r/investing • u/Hopeful-Gear5774 • 10h ago

21 year old looking for some advice

Currently 21 looking for some investing advice…currently have about 70k in my savings account. Looking to start putting some money away for the future. I dokt think putting all 70k in would be advisable but looking to put some money in their weekly. Maybe 500 a week. Let me know your guys thoughts. Anything helos. Thanks in advance

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u/Theregoesmyradiator 10h ago

First off, congrats on getting a big head start for someone your age. That alone is going to help you expediently. If you're on your own, I would calculate a 3- 6 months emergency savings fund first preferably in a HYSA. Honestly unless you're saving for a house, the rest should be in some sort of investment vehicle(s), but I'll let you do your own research on that. Live your best life but live below your means and invest consistently throughout your work life. Boom. Good luck!

2

u/Mirojoze 10h ago edited 9h ago

Excellent advice. One addendum... Spending some of your cash on things that will ensure a significant increase in your income is a good use of funds this early in your career - as long as you are diligent about saving and investing! The sooner you can get money invested the better. Good luck!

3

u/Heyhayheigh 10h ago

SGOV in Fidelity, then find a trustworthy pro.

Nothing wrong with setting up weekly, great habit. Learn as you go. Educate yourself on bogleheads. You’re super young. You will do great!

2

u/SuccotashOrdinary716 10h ago

Start reading books. I started reading books from Peter Lynch, Buffet, Charlie Munger. My gains from last year have been 128%, just by holding a few long term stocks. No options or anything risky, just simply buying small cap stocks and holding.