I’ve managed to save about $30,000, but right now it’s just sitting in a regular low-interest checking account, and I know that’s probably not the best place for it.
I’m trying to figure out the smartest way to manage it, but I’m honestly not sure where to start. I’ve been reading about high-yield savings accounts (HYSA) and Roth IRAs, but I’m confused about a few things:
– How much of my savings should I keep in a HYSA?
– What are some of the best HYSAs right now?
– How much should I contribute to a Roth IRA?
– And once the money is inside the Roth IRA, what should I actually invest in?
Right now I just feel stuck because I don’t want the money sitting idle, but I also don’t want to make a mistake with it.
Any advice or suggestions would be really appreciated.
I have no clue what to do
byu/Ok-Journalist2925 inpersonalfinance
Posted by Ok-Journalist2925
1 Comment
>How much of my savings should I keep in a HYSA?
All
>What are some of the best HYSAs right now?
[Banks and CU wiki](https://old.reddit.com/r/personalfinance/wiki/banks_and_credit_unions#wiki_what_are_some_options_if_i_just_want_a_high-yield_savings_account.2C_but_otherwise_want_to_keep_my_current_bank.3F)
>How much should I contribute to a Roth IRA?
Follow the [Prime Directive](https://www.reddit.com/r/personalfinance/wiki/commontopics)
>And once the money is inside the Roth IRA, what should I actually invest in?
[IRA wiki](https://www.reddit.com/r/personalfinance/wiki/iras)
>Right now I just feel stuck because I don’t want the money sitting idle, but I also don’t want to make a mistake with it.
Where is your primary bank now?