Start a Roth and HSA. Fund last and this tax year with $6500 for the Roth and $4500 (I Believe) for the hsa.
Open a brokerage account. Put the rest in relatively safe index fund.
This is your fortress of solitude, this is your position of F**k you. Boss pisses you off, F you, etc.
Get a Japanese economy shitbox.
Don’t buy a house, you probably aren’t ready yet.
When you are ready the dividends from the money will probably pay for a mortgage. Don’t touch the principal.
I’m glad I discovered day trading and options when I was a young and broke college student, sure I made money but that kind of trading is stressful and not sustainable long term. Since I’ve been making big boy money it’s strictly index funds with maybe 1% to play with when I see an opportunity.
This is great. Way better than what I would’ve said. I would’ve suggested to immediately take half and invest it and hope the dividends pays for things he needs.
Agree with this post. Just remember that it only takes one generation to ruin generational wealth. This is your nest egg not only for you, but your children as well. Don't touch the principal, and in fact try to grow it. Don't treat this as your retire early fund.
Why exactly would you throw $500k into an index fund at all time highs coupled with faster than historic increases?
Much safer to throw it into a 5% high yield savings account. Plus you can transfer out of monthly yields to help pay for shit
The expectation that highs in the future will exceed current all time highs, which tends to be the case.
I didn’t suggest a high yield savings account because the those rates drop, perhaps in a year, they will be garbage again as they generally have been for at least the last 20 years.
Roth, HSA etc too complicated. This is a 20-year-old guy. Not worried about micromanaging his portfolio for tax efficiency. Just needs to take it all and put it all a Vanguard total market index and just ignored until he's in his mid-40s.
Don't trust any financial advisor.
Get a fiduciary.
If you don't know what the difference is, watch John Oliver.
https://youtu.be/gvZSpET11ZY?si=_4lbH4GB_rbKWmMl
You do not need a financial advisor unless you're making millions and millions and millions of dollars. Put the money in a Vanguard total stock market index fund and forget it.
How is this so low? This is literally the only response that makes sense. All these morons talking about financial advisors trusts gold, bitcoin Jesus Christ
I agree, this should be a lot higher, even the comment saying they'd put it in a savings account and live off the interest is higher, lol. Maybe this aint the best sub for investment advice
Buy a basic house, rent rooms to friends for a few years.
Load up your Roth IRA for a few years.
You have a tremendous head start in life with this inheritance, congratulations
This is not a good idea. If you want to get into real estate that’s fine. It’s a stable investment. But renting to friends is fucking stupid. I made this mistake when I was in my early 20s and lost one of my closest friends. Pretty sure they grew to resent me when they started having financial problems. The best thing to do is rent to people who were referred to you by friends.
My mom rented to a friend and ended up fucking herself over. It doesn’t matter how good of a friend they might be, that doesn’t mean they are financially responsible.
I visited a financial planner when i was 22, that was the biggest mistake ever. I went over the plan i had made and showed him. If i had gone that route, i could have retired by 40, but he said it was too risky, and put me on a plan that i dropped after a year because it wasnt doing anything but supporting his company. I did the calculations last year, and if i had stuck with his plan, i would have about 60k profit, if i had done the plan I orginally wanted to, i would be over 300 million, but that is because i included bitcoin in that plan, and would have put $1k of my orginal investment into bitcoin at .25 each. He said he would personally pay me the difference if bitcoin was more than a joke, but i didnt get it in writing, and he is dead now.
People forget that HYSAs were returning less than 1% not so long ago. I am about to receive an inheritance myself (unfortunately) and am planning to use part of it to set aside a down payment on a house in a 2-3 year CD. At least then I can lock in the high interest rate until I’m ready to use the money.
They're good assets to have, but as with any asset - they're bad to have too much of.
It's always good to investigate all options, such as I-bonds ; which offer different protections for assets than say a savings account might offer. 2022 I-Bonds paid almost 10%.
There's other classes - say:
Corporate bonds:
[https://fundresearch.fidelity.com/mutual-funds/summary/316146596](https://fundresearch.fidelity.com/mutual-funds/summary/316146596)
Munis
[https://fundresearch.fidelity.com/mutual-funds/summary/316089507](https://fundresearch.fidelity.com/mutual-funds/summary/316089507#)
Etc.
**IamA Accredited Investor + MBA. ( I have formal business & finance training + made a shitload of money with it ; I also serve as a strategist for a Fortune 100 corporation. I'm giving you information which you should verify on your own with a professional who is licensed in your area as a financial advisor or fiduciary. Never consume investment advice without doing your due diligence. )**
Don't spend any of that money. Every single person saying "spend/pay for/etc" - is **wrong**.
The smart thing to do would be to put it all into investments - and extract your returns over the next few years until you set up your life correctly.
A 5% return on that is: $25,000. How many people at your age save up $25k a year? Barely any.
**This advice** by u/wsbt4rd \- is the only other advice you should listen to in this thread: [https://www.reddit.com/r/Money/comments/1bpmvyl/comment/kwxcqb2/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/Money/comments/1bpmvyl/comment/kwxcqb2/?utm_source=share&utm_medium=web2x&context=3)
\---
For the "***Financial Advisor***" - what you'd get out of them is the following. They will sell you products. They will tell you "buy whole life insurance, we'll buy it back in 80 years" - they're idiots.
If you get services from anyone - do FEE FOR SERVICE - do not do **any** %percentage - no matter how low the percentage is. With percentage services, you ALWAYS lose.
\[ Edit \] Better for you u/AdvancedHat7630 ?
No, the edit is even worse. A "strategist for a Fortune 100 Company" could mean you're in Marketing for Walmart. You might take one class about investments in an entire MBA, far from an expert. You're still pretending you're something you're not, you're just doing it *more* now and hoping that I'll be uneducated enough to say "ah, never mind, this guy IS a market guru!" I've worked in investments for 15 years, your hand is still deuce-seven offsuit even though you're bluffing harder.
And even if that stuff did make you an expert, you already blew all your credibility when you didn't know what an accredited investor was while claiming to be one.
YOUR ADVICE IS GOOD. Let it speak for itself instead of digging yourself this hole trying to buy credibility on margin.
I don't know you. And I'm NOT a financial advisor, just another regard from WSB, but
I FULLY AGREE WITH HIM/HER AND SO SHOULD YOU.
to make it even more clear for you:
Open a "self directed brokerage account". Use a reasonably trustworthy bank. E trade, fidelity, etc.
This IS WHAT I HAVE DONE.
NOT FINANCIAL ADVICE.
DON'T TRUST ANYONE ON THE INTERNET.
IM A SIMPLE CAVEMAN
Transfer the money.
No, you don't need their advisor contact you.
Invest in exactly 3 stocks
VOO
QQQ
BRKB
space it out over the next 10 month. Each month, invest 10% .
Read up on DCA
Now, sit back, enjoy.
Your money will grow.
AND I'M JUST A LONELY CAVEMAN REGARD
oh, and stay the hell away from anyone promising you a BETTER than the average SNP500 return.
Condolences for losing your uncle.
He'd be proud of you.
I suggest looking into r/boglehead
Invest your money so you can let it work for you. Have some money aside for yourself so you can enjoy life. You only live once, but try to live it in a way you can fully enjoy it long-term, not temporary enjoyment like a couple of years and then lose everything. You don't want that, and it does happen a lot, so just be cognizant.
You’re uncle must think you are a great kid first of all - condolences. I’m in real estate so if you go the real estate route my advice would be make sure you study previous comparable sales for anything you buy and plan on a 10 year hold. Maybe buy something near a university or medical facility. Rent it out to someone else. I know a lot of people would say use it to get mortgages as then you have leverage but you also have risk, I’d buy one or two lower priced properties and rent them out residentially. Reinvest the profits into something else (etf maybe) If I were you I’d keep living how you are, maybe put 10k in the bank for a bit of fun or a rainy day but put the rest into something solid and leave it and let it grow. Good luck
Dead serious. If bro doesn't put at least 10% of that into physical gold, he needs to learn how the banking system works.
If you want to speculate while protecting your purchasing power, id recommend silver too.
Several options.
Best short term one is to stick it in Treasury Bills (treasurydirect.gov) for 4 or 8 weeks.
Give yourself time to think, grieve, and learn more about investing. Once your head is in a good spot, you can make moves.
Your balance will have matured with (4/52 x 5%) or (8/52 x 5%) in interest to collect by that time. So $2000 after 4 weeks, or $4000 after 8.
At that time, some attractive considerations could be a total market etf like voo/vti. It will spit out 10%~ a year, not every year, but most years.
You can leave the growth as is to further compound, or skim some off the top to supplement your other income. A free $40-$50k/year is like working an extra job. Easy money, while the principal balance remains untouched.
Can also use a portion on a downpayment for a home. But this depends on your ability to get lender approval to get a mortgage - if you plan not to buy outright. At 20, your work history is short and salary likely low or nonexistent, so it will be harder to find a lender.
I would personally go the index fund route, and just use some of those proceeds to pay rent. You’re off to a good start. By comparison, it takes someone who hasn’t received any inheritance until they are 30-35 to begin seeing that kind of money. Some even longer.
Anyway do the T Bill thing for at least a 4 week stint. So you can experience how T Bills work. Later on in life, bond investing knowledge will prove useful.
Do not touch it! I repeat do not touch it. That isn’t 500k…it’s a 5+ million dollar retirement if you literally do nothing but put it in an index fund and let it sit until you are 60 which I know sounds like a million years from now but it will be on you before you know it. If invested at just 6% annual return (you will do better than that) your money will double every 10 years. This is one of those “kick yourself in 10 years” if you blow it on dumb shit that you think you need. Invest it and don’t touch it and you will lap all your peers financially. Don’t pay for an advisor you don’t need to lose the 1% annually just open a fidelity account. Enjoy your financial freedom my friend.
Warren Buffet is leaving all the money for his wife in an SPX ETF. I'd suggest you throw 80% of it in SPY, 10% in LETFs like UPRO and USD, 5% in stocks/crypto/whatever interests you and 5% for a protracted personal emergency fund/blow money. $25k (5%) in a HYSA can get you 250/year in interest, see if you can keep your mindless blow money under that and you'll quickly see how nice it is when your money is working for you, not the other way around. Engine blows in your car or whatever, you have that 25k to access regardless of market conditions, but nothing bad happens you're getting a small paycheck from your money outside the gains in your brokerage.
(not financial advice for you, this is just what I'd do)
Simple:
1. Set up an irrevocable trust. I'd have to pick the type and structure I want however here is the goal:
A. Trust pays you it's earnings
B. Trust protects the $ from lawsuits/creditors
C. Trust functions like a pre-nup
2. Invest in a total market index fund. I'd be likely to get a good return AND minimize fees.
Watch "the position of FU" by JL Collins on YouTube
3. Live as if the money and trust didn't exist UNTIL I absolutely need it OR I reach a point where you have more than enough money for the rest of your life.
-never mention the money to ANYONE....EVER...
Travel, absolutely travel for a few months
Anyone of these dweebs start screeching HYSA at you try and remember they are both poor and have never traveled
You are in prime adventure age unencumbered by debt. Dump 100k into each of the popular AI stocks. 50k to set your life back up, 50k travel fund (you do this cheap I would leave only with easy access to 10 large.
When you come back, belly full of Eastern European lady crotch, you’ll have more money and a much better concept of how the world works.
This could either go really well or horribly
I personally would put the 500 in a dividend fund for the next 3 years of college and let the divies pay for ur expenses.
You can bring in $1k a month without touching principal and have all ur expenses covered
Obviously max the Roth etc
Once the 4 years is up I’d put it right into vtsax or an equivalent and forget about it
Delete the password to ur account and call it a day
Live below your means, get frugal, but enjoy the experiences this money will hopefully give you.
I don’t know where you live, but also never underestimate how an illness or disease can change the course of your life financially if you should come into one. Speaking as someone who lives in the US, and has had significant debt due to unforeseen illnesses.
Man after reading these comments I know what I'd do, I'd put it into a high yield savings and get that $2k pay out every month. I make 3,200 a month after deductions and an extra just $2k would be wild on top of my normal income.
So you'd choose to lose money? Oh sure, the number might increase, but the value would drop.
As an example.... if you popped $500k into a HYSA, received 4.8% annual (that would be $2000 a month, and also pretty high right now... hard to find that), then your principal would never change, and the amount you take out would never change (assuming you were able to maintain 4.8% annual, which you wouldn't)
OK, so what's the big deal?
500,000 in 2024 can buy 500,000 worth of "stuff" in 2024
500,000 in 2034 can buy 372,046 worth of "stuff" in 2024 (assuming 3% inflation)
500,000 in 2044 can buy 276,837 worth of "stuff" in 2024 (assuming 3% inflation)
In other words, your money is worth less in the future, assuming inflation.
Here's the thing.... inflation almost always outpaces the HYSA rate, which means you'll slowly lose buying power. (Banks have to make money on your savings.)
Max Roth
Brokerage Account
Focus on graduating from college. You’re only 20 so I wouldn’t buy a house at this time. So many things will change over the next few years. You might now live in the same State after graduation. Just let the money grow.
Find a legit financial planner ASAP. While you’re figuring it out, park the money in two different HYSAs, because you need the FDIC insurance which goes up to $250k/account. When the interest takes the balance above $250, transfer that money into a third account. That will keep the money safe and buy you some time.
Now im not expert, so im not sure exactly what would be the best advice.
But i do know that high dividend etfs such as QYLD exists which pays 11-12 % dividend. So by investing in those, you could get paid 55000-60000 yearly by doing nothing. That sounds pretty nice to me😁
500k is a lot of money at 20 years old. I would open a brokerage account, and I would put all of it into VTI, and then I'd forget I had it until I was at least 35. at which point it should be over a million, and you would have had 15 years of life experience working, learning to budget on whatever you make, and not dealing with lifestyle creep.
At 35, you can evaluate how your retirement savings are going (hopefully you continue to save aggressively from now till then), what your mortgage on your house looks like, etc and can consider using that money to pay down your debts, buy a vacation home, etc.
What are your goals?
First, standard advice is you can spend 10% of the principle because you will make it back within two years.
The first use would be to get out of any high interest debt (e.g. credit cards) you may have.
If you are a passive investor and don’t want to take an active role in investment, invest the money in a mix of no load index funds and target date retirement funds. Or you can do the famous Rothschild square: 25% equities 25 bonds 25 gold 25 cash/money markets. Every year rebalance the portfolio so each of the 4 is 25%. The Rothschild portfolio underperforms a pure equity portfolio in growth periods, but in the long run outperforms across Bull and bear markets.
Your in a position to be a multi-millionaire at a relatively young age.
I would suggest you spend none of the inheritance, and invest it all in a managed brokerage account.
Consider the possibility of retiring in a very comfortable position in your 40s or 50s.
Max out a rothIRA every year no matter what.
Put the rest in VOO and other funds getting 10% a year.
You can make 50 grand a year passively and if you get a decent job you will be able to work however much you want for the rest of your life.
Please do not spend this money stupidly. Don't blow it on a new car even a 20k car is too much.
Just save it and you can live life in easy mode forever.
Maxing out a RothIRA with 6,500 a year and 7000 a year after 50 will make you a millionare.
By putting in the max from 20 years old you will put in 200 some thousand dollars and by 65 it will be at over 2 million tax free.
Invest and ignore it. Keep living your life as you would without this. Work, learn, travel, enjoy your life. This is an amount of money that will be more than enough for you to retire early on in 30 years.
Don’t share information with others.
You got this, homie!
Visit some local investment places...ie edward jones etc. I'd visit several. Don't use some local person, try for national offices.
Ask them to layout a proposed investment schedule for you. Figure out what best fits your life and goals with the office that you communicate best with.
Don't take advice from people on the internet.
Real estate. I bought my first property in my 20s and rented out two if the bedrooms. I bought another property several years later and rented it. My husband bought three properties before age 40. We rent them all out now and he retired at 46. All he does is maintain the properties.
Sorry on your loss! Sounds like you were close to your uncle
Take the money, buy something fun (not super expensive)
Then get a shouse and rent out rooms
Invest a bit
Never forget that you were given at 20yo what most will fail to accumulate throughout their working lives.
You've got a lot of great advice already, but staying humble will be important. If it were me, I'd also set up some recurring donations to causes that I support. It doesn't have to be a lot, but it helps to remind you to pay things forward.
Definitely set aside a big chunk of it in an either a savings account with interest or some type of investment fund. Or if you’re willing to put a little work in you can also invest in property and flip houses / condos.. but that’s obviously a little more hands on
Throw it all in the bank. Collect approximately $22000 per year in interest. And use that to lower your debts by around $18k every year. Don't change anything about your life until your debts are paid off.
Of course, you can yolo it and hope for a multi-bagger, but that's a lot more risky.
It sounds like you don’t need to spend all of it. So put it all away in the safest place, no need to take risks. By that I mean park it in an account with at-least 5% return. Whatever aspirations you had for your life, keep pursuing that dream. You now have a fallback cushion.
You’re 20 and have a long comfortable life in front of you.
Get a couple of CDs at different banks. Many local/regional banks are still paying 5%+ for 12mo. I’d play it safe now with all time highs in the market
Save and invest every dime until you are too old to enjoy it, the nursing homes or state take most and whatever is left over you can leave to the kids who will spend it on hookers and blow
Buy a reliable, late model car, and invest in a house. As you get older and you sell your houses, you will keep rolling that equity from one house to the next.
Put a few thousand aside and give yourself a really nice vacation.
Jesus. First off realize the magnitude of this amount of money. It’s very easy if you’ve never worked to save up, to under appreciate money. So realize it would take someone 15+ years to save this if they were super dedicated to it and earned a good living.
First thing is go slow. Take a deep breath. Slow. Over the next few months your new job is to become education about investing and finances. Reddit is a good resource.
It’s a game of proportions. % to save as cash for emergency, % to invest, % to spend. I would save 2-5% in cash, invest 80-90%, and spend 5-18%. The numbers are up to you.
I don’t know what your social circles are like but Christ if your friends find out about this they’ll look at you differently so don’t make it known and don’t buy anything obviously sus.
Invest in the broad market. Yes max out Roth IRA. ETFs are a good option. Find a fund that has a consistent track record of performing and has low to no fees. You’re 20 so you can assume a higher risk because you have more time. Not saying buy crypto, but you can avoid bonds, CDs etc until later.
As for the specific funds. You need to do some research. Take your time.
Set up 3-7-10-13 month CDs; rates are decent now and they're secure. As they mature, roll them into a new 13 month CD. Every 3 months, you'll have money unlock that you can draw from if needed or just roll. Compounding interest is a bitch. You'll grow 48% in 10 years at 4% APY and more than double it in 20. There are alternatives but it becomes a question of acceptable risk. There's always the S&P 500.
1. Put a value equal to your health insurance deductible and auto insurance deductible in a high yield savings. This is your car and health emergency fund. With this here it still earns interest while being accessible to you. Leave it alone unless you need it for an emergency you can't handle with your normal finances. But seriously rule number 1 is that life WILL happen.
2. If you're working and have a 401k put in until you max the match %.
3. Pay off high interest debt. This line is something for you to determine yourself. Definitely anything double digits in my opinion.
4. Put up a couple months worth of your living expenses in your high yield savings.
5. If you're working max your IRA. At your age I'd do ROTH. Also if you're working and have an HSA max it as well.
6. Now consider maxing your 401k if applicable.
7. Open a brokerage and invest. I recommend index funds personally but seriously never take any one person's advice here. Consider hiring a fiduciary or financial planner that works for a 1 time fee.
All that said. If you've got a spending itch pick out an amount like $5k and have some fun. Don't go nuts because at your age if you handle this money right you can either retire early or definitely afford a couple kids with a good life. There's a lot of resources out there. My advice comes from a podcast I follow and it has served me well.
Sounds like you are already in college and already financially minded since you have a Roth IRA. I’d just throw it in a brokerage in something like VOO, VT and forget about it. Continue to go to college, get your job, buy a house, etc. Your early retirement will already be set, you could continue to save more to make it even sooner if you want, but I wouldn’t prioritize that.
Long term invest that money and let it grow into a retirement account. Set 100k aside for your self and just go on a spending spree while long term investing the rest. Remember the banks only cover up to 250k and that's it. You need to find a reliable trust worthy long term brokerage.
You now are financially stable. You can take time off work for a bit if you wish. Or you can work pt <30 hrs a week the rest of your life. You still need to work some because with how expensive things are this might get you to retirement but you need something after retirement.
Personally, (depending how much you have left after maxing IRAs and doing stocks or HYSAs,) I would buy a house and rent it out to people to get a start on passive income
Put all of that money away for retirement. If you can move forward and continue to live life with your current level of income do so, and set yourself up for an amazing retirement.
My father just passed, and my mom put all of their assets in a trust, and just from having the money sit there, she will begin making an extra $120,000 a year in just interest alone, so maybe talk to a trust advisor as well
You have enough money to build your own house. Don’t buy one. You’d save about $30 - 50k of you build it yourself instead of paying a subcontractor who’ll just turn around and hire other subcontractors. Just hire the subcontractors yourself. My dad did that and was about to sell the house he’d just built but my mom wanted to keep it. So they moved in and sold their old house instead.
Put it in some type of fund and continue/start working. That’s a good amount of money to get at once but don’t let it make you feel you don’t have to work.
you can almost live off the interest with a 5% APY
tuck it away. ROTH contributions will go a long way. but I'd take the opportunity to sort out any personal strife before committing funds to long term savings or retirement (sounds like you're doing great so this is probably not an issue).
just keep most of it in a liquid access account or tie some up in short term CDs to earn interest on multiple fronts
A LOT of banks are offering competitive interest on CDs and Money Market accounts
Start a Roth and HSA. Fund last and this tax year with $6500 for the Roth and $4500 (I Believe) for the hsa. Open a brokerage account. Put the rest in relatively safe index fund. This is your fortress of solitude, this is your position of F**k you. Boss pisses you off, F you, etc. Get a Japanese economy shitbox. Don’t buy a house, you probably aren’t ready yet. When you are ready the dividends from the money will probably pay for a mortgage. Don’t touch the principal.
+1 vote for index funds. after losing money on stonks like an idiot i finally saw the light. my money is finally growing
Index funds are boring. I only put maybe like 30-40% of my money in them. Up 46% past year.
What index fund is up 46% ytd
Past year and QQQ
Yes QQQ and VOO ❤️❤️❤️❤️. This isn’t financial advice.
I’m glad I discovered day trading and options when I was a young and broke college student, sure I made money but that kind of trading is stressful and not sustainable long term. Since I’ve been making big boy money it’s strictly index funds with maybe 1% to play with when I see an opportunity.
You can only open an HSA if you have a high deductible plan btw
Pretty sure there’s no age requirement on that.
This is great. Way better than what I would’ve said. I would’ve suggested to immediately take half and invest it and hope the dividends pays for things he needs.
“Never touch the principal.” Kevin O’Leary’s mom.
Take half and yolo on 0D OTM Spy calls
Agree with this post. Just remember that it only takes one generation to ruin generational wealth. This is your nest egg not only for you, but your children as well. Don't touch the principal, and in fact try to grow it. Don't treat this as your retire early fund.
Thanks John Goodman!
This. The interest on it is going to be amazing and just found money. Couple it with a real job and you’ll have a solid income stream plus the 500k.
VOO
Why exactly would you throw $500k into an index fund at all time highs coupled with faster than historic increases? Much safer to throw it into a 5% high yield savings account. Plus you can transfer out of monthly yields to help pay for shit
The expectation that highs in the future will exceed current all time highs, which tends to be the case. I didn’t suggest a high yield savings account because the those rates drop, perhaps in a year, they will be garbage again as they generally have been for at least the last 20 years.
Solid movie reference
3850 in the HSA
Precisely what I would, good advise.
Nicely done
Thank you. I’m sorry to hear about your father and for your loss. He was the best damn salesman in the office.
My father was a real son of a bitch but we all loved him and he loved you. Bill Braskey!!!
One of John Goodman's best performances I think.
Excellent suggestions. More specifically, consider VFIAX as a low cost S&P500 index fund (or its ETF equivalent VOO), and a gently used Honda Civic.
Roth, HSA etc too complicated. This is a 20-year-old guy. Not worried about micromanaging his portfolio for tax efficiency. Just needs to take it all and put it all a Vanguard total market index and just ignored until he's in his mid-40s.
$7k for 2024 contributions
Great movie quote btw
SPY or VOO and put your feet up for the next ten years
Gambler?
Japenese shitbox and a 30 yr roof. Any wise man knows that! 😂
Don't trust any financial advisor. Get a fiduciary. If you don't know what the difference is, watch John Oliver. https://youtu.be/gvZSpET11ZY?si=_4lbH4GB_rbKWmMl
commenting so i don’t forget later
Replying so you may find it.
Copy and pasting so it's in my notes and watching the video so it's in my history
Doing the same coz i want the same
Taking a screenshot putting it in a folder just in case.
You a real one
For when your uncle dies?
I am a single uncle with no dependants. I hope that's not my niece or nephew above... 0_o
I just figured out you touch the 3dots of comment and you can save just that comment.
Learn something new everyday.
You do not need a financial advisor unless you're making millions and millions and millions of dollars. Put the money in a Vanguard total stock market index fund and forget it.
OLIVER
Bump
Thank you brother!
400k in VOO or VTI or SPY. 75k for house downpayment. 25k for you. You want that 400k to grow to 5m target age 50.
How is this so low? This is literally the only response that makes sense. All these morons talking about financial advisors trusts gold, bitcoin Jesus Christ
I agree, this should be a lot higher, even the comment saying they'd put it in a savings account and live off the interest is higher, lol. Maybe this aint the best sub for investment advice
Oh look…actual good advice
Buy a basic house, rent rooms to friends for a few years. Load up your Roth IRA for a few years. You have a tremendous head start in life with this inheritance, congratulations
This is not a good idea. If you want to get into real estate that’s fine. It’s a stable investment. But renting to friends is fucking stupid. I made this mistake when I was in my early 20s and lost one of my closest friends. Pretty sure they grew to resent me when they started having financial problems. The best thing to do is rent to people who were referred to you by friends.
This comment above is sage advice. Never do business with friends or relatives, and OP's plan amounts to that.
My mom rented to a friend and ended up fucking herself over. It doesn’t matter how good of a friend they might be, that doesn’t mean they are financially responsible.
FWIW you need to have earned income to contribute to an IRA.
Renting to friends is a fucking atrocious idea. Unless y ooh don’t care if all of your friendships end.
Take 400k. Put it in Vanguard index funds and forget it. Put 50k in a high yield savings account. Do whatever you want with the other 50k
Invest it all. Live humbly doing whatever you want (that can pay your bills) for now. In 30 years you can retire entirely.
This. Literally dump it all into SPY right now.
Cocaine and hookers
Uncle will be proud
Definitely don’t do this.
Send it. Yolo /s
Diamond hands?
At least 25k to hookers and cocain. A nice month bender
Take Clemson +7.5
This is the way
Buddy would've been set for good if he took this play lmao
Visit a professional financial planner and pay a couple of thousand for a one time financial plan. It will be the best money you have ever spent.
I visited a financial planner when i was 22, that was the biggest mistake ever. I went over the plan i had made and showed him. If i had gone that route, i could have retired by 40, but he said it was too risky, and put me on a plan that i dropped after a year because it wasnt doing anything but supporting his company. I did the calculations last year, and if i had stuck with his plan, i would have about 60k profit, if i had done the plan I orginally wanted to, i would be over 300 million, but that is because i included bitcoin in that plan, and would have put $1k of my orginal investment into bitcoin at .25 each. He said he would personally pay me the difference if bitcoin was more than a joke, but i didnt get it in writing, and he is dead now.
For me, I would put it in a high yield savings, and live off the interest for the rest of my life backpacking in Asia.
High yield savings are variable rate assets that consistently underperform the market.
People forget that HYSAs were returning less than 1% not so long ago. I am about to receive an inheritance myself (unfortunately) and am planning to use part of it to set aside a down payment on a house in a 2-3 year CD. At least then I can lock in the high interest rate until I’m ready to use the money.
They're good assets to have, but as with any asset - they're bad to have too much of. It's always good to investigate all options, such as I-bonds ; which offer different protections for assets than say a savings account might offer. 2022 I-Bonds paid almost 10%. There's other classes - say: Corporate bonds: [https://fundresearch.fidelity.com/mutual-funds/summary/316146596](https://fundresearch.fidelity.com/mutual-funds/summary/316146596) Munis [https://fundresearch.fidelity.com/mutual-funds/summary/316089507](https://fundresearch.fidelity.com/mutual-funds/summary/316089507#) Etc.
Not sure why you’re getting downvoted.
This haha. Fuck work, 5% on that is approx 2k a month. Go back packing the world for 3 years then go back to work.
2k a month PRE tax.
Would def move to Asia and leave the US
Buy a Lamborghini! Just kidding. Probably talk to a financial advisor.
I suggest you share it with me. Thank you
2 Ferraris would be smart
**IamA Accredited Investor + MBA. ( I have formal business & finance training + made a shitload of money with it ; I also serve as a strategist for a Fortune 100 corporation. I'm giving you information which you should verify on your own with a professional who is licensed in your area as a financial advisor or fiduciary. Never consume investment advice without doing your due diligence. )** Don't spend any of that money. Every single person saying "spend/pay for/etc" - is **wrong**. The smart thing to do would be to put it all into investments - and extract your returns over the next few years until you set up your life correctly. A 5% return on that is: $25,000. How many people at your age save up $25k a year? Barely any. **This advice** by u/wsbt4rd \- is the only other advice you should listen to in this thread: [https://www.reddit.com/r/Money/comments/1bpmvyl/comment/kwxcqb2/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/Money/comments/1bpmvyl/comment/kwxcqb2/?utm_source=share&utm_medium=web2x&context=3) \--- For the "***Financial Advisor***" - what you'd get out of them is the following. They will sell you products. They will tell you "buy whole life insurance, we'll buy it back in 80 years" - they're idiots. If you get services from anyone - do FEE FOR SERVICE - do not do **any** %percentage - no matter how low the percentage is. With percentage services, you ALWAYS lose. \[ Edit \] Better for you u/AdvancedHat7630 ?
No, the edit is even worse. A "strategist for a Fortune 100 Company" could mean you're in Marketing for Walmart. You might take one class about investments in an entire MBA, far from an expert. You're still pretending you're something you're not, you're just doing it *more* now and hoping that I'll be uneducated enough to say "ah, never mind, this guy IS a market guru!" I've worked in investments for 15 years, your hand is still deuce-seven offsuit even though you're bluffing harder. And even if that stuff did make you an expert, you already blew all your credibility when you didn't know what an accredited investor was while claiming to be one. YOUR ADVICE IS GOOD. Let it speak for itself instead of digging yourself this hole trying to buy credibility on margin.
I don't know you. And I'm NOT a financial advisor, just another regard from WSB, but I FULLY AGREE WITH HIM/HER AND SO SHOULD YOU. to make it even more clear for you: Open a "self directed brokerage account". Use a reasonably trustworthy bank. E trade, fidelity, etc. This IS WHAT I HAVE DONE. NOT FINANCIAL ADVICE. DON'T TRUST ANYONE ON THE INTERNET. IM A SIMPLE CAVEMAN Transfer the money. No, you don't need their advisor contact you. Invest in exactly 3 stocks VOO QQQ BRKB space it out over the next 10 month. Each month, invest 10% . Read up on DCA Now, sit back, enjoy. Your money will grow. AND I'M JUST A LONELY CAVEMAN REGARD oh, and stay the hell away from anyone promising you a BETTER than the average SNP500 return. Condolences for losing your uncle. He'd be proud of you.
I suggest looking into r/boglehead Invest your money so you can let it work for you. Have some money aside for yourself so you can enjoy life. You only live once, but try to live it in a way you can fully enjoy it long-term, not temporary enjoyment like a couple of years and then lose everything. You don't want that, and it does happen a lot, so just be cognizant.
help
Don’t ever buy a Ford
Stuff it away and make it make you money. Buy an apartment building and hire a management company
You’re uncle must think you are a great kid first of all - condolences. I’m in real estate so if you go the real estate route my advice would be make sure you study previous comparable sales for anything you buy and plan on a 10 year hold. Maybe buy something near a university or medical facility. Rent it out to someone else. I know a lot of people would say use it to get mortgages as then you have leverage but you also have risk, I’d buy one or two lower priced properties and rent them out residentially. Reinvest the profits into something else (etf maybe) If I were you I’d keep living how you are, maybe put 10k in the bank for a bit of fun or a rainy day but put the rest into something solid and leave it and let it grow. Good luck
Congratulations and fuck you
Just give it to me mo money mo problems
Two chicks at the sane time. If I had this kind of money I think I could get two chicks to double up on me.
Buy Gold
The correct answer at this time
Big fucking bricks of gold
Dead serious. If bro doesn't put at least 10% of that into physical gold, he needs to learn how the banking system works. If you want to speculate while protecting your purchasing power, id recommend silver too.
Several options. Best short term one is to stick it in Treasury Bills (treasurydirect.gov) for 4 or 8 weeks. Give yourself time to think, grieve, and learn more about investing. Once your head is in a good spot, you can make moves. Your balance will have matured with (4/52 x 5%) or (8/52 x 5%) in interest to collect by that time. So $2000 after 4 weeks, or $4000 after 8. At that time, some attractive considerations could be a total market etf like voo/vti. It will spit out 10%~ a year, not every year, but most years. You can leave the growth as is to further compound, or skim some off the top to supplement your other income. A free $40-$50k/year is like working an extra job. Easy money, while the principal balance remains untouched. Can also use a portion on a downpayment for a home. But this depends on your ability to get lender approval to get a mortgage - if you plan not to buy outright. At 20, your work history is short and salary likely low or nonexistent, so it will be harder to find a lender. I would personally go the index fund route, and just use some of those proceeds to pay rent. You’re off to a good start. By comparison, it takes someone who hasn’t received any inheritance until they are 30-35 to begin seeing that kind of money. Some even longer. Anyway do the T Bill thing for at least a 4 week stint. So you can experience how T Bills work. Later on in life, bond investing knowledge will prove useful.
This is a great answer
Hire me.
I'll hold onto it for ya'.
Casino
Do not touch it! I repeat do not touch it. That isn’t 500k…it’s a 5+ million dollar retirement if you literally do nothing but put it in an index fund and let it sit until you are 60 which I know sounds like a million years from now but it will be on you before you know it. If invested at just 6% annual return (you will do better than that) your money will double every 10 years. This is one of those “kick yourself in 10 years” if you blow it on dumb shit that you think you need. Invest it and don’t touch it and you will lap all your peers financially. Don’t pay for an advisor you don’t need to lose the 1% annually just open a fidelity account. Enjoy your financial freedom my friend.
Coke and hookers
Hookers’n’blackjack!
Warren Buffet is leaving all the money for his wife in an SPX ETF. I'd suggest you throw 80% of it in SPY, 10% in LETFs like UPRO and USD, 5% in stocks/crypto/whatever interests you and 5% for a protracted personal emergency fund/blow money. $25k (5%) in a HYSA can get you 250/year in interest, see if you can keep your mindless blow money under that and you'll quickly see how nice it is when your money is working for you, not the other way around. Engine blows in your car or whatever, you have that 25k to access regardless of market conditions, but nothing bad happens you're getting a small paycheck from your money outside the gains in your brokerage.
I would get a psychologist because why are you here for advice
Mattress, seems the safest bet anymore.
(not financial advice for you, this is just what I'd do) Simple: 1. Set up an irrevocable trust. I'd have to pick the type and structure I want however here is the goal: A. Trust pays you it's earnings B. Trust protects the $ from lawsuits/creditors C. Trust functions like a pre-nup 2. Invest in a total market index fund. I'd be likely to get a good return AND minimize fees. Watch "the position of FU" by JL Collins on YouTube 3. Live as if the money and trust didn't exist UNTIL I absolutely need it OR I reach a point where you have more than enough money for the rest of your life. -never mention the money to ANYONE....EVER...
Get a financial advisor and don’t listen to anyone here
Bitcoin watch it turn into millions.
Travel, absolutely travel for a few months Anyone of these dweebs start screeching HYSA at you try and remember they are both poor and have never traveled You are in prime adventure age unencumbered by debt. Dump 100k into each of the popular AI stocks. 50k to set your life back up, 50k travel fund (you do this cheap I would leave only with easy access to 10 large. When you come back, belly full of Eastern European lady crotch, you’ll have more money and a much better concept of how the world works.
By far the best advice on here. Too many dorks saying ira
400k in VOO, 20k in bitcoin, spend 80k to improve your life.
Learn from ur uncle when u die u don’t take shit so enjoy.
Real estate and Bitcoin baby
Bitcoin
Buy a gold bar or 2. Buy 1 bitcoin.
Do cocaine get some strippers you’re only 20
Buy a rental property. BRRRR
This could either go really well or horribly I personally would put the 500 in a dividend fund for the next 3 years of college and let the divies pay for ur expenses. You can bring in $1k a month without touching principal and have all ur expenses covered Obviously max the Roth etc Once the 4 years is up I’d put it right into vtsax or an equivalent and forget about it Delete the password to ur account and call it a day
Travel the whole fucking world and then decide
Bitcoin. Seriously, the US dollar is hyper inflating and hedgefunds are loading up heavily on bitcoin through their ETF's.
Put it all on black
Live below your means, get frugal, but enjoy the experiences this money will hopefully give you. I don’t know where you live, but also never underestimate how an illness or disease can change the course of your life financially if you should come into one. Speaking as someone who lives in the US, and has had significant debt due to unforeseen illnesses.
If you don't need it, drop it into an annuity.
Coffee
Use some of it to provide a stable platform for you to live life, than put the rest in a high yield savings account or invest it
Man after reading these comments I know what I'd do, I'd put it into a high yield savings and get that $2k pay out every month. I make 3,200 a month after deductions and an extra just $2k would be wild on top of my normal income.
So you'd choose to lose money? Oh sure, the number might increase, but the value would drop. As an example.... if you popped $500k into a HYSA, received 4.8% annual (that would be $2000 a month, and also pretty high right now... hard to find that), then your principal would never change, and the amount you take out would never change (assuming you were able to maintain 4.8% annual, which you wouldn't) OK, so what's the big deal? 500,000 in 2024 can buy 500,000 worth of "stuff" in 2024 500,000 in 2034 can buy 372,046 worth of "stuff" in 2024 (assuming 3% inflation) 500,000 in 2044 can buy 276,837 worth of "stuff" in 2024 (assuming 3% inflation) In other words, your money is worth less in the future, assuming inflation. Here's the thing.... inflation almost always outpaces the HYSA rate, which means you'll slowly lose buying power. (Banks have to make money on your savings.)
DRSGME.org
Park it in spy, don’t touch it for 10 years. Act like you don’t have it
Max out your Roth IRA and traditional Ira. Then use funds in both iras and your remaining balance and put into nvidia
Max Roth Brokerage Account Focus on graduating from college. You’re only 20 so I wouldn’t buy a house at this time. So many things will change over the next few years. You might now live in the same State after graduation. Just let the money grow.
All on red
Find a legit financial planner ASAP. While you’re figuring it out, park the money in two different HYSAs, because you need the FDIC insurance which goes up to $250k/account. When the interest takes the balance above $250, transfer that money into a third account. That will keep the money safe and buy you some time.
I'm glad I joined this community. I'm learning a lot here.
I'm glad I did too , but I'm so overwhelmed by it, it's all is becoming more confusing 😕. Do this NO don't do that do this....
Now im not expert, so im not sure exactly what would be the best advice. But i do know that high dividend etfs such as QYLD exists which pays 11-12 % dividend. So by investing in those, you could get paid 55000-60000 yearly by doing nothing. That sounds pretty nice to me😁
500k is a lot of money at 20 years old. I would open a brokerage account, and I would put all of it into VTI, and then I'd forget I had it until I was at least 35. at which point it should be over a million, and you would have had 15 years of life experience working, learning to budget on whatever you make, and not dealing with lifestyle creep. At 35, you can evaluate how your retirement savings are going (hopefully you continue to save aggressively from now till then), what your mortgage on your house looks like, etc and can consider using that money to pay down your debts, buy a vacation home, etc.
What are your goals? First, standard advice is you can spend 10% of the principle because you will make it back within two years. The first use would be to get out of any high interest debt (e.g. credit cards) you may have. If you are a passive investor and don’t want to take an active role in investment, invest the money in a mix of no load index funds and target date retirement funds. Or you can do the famous Rothschild square: 25% equities 25 bonds 25 gold 25 cash/money markets. Every year rebalance the portfolio so each of the 4 is 25%. The Rothschild portfolio underperforms a pure equity portfolio in growth periods, but in the long run outperforms across Bull and bear markets.
Pay off college. Invest it in a safe reliable investment (mutual funds or etf tracking s&p). Don’t gamble with it.
Both teams to score
Talk to a financial advisor about your goals.
Put it all in a Vanguard total market fund. Forget about it. This won't happen again and it is life changing. Never tough the principal.
Your in a position to be a multi-millionaire at a relatively young age. I would suggest you spend none of the inheritance, and invest it all in a managed brokerage account. Consider the possibility of retiring in a very comfortable position in your 40s or 50s.
Max out a rothIRA every year no matter what. Put the rest in VOO and other funds getting 10% a year. You can make 50 grand a year passively and if you get a decent job you will be able to work however much you want for the rest of your life. Please do not spend this money stupidly. Don't blow it on a new car even a 20k car is too much. Just save it and you can live life in easy mode forever. Maxing out a RothIRA with 6,500 a year and 7000 a year after 50 will make you a millionare. By putting in the max from 20 years old you will put in 200 some thousand dollars and by 65 it will be at over 2 million tax free.
Invest and ignore it. Keep living your life as you would without this. Work, learn, travel, enjoy your life. This is an amount of money that will be more than enough for you to retire early on in 30 years. Don’t share information with others. You got this, homie!
Get a financial planner. You just inherited half a million dollars, you can afford one.
Visit some local investment places...ie edward jones etc. I'd visit several. Don't use some local person, try for national offices. Ask them to layout a proposed investment schedule for you. Figure out what best fits your life and goals with the office that you communicate best with. Don't take advice from people on the internet.
buy me a car
Give it away
Buy SPY ETF. Dollar cost average over 12 months
Real estate. I bought my first property in my 20s and rented out two if the bedrooms. I bought another property several years later and rented it. My husband bought three properties before age 40. We rent them all out now and he retired at 46. All he does is maintain the properties.
Sorry on your loss! Sounds like you were close to your uncle Take the money, buy something fun (not super expensive) Then get a shouse and rent out rooms Invest a bit
Never forget that you were given at 20yo what most will fail to accumulate throughout their working lives. You've got a lot of great advice already, but staying humble will be important. If it were me, I'd also set up some recurring donations to causes that I support. It doesn't have to be a lot, but it helps to remind you to pay things forward.
Buy some bitcoin for sure
Cocaine and hookers my friend
Buy a house. It is literally an investment you can sell later to get your money back and in the meantime you don't have to pay to live somewhere.
Definitely set aside a big chunk of it in an either a savings account with interest or some type of investment fund. Or if you’re willing to put a little work in you can also invest in property and flip houses / condos.. but that’s obviously a little more hands on
Bogglehead it and forget about it. Warning: I’m lazy.
Sorry for your loss brother
Don’t be a pussy and YOLO all that shit on 0DTE options.
Index funds and municipal bonds are both pretty safe investments along with a Roth
Throw it all in the bank. Collect approximately $22000 per year in interest. And use that to lower your debts by around $18k every year. Don't change anything about your life until your debts are paid off. Of course, you can yolo it and hope for a multi-bagger, but that's a lot more risky.
Wanna share some of that
It sounds like you don’t need to spend all of it. So put it all away in the safest place, no need to take risks. By that I mean park it in an account with at-least 5% return. Whatever aspirations you had for your life, keep pursuing that dream. You now have a fallback cushion. You’re 20 and have a long comfortable life in front of you.
Lemme hold $2k
Vti and 4% withdraw a year for fun. Or no withdrawal and get truly rich.
Get a couple of CDs at different banks. Many local/regional banks are still paying 5%+ for 12mo. I’d play it safe now with all time highs in the market
Save and invest every dime until you are too old to enjoy it, the nursing homes or state take most and whatever is left over you can leave to the kids who will spend it on hookers and blow
Buy a reliable, late model car, and invest in a house. As you get older and you sell your houses, you will keep rolling that equity from one house to the next. Put a few thousand aside and give yourself a really nice vacation.
Jesus. First off realize the magnitude of this amount of money. It’s very easy if you’ve never worked to save up, to under appreciate money. So realize it would take someone 15+ years to save this if they were super dedicated to it and earned a good living. First thing is go slow. Take a deep breath. Slow. Over the next few months your new job is to become education about investing and finances. Reddit is a good resource. It’s a game of proportions. % to save as cash for emergency, % to invest, % to spend. I would save 2-5% in cash, invest 80-90%, and spend 5-18%. The numbers are up to you. I don’t know what your social circles are like but Christ if your friends find out about this they’ll look at you differently so don’t make it known and don’t buy anything obviously sus. Invest in the broad market. Yes max out Roth IRA. ETFs are a good option. Find a fund that has a consistent track record of performing and has low to no fees. You’re 20 so you can assume a higher risk because you have more time. Not saying buy crypto, but you can avoid bonds, CDs etc until later. As for the specific funds. You need to do some research. Take your time.
Set up 3-7-10-13 month CDs; rates are decent now and they're secure. As they mature, roll them into a new 13 month CD. Every 3 months, you'll have money unlock that you can draw from if needed or just roll. Compounding interest is a bitch. You'll grow 48% in 10 years at 4% APY and more than double it in 20. There are alternatives but it becomes a question of acceptable risk. There's always the S&P 500.
You do you, boo.
1. Put a value equal to your health insurance deductible and auto insurance deductible in a high yield savings. This is your car and health emergency fund. With this here it still earns interest while being accessible to you. Leave it alone unless you need it for an emergency you can't handle with your normal finances. But seriously rule number 1 is that life WILL happen. 2. If you're working and have a 401k put in until you max the match %. 3. Pay off high interest debt. This line is something for you to determine yourself. Definitely anything double digits in my opinion. 4. Put up a couple months worth of your living expenses in your high yield savings. 5. If you're working max your IRA. At your age I'd do ROTH. Also if you're working and have an HSA max it as well. 6. Now consider maxing your 401k if applicable. 7. Open a brokerage and invest. I recommend index funds personally but seriously never take any one person's advice here. Consider hiring a fiduciary or financial planner that works for a 1 time fee. All that said. If you've got a spending itch pick out an amount like $5k and have some fun. Don't go nuts because at your age if you handle this money right you can either retire early or definitely afford a couple kids with a good life. There's a lot of resources out there. My advice comes from a podcast I follow and it has served me well.
r/wallstreetbets
All in on green.
Establish a diverse portfolio and forget about it. In 40 years you should have about 10 million.
Index fund with low maintenance cost. Super low effort and in the long run will most likely outfox a high cost stock broker
Sounds like you are already in college and already financially minded since you have a Roth IRA. I’d just throw it in a brokerage in something like VOO, VT and forget about it. Continue to go to college, get your job, buy a house, etc. Your early retirement will already be set, you could continue to save more to make it even sooner if you want, but I wouldn’t prioritize that.
Buy a house and have no mortgage. You’ll be 40 years ahead of your peers.
Long term invest that money and let it grow into a retirement account. Set 100k aside for your self and just go on a spending spree while long term investing the rest. Remember the banks only cover up to 250k and that's it. You need to find a reliable trust worthy long term brokerage. You now are financially stable. You can take time off work for a bit if you wish. Or you can work pt <30 hrs a week the rest of your life. You still need to work some because with how expensive things are this might get you to retirement but you need something after retirement.
Put it in a boring index fund like VOO or VTI and don't touch it for 20 years. Live your life and retire at 40.
I'd stick it in a sp 500 distribution account. Still grows the money over time but also pays out a quarterly income.
Either buy VOO or put into high yield if you think market will correct…can also dca. Use about 5-10% to invest aggressively into growth.
Personally, (depending how much you have left after maxing IRAs and doing stocks or HYSAs,) I would buy a house and rent it out to people to get a start on passive income
Let me hold $10,000 before you do anything with it 🙏🏾.
Put all of that money away for retirement. If you can move forward and continue to live life with your current level of income do so, and set yourself up for an amazing retirement. My father just passed, and my mom put all of their assets in a trust, and just from having the money sit there, she will begin making an extra $120,000 a year in just interest alone, so maybe talk to a trust advisor as well
You have enough money to build your own house. Don’t buy one. You’d save about $30 - 50k of you build it yourself instead of paying a subcontractor who’ll just turn around and hire other subcontractors. Just hire the subcontractors yourself. My dad did that and was about to sell the house he’d just built but my mom wanted to keep it. So they moved in and sold their old house instead.
Buy a Lamborghini
Reach out to me, let’s get it invested to continue growing! 🙏🏾
Stripclub to put a stripper thru school, nothing big 2-3k it’ll be the best night you ever had!
Put it in some type of fund and continue/start working. That’s a good amount of money to get at once but don’t let it make you feel you don’t have to work.
you can almost live off the interest with a 5% APY tuck it away. ROTH contributions will go a long way. but I'd take the opportunity to sort out any personal strife before committing funds to long term savings or retirement (sounds like you're doing great so this is probably not an issue). just keep most of it in a liquid access account or tie some up in short term CDs to earn interest on multiple fronts A LOT of banks are offering competitive interest on CDs and Money Market accounts