Investing triples your money in a decade
Gambling triples your money overnight.
If you want the money for a "long term investment", open a Roth or conventional IRA. If you "know" nothing about investing, look into Vanguard 2040 Target Fund. They will do the work.
If you want to gamble, go to the nearest casino and have a great time. You won't have any money at the end of the trip, but you will make some great memories (maybe)
If you are going to want some of the money next year, and the rest in another year or so, check around for savings accounts with banks, savings and loans or credit unions. You won't make much of anything, but at least it won't be in your pocket burning a hole (or will it be?)
Go to www.treasurydirect.gov and get yourself an Inflation protected I-savings bonds account. This account would allow you to keep your funds ahead of inflation.
Go to vanguard website and get yourself a Roth IRA also while there get vanguard total stock market index fund.
Sorry to inform you but since you have 70k, you arent living hand to mouth.
While investing, you should ignore short term market news, keep a diversifed portfolio and dollar cost average your investment. When you get a job, get the 401k or 403b and get the company match
Find an adviser. In your case, call an Edward Jones rep in your area.
Theoretically I've come across $70,000 and usually live hand to mouth. I'm currently unemployed because of an auto accident but not on disability but soon to go back to work. I've taken $10,000 to live on. I still live hand to mouth and I'm a tight wad, very cheap because I don't like being broke. I have zero income at this point besides the $10,000 and the $60,000 I don't want to touch that's in a HIMMA account earning .50% interest. (I DON'T KNOW A THING ABOUT FINANCE OR BANKING). I'm 25 currently staying with grandma for free so I don't have to pay rent or other bills. (SHE WONT TAKE A DIME FROM ME).
I want to invest safely. I want my money to make money safely.
I will absolutely not touch this money until it grows to a much larger sum because I know $60,000 is not a lot.
So what is my best option? Keep it in the HIMMA or something else?
Thank you!
