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    What should I do with all my money?

    I’m 22, USA, no debts. I live at home for free.

    I have a lot of money from my summer job. This is a current breakdown of my money:

    Bank account: $15,000

    IRA: $1,100 in VLXVX

    ETF (VOO): $4,500

    High Yield Savings (4.5%): $5,000

    I’ve looked into options trading but it seems complicated and risky. But I could make a lot of money. What should I do with my money?

    What should I do with all my money?
    byu/Intelligent_League79 ininvesting



    Posted by Intelligent_League79

    View 12 Comments

    12 Comments

    2. harpswtf on

      For starters, max out your Roth IRA ($7000) and put all of it into VOO, which you can then trade tax-free for a different ETF mix later if you do more research. Just putting money into an IRA isn’t useful, it should be invested in something. If possible maxing out your Roth IRA every year is a great step because it’s the best tax advantage for your money.

    3. ouroboros_winding on

      Move the HYSA to VOO and just have a checking account. $15000 in a checking account at your age and point in life sounds a tad conservative but you would know your situation best.

    4. jameshearttech on

      Create an emergency fund, max out your IRA, whatever is left goes into your brokerage account.

    5. PalpitationExotic727 on

      Don’t do options, very painful to see your hard earned money disappear if you don’t know what you’re doing. If you really are interested in learning then limit yourself to a small portion (like 1k or even less). Just keep beefing up your HYSA and investment accounts while you’ve got that free rent.

    8. Dankomycin on

      I wouldn’t gamble with options. If you want to save for retirement a Roth IRA is your best vehicle given the tax advantages. Can do VOO/qqq, or VT if you want to be conservative. If you want to invest and not have the money tied up bc u want to use it in 10 years then probably just a brokerage acc with the above ETFs.

    10. houshawany on

      Do NOT touch options, please. Find an asset that you think will do well in the next 10 years (ideally one with a super die hard community that will be around for at least 10 years) and DCA into it.

      We’re entering the age of the ideological investor, your money is your vote on the future you want to see

    12. Blammar on

      If you want to make a lot of money safely, it takes time and compounding. Move some of your bank savings to the HYSA for now and go check out r/bogleheads.

      If you want to double your money quickly, with some danger, then go to a casino and make ONE large even-money bet and walk away if you win.

      If you want to more than double your money with options, well, what is it, 99% of new options players lose ALL of their money? That’s noticeably worse than even money…

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