Im 24 and work two part time jobs. I live at home and have virtually no expenses besides my car insurance and monthly lease payment. I understand I am so blessed to be living this way. I have about $10k in the bank that I don’t touch/ keep for emergencies. I want to put into a high yield savings or something but im just not sure. Or should i start an IRA?? I also have some money in stocks on robinhood but i havent touched that in years either. Id rather put this money somewhere it can grow but without risk. Please guide me!!!
What do I do with my money??
byu/natalie222- inpersonalfinance
Posted by natalie222-
3 Comments
https://www.reddit.com/r/personalfinance/wiki/commontopics
You’re in such a good spot at 24 — $10k emergency fund already is huge. Keep that in a high-yield savings so it’s safe but still growing a bit. Then start a Roth IRA and put it in simple index funds or ETFs for long-term growth. If you want zero risk, HYSAs or CDs work but won’t grow much. Your brokerage can be for extra investing, just keep it simple and low-cost. Basically: emergency fund safe, retirement growing, extra money compounding.
If you want minimal risk, prioritize a high‑yield savings account for your emergency fund. After that, start a Roth IRA and contribute regularly. It’s a balanced approach: safety for the short term, growth for the long term.