Hi everyone! I’m a 22.5 yr old college grad, unemployed (Thx covid), and currently looking to enter graduate school for 3-4 years during which I would incur about 300k of debt. My parents are super poor ($100k in debt) and I haven’t been endowed any funds/inheritance, so my entire life savings come out to $50,000 currently sitting idly in a Wells Fargo savings account. My concern is that I am not maximizing my full savings potential. Ex. In 2019 I only made $10.50 off the interest rate for the entire $50k. I do not plan to spend the $50k for education or daily expenses; I would like to save it as a back up.
Please advise me how I should invest my money to reap the MAXIMUM benefits through interest in the future. Knowing that I will likely have to take educational loans for the next 3-4 yrs, advice on what type/ amount of loans to take would also be appreciated. I heard roth IRAs are a good start, but apparently there is a cap that $50k exceeds-what should I do with the rest? Other than that I’m clueless about finance and so is my family. PLEASE HELP.
Tldr; I need to know how to split my $50k savings amongst different accounts, stocks, bonds, etc. to reap the maximum potential in several years.
Submitted June 17, 2020 at 09:38PM by Lulualexia https://ift.tt/2Ybfbf5
