134
Finished high school 7 years ago. been working for 6 of them. first time i reached $10,000 in savings (25yo) (lemmy.world)
submitted 7 months ago by MidsizedSedan@lemmy.world to c/casualconversation@lemm.ee
38 comments fedilink hide all child comments

Too embarassed to tell anyone I know IRL, but am excited for my new future. Been throwing alot of money with small things. PC, alcohol, movies (and im ashamed to say, funko pops). Recently i took the plunge and cut out alcohol in an attempt to get my life together, and i feel like i have a whole new start.

you are viewing a single comment's thread
view the rest of the comments
[-] rimu@piefed.social 9 points 7 months ago

Congrats.

Once you get to $10k it starts to matter where you put it - for example a managed fund will make it grow significantly faster than if you left it in the bank.

[-] boonhet@lemm.ee 13 points 7 months ago

Don't managed funds have lower growth and significantly higher costs than index funds?

[-] dingus@lemmy.world 2 points 7 months ago

Yeah I tried one of those a while back and was pretty dissatisfied with it. All it did was lose money each month due to "fees". Felt like a scam. So I pulled the money out and put it in a high yield savings account instead. I've seen a ton of growth with that. Being a moneybro investor absolutely was not for me.

[-] orvorn@slrpnk.net 1 points 7 months ago

That's my impression as well. I would recommend making a free account with Schwab or Fidelity and putting your savings in SPY

this post was submitted on 07 Nov 2024
134 points (95.3% liked)

[Migrated, see pinned post] Casual Conversation

3368 readers
1 users here now

We moved to !casualconversation@piefed.social please look for https://lemm.ee/post/66060114 in your instance search bar

Share a story, ask a question, or start a conversation about (almost) anything you desire. Maybe you'll make some friends in the process.

RULES

  1. Be respectful: no harassment, hate speech, bigotry, and/or trolling.
  2. Encourage conversation in your OP. This means including heavily implicative subject matter when you can and also engaging in your thread when possible.
  3. Avoid controversial topics (e.g. politics or societal debates).
  4. Stay calm: Don’t post angry or to vent or complain. We are a place where everyone can forget about their everyday or not so everyday worries for a moment. Venting, complaining, or posting from a place of anger or resentment doesn't fit the atmosphere we try to foster at all. Feel free to post those on !goodoffmychest@lemmy.world
  5. Keep it clean and SFW
  6. No solicitation such as ads, promotional content, spam, surveys etc.

Casual conversation communities:

Related discussion-focused communities

founded 2 years ago
MODERATORS
orangeNgreen@lemmy.world
neidu2@feddit.nl
BoozeOrWater@lemm.ee