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What should these college kids do with the money in their savings/stock account?
Posted on 8/20/16 at 12:32 am
Posted on 8/20/16 at 12:32 am
Having worked part-time since they were 15, my oldest [one year from college graduation] has about $10000 and my middle [two years from college graduation] has about $8000 ... each in a Schwab stock investment account.
Should they stay in cash and wait for a better time to get in market or should they go ahead and put the money in an index fund or funds, and if so, which ones?
Should they stay in cash and wait for a better time to get in market or should they go ahead and put the money in an index fund or funds, and if so, which ones?
2
Posted on 8/20/16 at 5:28 am to amgslg
I would say keep 5k in cash and earmark as a post college moving fund/emergency fund (for moving expenses, apartment deposits, etc. for post-college job). Spend a grand or two or so on a cool trip/trips (backpacking thru Europe vs. awesome spring break + cool football road trips). Put the rest in a Roth.
Posted on 8/20/16 at 2:31 pm to amgslg
What am I missing... why do they have that kind cash in a brokerage account?
I agree with the other comment with each setting aside a portion for an emergency fund. After that, I would look at setting up Roth accounts once/if they are working. Assuming they have 5-8k leftover, I would dump into an S&P or whole stock market index.
Too many people fail to take advantage of a Roth, so just opening one early is a good first step.
I agree with the other comment with each setting aside a portion for an emergency fund. After that, I would look at setting up Roth accounts once/if they are working. Assuming they have 5-8k leftover, I would dump into an S&P or whole stock market index.
Too many people fail to take advantage of a Roth, so just opening one early is a good first step.
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