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If I am a 23 year old with $5k in my bank account, what should I do with it?
Posted on 8/21/20 at 8:34 am
Posted on 8/21/20 at 8:34 am
Had this question posed to me last night. The kid who asked is fresh out of college with a chemical engineering degree. Outside of the obvious things like finding a steady source of income, keeping a roof over your head and food on the table, what else should I say in response? I am not a financial advisor so I don't really know what I should reply with.
This post was edited on 8/21/20 at 8:34 am
16
Posted on 8/21/20 at 8:39 am to RebelTheBear
Keep it in the bank to jumpstart emergency fund.
Use it to pay down any student loans or small debts once he's settled into his next phase of life.
Use it to pay down any student loans or small debts once he's settled into his next phase of life.
Posted on 8/21/20 at 8:40 am to RebelTheBear
$5k isn't shite for someone with no job. You tell them to spend as little of it as possible.
Posted on 8/21/20 at 8:45 am to RebelTheBear
He’s 23 so the answer is hookers and blow.
Posted on 8/21/20 at 8:52 am to JOJO Hammer
Buy apple stock at the split at the end of august and reinvest your dividends....let it ride untill you reach 65
Posted on 8/21/20 at 8:55 am to RebelTheBear
He is a chemical engineer and he is good to go.
I say "go celebrate your graduation, spend it and haver fun".
I say "go celebrate your graduation, spend it and haver fun".
Posted on 8/21/20 at 8:56 am to RebelTheBear
quote:
I don't really know what I should reply with.
I am not a financial advisor.
Posted on 8/21/20 at 8:56 am to notsince98
He has job offers and is going to be employed sooner rather than later. Once he has a steady source of income from a job, then what?
Posted on 8/21/20 at 9:06 am to RebelTheBear
Send him this spending flowchart
At minimum he needs to contribute whatever his company matches for his 401k and don’t go buy an $80k truck
At minimum he needs to contribute whatever his company matches for his 401k and don’t go buy an $80k truck
Posted on 8/21/20 at 9:11 am to RebelTheBear
quote:
He has job offers and is going to be employed sooner rather than later. Once he has a steady source of income from a job, then what?
I'd tell him to buy something nice to celebrate graduation and getting a job, then use the rest to start an emergency fund. I don't think there should be any rush to get creative with his saving/investing.
Posted on 8/21/20 at 9:31 am to RebelTheBear
Apple, Google, Amazon, Microsoft
Start with buying stock in the above when they dip.
Start with buying stock in the above when they dip.
Posted on 8/21/20 at 9:36 am to RebelTheBear
quote:
23 year old with $5k in my bank account
I have no advice but man if I was 23 again knowing what I know now!! The year would be 1996...Good times.
Posted on 8/21/20 at 9:41 am to RebelTheBear
THrow it into a Large Cap Growth fund in a Roth IRA
Posted on 8/21/20 at 10:10 am to iAmBatman
you're not a zoomer but op can tell his friend to make an account here and then we can get him on the slack discord and do application. free application. only accept good ppl who stick to facts
Posted on 8/21/20 at 10:18 am to RebelTheBear
Put it in a high yield savings account as an emergency fund.
General board consensus for money management is always fund the emergency fund first. Between 1-3 months income.
Opinions vary after that, but it's usually 401k to match, then FSA, then rothIRA, then 401k to limit.
General board consensus for money management is always fund the emergency fund first. Between 1-3 months income.
Opinions vary after that, but it's usually 401k to match, then FSA, then rothIRA, then 401k to limit.
Posted on 8/21/20 at 10:22 am to Mr Perfect
quote:
you're not a zoomer
bro don't lump me in with these boomers...i already have a slack account, just need the details...just trying to stack man, dont hate
Posted on 8/21/20 at 10:25 am to RebelTheBear
Buy 0.4 bitcoin
Posted on 8/21/20 at 10:25 am to RebelTheBear
Put it on red and pray
Posted on 8/21/20 at 10:40 am to tigers1956
quote:
uy apple stock at the split at the end of august and reinvest your dividends....let it ride untill you reach
Apple Pay’s 0.7% dividend
Posted on 8/21/20 at 10:48 am to RebelTheBear
Start his own business, invest in himself.
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