So this is on mobile, my apologies in advance. I grew up poor, and my mom taught me to never get a credit card and to not trust banks. I’ve been extremely frugal and have saved, what I consider to be a considerable amount, for a soon to be 25yr old. I DO know that I NEED to invest it, I DO know that a Roth IRA is a great idea, perhaps not for all of it though. I have a couple of problems that I maybe could of avoided, hindsight is 20/20. I have 4K in checking accounts & 15k in savings. I rent an apartment and my 1997 Miata is paid off. The problem is the rest is cash. I’ve been working since I was 16, and a decent portion is from flipping items on CL & under the table work when I was younger and had no expenses. I literally saved every dollar I made for 6-7 years. I have approximately 100k in cash, in a safe deposit box that I’ve been scared to invest due to ignorance, and the IRS, being audited... etc. I’m realizing now that I need to make my money work for me, there’s probably not much to be scared of, and even a mediocre 7% return from S&P 500 would be a great additional source of income. I’ve honestly been saving to buy a house but I think I’d rather invest & I doubt it’s as simple as walking into Vangaurd(I’ve heard good things about them, I don’t even know if they have physical locations) with 100k cash and “bada bing bada boom.” I’m honestly scared and need advice, I’ve put this off for far too long. I save 1-3k a month between my SO & I and am tired of adding to a pile of money receiving 0 return. Obviously this is a throwaway account & I’m ready to receive some flak from the community, but I need some help, please.
Submitted November 18, 2017 at 02:46AM by dedshotboi http://ift.tt/2AYtoOY
