My older sister is going to sell a land for 10k to a farmer, she said that's she's gonna give me 7k of it as a gift, i'm super happy about that. I'm 19 and soon i'm gonna start a small job 1k per month (really not huge) i'm still living at my parents house so they told me to save all the money. so 7k now and 1k per month. the thing is that i would like to make more, way more. what should i do with those 7k and my monthly income ? thanks 😀
What to do with 7k ?
byu/Electrical_Show6695 inpersonalfinance
Posted by Electrical_Show6695
2 Comments
Sounds like you are asking about a framework for what to do with money.
Start with reviewing the Prime Directive in the PF Wiki. It will answer your question and many other questions you didn’t realize you should be asking.
* https://www.reddit.com//r/personalfinance/wiki/commontopics
Without knowing anything else about your finances I’d recommend nothing.
While 7k sounds like a ton at your age it’s really not. I would then just park it as a safety net. On top of that I wouldn’t even agonize about where you park it right now. You can split hairs over a HYSA (high-yield savings account) where you can earn 4%-5% annually or you can park it in a savings account that earns almost nothing. Getting that +5% annual return rate is going to take some searching to find an account you qualify for and the first year that will only earn you $350. Again a very tiny amount of money.
TL,DR: Don’t stress over it. Just park it in a savings account to have a safety net for your early adulthood.