I have just graduated from college (debt-free), and between savings and gifts, I have around $50K in a high-yield savings account. I have already maxed out my Roth for this year between 3 ETFs (QQQ, SPY, VXUS) and have an everyday brokerage account with a little less than 15k. I start a full-time job with net income of around $2000 a month. I feel disgusted leaving the money in HYSA, and I want it to grow until I am ready and/or find a property to purchase and use for a down payment. I am stuck between CDs, a brokerage firm, and just putting it all into an ETF, an automated brokerage account like Schwab's. I want to minimize penalties and fees so I can liquidate when the right deal comes around. I plan to continue to contribute to the base amount once cash flow from my job begins. Any advice? thanks!
50K in HYSA and I do not know what to do…
byu/Fun_Blacksmith3964 inpersonalfinance
Posted by Fun_Blacksmith3964
4 Comments
If your goal is to purchase something with the 50k in the near future then just keep it in the HYSA
SGOV is another option if you may need the money soon.
SoFi has a great deal for HYSA. 3.5%.
Anyways though if you wanted to get a little more yield you could do staggered CD’s that come available every month or every quarter so there’s never all of it away at once. If this is money you think you may want access to in the next year to three years there’s really no where other than HYSA to keep it.
Would I be better off financially to just throw the money into a ETF and then just save money from my paycheck for a down payment in 1-3 years? and let that money just grow?