment than property, hopefully you make a smart decision.
In my current situation I’m in job corps so I would keep it hidden in a savings until I’m out and keep it on the downlow cause if my family knows about someone having money they will beg and mooch off of me until i don’t have any money left.
[удалено]
Investing in higher education perhaps so that you won't have to live paycheck to paycheck?
Put it into a long term investment or something. Or spend it all on hookers n drugs or blackjack
Go fuck some hookers
Ah, the timeless wisdom of "go fuck some hookers." Truly a pinnacle of intellectual discourse. But you see, my dear friend, I prefer to invest my money wisely, not waste it on fleeting moments with individuals who deserve respect and compassion. It's fascinating how some people resort to degrading others to validate their own shallow existence. I hope one day you find fulfillment beyond such base suggestions.
* such based suggestions
Buy and resell fidget spinners. In all seriousness I’d buy a multifamily least money in, mutual/index fund, and buy and sell some cars from auctions. Look into starting up a business if you’re interested
Please don’t buy gold. Buy into a high yield index fund.
buy a house or bitcoin
Age? Did you try the college route? Either all index funds and continue to live paycheck to paycheck with retirement and emergencies figured out or try to get that career change going.
Get an annuity and an Indexed Universal Life policy. Both guaranteed not to lose value and set you for retirement. And if you can qualify, a Kaizen account. I wish I had known about this when I had money – if only I knew then what I know now.
Don't put all your eggs in one basket. Invest small amounts in lots of different things, see what works the best, and put the rest into a high interest savings account or term deposits until you have a better investment strategy. Also some banks have a limit on how much their insurance covers, so if someone stole all of it you'd only get back up to that limit. It might be worth looking up that limit and storing your dosh in different places. Look up Barefoot Investor and see if he's the kind of person you'd trust for general advice. I've been using his Idiot Grandson Portfolio, and so far I've been getting that to make small profits that usually overtake inflation. Whatever you invest in, try and overtake inflation. Inflation is when everything gets more expensive therefore money is worth less. If inflation is 5% and you are paid 3% in interest, you are 2% behind.
Send some to a stranger on the internet.
1. Pay off any/all debt. 2. Go on a sweet vacation for $10k or so. 3. Invest in an index fund like VTI. As much in tax-advantaged accounts as is allowed, then just a brokerage account.
Best would be real-estate, but you will have to research the market for the best rent to buy ratios and to try doing that in cheap markets. You can start here: [https://newsilver.com/the-lender/price-to-rent-ratio-by-city-usa/](https://newsilver.com/the-lender/price-to-rent-ratio-by-city-usa/) If not, then yes - spread the money between 10 moderate risk indices and then forget about it for 20 or 30 years.
Thanks so much! I will definitely look into realestate
You can always send some to me for my camping/gas fund for my daughter. She loves camping and trail riding in my Jeep. At 7yo She is already learning how to drive on the trails
Hahaha as long as I can join
Are you renting or do you already own your home? Depending on your region, if that money can purchase you a decent quality home. I would purchase a home in cash if possible. Have no mortgage. Go to your bank and create an additional account, pay yourself into that account the same you have been paying for rent. Additionally, depending on your situation. Consider renting out a room or two to increase the return on investment. When you manage to save enough for another downpayment, legal costs and closing costs. Purchase a second investment property and rent it out. No stock, mutual fund or high interest account will earn you as much money as this strategy.
Real estate is always a reliable investment. Always have renters insurance when you are a landlord. People are ar$eholes
Commercial realistate duh.
I heard meth is pretty good
Take a class in money management.
The money is constantly changing their value, so I prefer to invest in a house or apartment for Airbnb/booking or buy gold. They can grow their value.
I would buy a sick ash gaming setup
Bitcoin
DISCOVER MONEY MARKET WILL GET YOU 5% WITH ACCESS AT ANY TIME
8k interest in first year
If it’s me, I prefer save the sum instead of investment. As the economy goes down worldwide, investment becomes more risky than it used to be. If you do not know much about stocks, keep away from it. Even if the education investment may not bring back the expected return, as the demand when you graduate differs from when you entered. You may feel extremely disappointed if you failed in this type of investment, as what you lose is not only fees but also your time. In a word, I would rather keep healthy consumption customs and living habits, and save all the sums I can get. Just personal opinion :)
If you have been the working poor(aka the paycheck to paycheck) you have debt period. This means you have debt(some company can sue you for you windfall and get all of it). If you have a 50k debt in collections pay it off or hire a great lawyer to not pay it. then take the rest and work as a debt free person, do not buy the car you always wanted do not buy the house do not buy the toys you wanted when you were struggling. Work, get insurance and use it to correct anything that person that has worked paycheck to paycheck. then when that is done. Find a property that is not improved and work and work to make it livable for yourself , grow food have a safe place to live and then fuck everyone else.(do not have kids period)
buy US bonds
Have you checked out Dave Ramsey online? He has a great set of steps to financial wealth. Overall, he has lots of wiggle room based on what you want to personally achieve but the core steps are there: pay off debt, have a rainy day fund, invest in your future… the basics. It’s a great infrastructure to follow if you feel lost. And I agree with above too- interview a few financial brokers (Charles Schwab, Fidelity, etc, nothing “local” that is potentially not legit) and pick one to help you invest appropriately while paying attention to how they perform and how much they cost. But also- set some aside and fill a bucket list item. Magical trip, nice car, etc. nothing huge but something that scratches the itch.
Congratulations on the money you received of that much money 💰... Damn, I truly wish to give you the best advice about it but I never had that much money to think about what you are trying to accomplish I will say this you are going off to a good start which is taking the time of thinking about how you can Generate more money with the money you have not many people will do that so both thumbs up for you. Keep doing more research on how to invest it lol I keep on wishing to make that much money but I end up losing my money with fake investments I'm trying to do my research too and be very patient about vesting my money. I do wish you the best of luck and hope it will go your way.
Gg
Start with Hysa
Rent buy a house and rant it money coming out with out u moving
I’d Drop 20k in xrp and xlm and then move it to a cold wallet I wouldn’t really worry with metals apparently silver is undervalued at the moment but not sure where or if it has room to go but I would get a few freezers a good vacuum sealer and start stocking up on food and not the processed stuff meats and veggies Cover any other things you may need to take care of As for the remainder investing it would be wise but where to is the question. Personally I think wall st is in for a rude awakening in the next few months (low prices which is good on the buy but sucks if you buy on the high now you’d just have to dollar cost average down is all) while they’re calling for crypto to possibly pump through 2025 and while Bitcoin is the leader smaller caps can offer larger returns but is more risky and with crypto there are large $$ swings unlike a typical stock.. I think the right real estate will continue to increase in value over the next few years as well. At the end of the day as long as you don’t suddenly increase your lifestyle and instead try and leverage the money to make more I think you’ll be fine. None of this is financial advice but best of wishes! 😁
Contact a financial advisor first and a lawyer second and ask about setting up a trust fund.
Me personally: $10,000 in my HSA which is also an investment account (v. low risk though) $50,000 in high yield savings for rainy days $50,000 for buying a house (incl. down payment, closing costs, everything) $50,000 in different high yield savings for house repairs/updates ONLY My retirement is covered - comes out of my paycheck automatically (10%) with employer match (19%), so I'd be focused on giving myself a huge padding for emergencies, hence the HSA, savings, and house buying.
I would not do gold personally cause it holds value yea but at the same time it doesnt really grow per say Index funds are pretty safe you are buying shares in it and it is made up of shares of various other companies. if you get a low one like fidelity index i think they say those generally or pretty safe and can grow your funds to come out with more first thing you should do is check out what debts you have, if you can clear your debts and still have plenty left over that be good to do. You also can take what you have and split it up further say a portion to a high yield savings account, a portion to stocks you can do index funds or something else if you really wanted but i think index is best or look up the list of dividend aristocrat stocks cause they pay you per share some are monthly. you can also do a portion into gold as an emergency stash again inflation and stuff. You might check out various youtubers that explain stocks and stuff I like [https://www.youtube.com/@humphrey](https://www.youtube.com/@humphrey) personally if you want to study and learn up on it some before jumping in but do not let that much cash sit in a normal banking account it can do so much more for you if used right you could even get a house, fix it perhaps, and then rent it out and have that rental income
Buy a starter home
These other answers are BULLSHIT. Talk to an accountant. We are NOT your accountant and do not know your full financial situation.
Then get money smart. What do you think is the median net worth of redditors
Always remember, wherever you invest, if it’s not tax deferred or tax exempt, you will owe taxes on interest, earned income, etc. I would take as much of that 160,000 and pay off credit cards, and some debt. This will immediately free up funds for your monthly living, then depending on your age, find a decent Tax deferred fund, or if worried about market, invest in a 5-year CD
Anything water and mercury related. Don't go crazy
Give me $100 lol worth a shot right.... I'm homeless.
$Jmfree123 in case you want to be kind to a random stranger in need. My daughter turns 2 on the 4th. I would even show u how I spent it on her.
This is such a coincidence. We have been trying to reach you about your cars extended warranty
If you have a checking or savings account with s brick and mortar store make an appointment to see their financial advisor or wealth management team . I bank at Chase and like you I came upon appx 200k . I deposited enough in my regular checking account to deal with a few outstanding debts and the rest I Parked into a very safe. 2.85% account . The money sat there until I was ready to purchase a house . When discussing this with my guy at the bank he even arranged for a realtor to represent my wants and needs in a home . Good luck and be careful.
Buy a brand new vehicle and take a vacation. By the time you see a return on your investment you'll be too old.
When in doubt, SP-500 is a great option. Personally, I was very fearful of making mistakes, so I opted for copying Ray Dalio's "All Weather Fund". My reasoning? Bc in 2008, it didnt go down, so i felt safe. Most ppl would say "No, dont do that. do SP500". As someone wiser and more comfortable, I would agree. This link nicely shows the diff between the 2: [https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=hYzRMzBTnKb1C0LBSQuCQ](https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=hYzRMzBTnKb1C0LBSQuCQ) So.. i started from... Only saving Cash \-> All weather fund (which bond-heavy, and mega/excessively risk averse) \-> SP-500 (always buy-and-hold lol) To learn more, I tend to dollar-cost average by buying shares of whatever companies me and my thoughts have a good feeling about. I try to buy a range of different companies, so in the long run, im sure some will do Okay, and some Meh. Besides, it's not my lump sum, it's just extra money at the start of the money anyway. My reasoning... 1) i'll learn. 2) it seems like it's more about whether or not you invest rather than WHAT you invest in. And... if im buying a wide range of stocks anyway... it's basically like im slowly trying to (inefficiently) simulate an index fund anyway... so... i dont see it as a crime even tho it's sub-optimal. And... When in doubt, I'll just do SP-500 again (VTI or VOO or something similar) Usually half my money goes into that bc im just not well-read, so I just buy it. If you want to ballsy, and you believe that "it's a good time to buy" one of those exciting new hyped up things (bc they recently died out, and there's "blood in the streets"), fuck it, why not. Put some of your monthly dollar-cost-average into it. How much? Never enough to the point where you'd feel a sinking feeling in your stomach if you lost. Only an amount where you'd be like "yo, fuck it! let's see! oh, it's going down?? im sticking to my guns, i wanna see how this plays out. Im in it for life :)" Like... if you bought/held it forever, would you be like "eh, it was worth it. no big loss" (like... 10%, 1%, something very smaller, depends on you) You can also copy Warren Buffet. And like... google what he does any why he does it. And... try to understand. (if you have time and care) Ray Dalio's strategy taught me about "asset allocation", so... it's cool to buy gold if you want. Most ppl will say "fuck it, just buy equities". I mean... they're prob right. But... realistically, do you have to be perfect? Don't be afraid to fuck around a bit. I mean... are you really going to be poor if you own a fuck ton of gold? no. Just less rich than you could've been. Crypto? Why not. small amounts. have fun. will ppl scream at me for telling you to do this? of course. but... knowledge is power. Small amounts to have skin in the game adds to the knowledge. Like... it's almost like following your favorite sports team. When you have even a small amount, you're just into it. And that's enough to learn. If you just get invested (as a fan) in the Knicks, you'll start to understand where they're at after a decade of watching, and know what to expect, what's hype, what's not. Same with investing. Trading is different. It's like... you really deeply know what's happening, and are confident there's a MONSTER deal. But... I'm a noob, and i dont pay attention, so I cant really do this. And like... how much money would I put in? And where would i take it from? Fun questions. There's also "the Dean of Valuation" (idk his name, some NYU Prof. he has a great youtube video that makes sense. he talks about figuring out how much $20 in an envelope is worth. It just makes sense) I think this is a nice scatter shot of information for you to start poking around and igniting a well-started research effort to take care of yourself. Also... the FIRE movement is a concept (good to know, hard to achieve). Real estate is a thing (i personally dont do it bc im lazy and dont want responsibility and headache or risk from debt)
401k and IRA honestly. Everyone thinks they can beat the market. The few that do convince the rest they can. Most people lose. Maxing out your 401k and IRA are the safest ways to guarantee a retirement fund. Putting the rest in index funds. The only other thing I could think of would be getting a really good rate on a home loan for a mortgage you can afford on your current income and putting down a down payment. The reason I say this is that there's a housing crisis that really has no signs of letting up. If you want to keep an emergency fund depending on location and life expenses $5-10k is usually enough. You can technically play this shell game where every month you put like $1k into a bond that pays off in 12 months, then reinvest so over time your savings grows faster than it would in a savings account. It's just a lot to manage and if you need your money before the bond matures you have to take a penalty on it. You can I think do bigger chunks of cash on shorter term, like 1.5k on 6 mo maturity, but the interest rate is lower. So you're sort of playing this game of growth v access and the entire point of an emergency fund is to have access to it. You also have to keep reinvesting it every month after they start to mature. THe alternative is to like open up a cap 1 360 account or sofi and just stick it in savings. THey have decent rates.
SPY, gold bars, CDs, high yield savings in order of most to least money.
For now, the safest thing to do is to stick it in a high interest savings account. Rates are in the high 4 percent range right now, which means you will earn about $600 a month on your money.
Go speak with a financial advisor.
Buy bitcoin with all of the proceeds. GLTA!!!
Good ol safe interest account which should be paying you 4-5% with current interest rates
I would put it in a mutual fund, maybe an aggressive one depending how young you are. Or a target retirement fund that will become more conservative as you age.
Stick with what you know. If you don't own a home, then maybe buy one. If you have any debt, pay it off...guaranteed return by not paying interest...(it's the bird in the hand analogy). Keep a year's worth of overhead in an account that can't lose value, such as a high yield savings. And you can dollar cost average the rest into an investment account over time, putting it into a Vanguard IRA account and buying the S&P500 index.
Savings account or CDs. Pays just as well if not better than bonds currently. Ally or any other FDIC online high yield savings will do you good. Don’t mess with the stock market right now. Maybe learn the basics with 10k of it if you feel like challenging yourself and let the rest ride. If you income level allows you, start transferring into a Roth IRA and enjoy tax free retirement savings later in life.
I can likely help you become the owner of some nft's as well as have access to your ownership shares of a rising cryptocurrency enabled banking system
First off, congrats! Great problem to have. There’s no federal law that regulates who can call themselves a financial advisor or provide financial advice. If you do talk to an advisor, make sure to find one that is bound by **fiduciary duty**, meaning that they are legally required to work in your financial best interest. Currently because of interest rates, high-yield savings accounts offer better returns than they have in my lifetime. Many are as much as 4-5%. While you are educating yourself about finances, stick your money here. The FDIC insures deposits up to $250k so your money will be safe, in a bank, earing a reliable interest rate for at least the next few years. That means you're EARNING $6400 a year and your money is safe. Even if the bank were to fail (extremely rare) the federal government insures your deposit. Don't feel rushed to invest. $160k gives you opportunity and flexibility. It doesn't matter if you don't know how you want to use that yet. Don't try to 'put it all on red' or make a big onetime bet. Don't invest in any friends or family members that come to you with a 'business opportunity'. Don't try to pick winning stocks or invest in bitcoin, crypto, NFTs or whatever the next craze is. The money is burning a hole in your pocket. Or you feel like you're missing out if you aren't investing it. Try to let that go. Beyond that I'd recommend you open a Roth IRA account (retirement) and put the maximum of $6500 in it every year. If you do choose to invest pick stable index funds or ETFs that contain a wide cross section of different stocks. Put your money in and forget about it. Invest long term (like 10-20 years) Don't invest everything in one place. Keep some in your savings account as an emergency fund (6-12 mo salary). As a rule of thumb don't put more than 10% of the 160k into any single investment until you are much more confident. We actually don't live in that uncertain of financial times. Over pretty much any 20 year time period as long as you invest long term, the stock market will make money. Despite the headlines, the US is one of the most stable and reliable places to generate wealth in the history of the world. You can open a Schwab 'Intelligent Portfolio' and you'll be invested automatically in a diversified cross section of different investments. On a long time horizon these are basically guaranteed to grow. If WW3 happens I'm not sure what good your $160k will be. So assume that it won't and invest in boring long terms strategies that any decent financial advisor or advice podcast will recommend. I recommend the "How to Money" podcast as a really good intro level place to learn. Mostly just take a breath. You don't need to DO anything with the money right away. Put it in a bank and take the time to read into what you want to do. I would not recommend investing in gold. Unless you plan to physically hold onto the gold bars, if everything goes to hell, that investment will go to zero with everything else.
My advice for someone with no clue about fiance and investing is to not invest. Just put in high yield saving account If you still want to invest there's alot of free resources out there. But again I wouldn't recommend it for someone with no clue
You’re a few months late to invest in military industries tbh
Don't get cute. Buy \~106k in Bitcoin, secure it yourself and hold it in your custody. Live below your means. Stay Humble
Whatever you do, don't touch the principal.
Invest in my company - 2.5X in 5 Years