My Savings

I’m not an expert but I follow a handful of account on YT and follow their advice. Generally index funds are great way to start. They yield on average 5-8% return a year. You can also follow stock patterns of Congress which they tend to make great investment but those require you to actually actively manage your invents vs passively managing with index funds.

Can't go wrong with putting it into real estate. An income property is the route I did, and it continues to pay off 8 years later.

@Jules I think it’s great but don’t forget all the maintenance and repairs and finding and screening tenants. It’s a job to have real estate rental and might not work for everyone

Depends what you buy and I would advise that you find one that includes a maintenance company (cut grass, shovel snow, etc), and you can hire an agent to screen. Again, I've been doing it for 8 years, a full-time job, 4 kids and it's been no hassle.

I'd find a YouTube or TikTok to watch for your area. I follow Vivian - your rich BFF (US) and Victoria - no budget babe (canada) They show you breakdowns of how to use wealth simple and what everything is called for stocks and EFTs

High yield online savings account. UFB is about 5% and compounds daily.

Congratulations on your hard work saving! We use a financial company to help us figure out the best stfateft to help achieve our goals. We have investment accounts and after my husband’s father passed away we were able to invest in a rental property.

Use Robinhood— start with indexes, they are safer!

Keep part in a high yield savings account for an emergency fund (3-6 months worth of expenses) and the rest in either index funds or ETFs (exchange traded funds). Vanguard funds are usually good, symbols are: VTI, VOO, VUG are perhaps worth a look. Check out Motley Fool website for some reads on the stock market: https://www.fool.com/ecap/three-double-down-picks-to-consider-today-6/?advertisingcampaignid=21915283158&aid=9431&gad_source=1&gbraid=0AAAAAC_nUm9fcZRt0Vk0LqQ78ajo6HcQr&gclid=Cj0KCQiAkJO8BhCGARIsAMkswyiNGnIWirCTh3810tgKfbZyeGw1a31tmgy2XVf9BWGwcgz4iwjBnmQaAl64EALw_wcB&paid=9431&psource=esagglwdg0500885&psource=esagglwdg0500885&source=esagglwdg0500885&source=esagglwdg0500885&utm_campaign=sar-doubledown3&utm_medium=contentmarketing&utm_medium=contentmarketing&utm_source=google&waid=9431&wsource=esagglwdg0500885&wsource=esagglwdg0500885&testId=a-sa-dd-3&cellId=5&campaign=sa-dd-3&source_system_name=fool_splitter

Also good to educate yourself on investing: https://www.investor.gov/introduction-investing

You can never go wrong in investing in property. You could even put the money down as a deposit on a house and get a buy to rent mortgage. The mortgage would be paid off by the tenants and you would get abit extra each month to save again. End result, a mortgage free house plus savings still.

I invested in a condo and while I do believe is a good investment, you will definitely get hit with maintenance, and have to deal with people’s characters just be aware of that. For me it became another job not just residual passive income. Also keep in mind your mortgage payment will be fixed but.. insurance and taxes are not. Also if you have an hoa that might also go up. My payment started at $1090 and went up the second year to $1570. HOA started at $450 went up to $650 that same year so that screwed me. I did invested in tax leans and that worked wonderful only thing is you have to wait up to 2 years to see returns. So I used money I did not need. Also, in the meantime while you make a decision, do open a savings account in Sofi or Ally and put your money there. They are paying 4.5% no commitments so just grow your money in the meantime. I have $4k in ally they pay me $15 every month

Casks of whiskey is a good shout... had mine nearly 2 years and the values up already by 16%

I have an e commerce arbitrage store n 40k should bring in around 6k a month at least.

I just came here to ask how you've managed to save? Especially in this economy I'd take any tips.

I’m starting a job this week as a financial advisor feel free to shoot me a message!

@Tiaja here r some tips to help u save. 1.Buy bulk from like Costco or Sam’s. 2. Looks for discount and coupons their r a few apps u can download that’ll give u free money back like “fetch” u scan your receipt n gets points that u can use later another app is “coin” add an extension to your google that’ll look for discount codes 3. Get a credit card that gives u money back. 4. U can get a debit card that automatically saves money for u each time u use it the change goes into savings like “cashapp” 5. u can meal plan to save money so u don’t eat out. 6. Get a high yield savings account or u can also invest in government bonds. Here r just a few ways to save. Also as @Emmalie Weaver said she just started as a financial advisor. I used to do this technically I still can cuz my license is still active. This is a great job with huge potential to save money while earning residual income. As long as the company u work with u r “vested” from day 1.

@Vanessa thank you I do buy in bulk, I do have fetch, & I stay away from credit cards because I'm currently trying to pay them off, just feel like I can't save bc my income goes to bills

Yes it can be difficult in today’s economy. I’d look into a career change possibly so that u r able to save. Insurance is great u can make great money

@Vanessa yeah unfortunately I can't career change because it works with my schedule, I get to work from home couple days a week & have a great health insurance plan, I work for the state so.

@Tiaja Perhaps you can lower your monthly expenses by moving? We moved from BC to AB and can comfortably live off 1 income now. Not sure if there are better taxes in certain states.

@Tiaja ohh ok I see. Yes insurance u can work from home but most companies u have zero health benefits. If u r located in the USA u can discharge your debt. Look up 18 USC 8 and 1099C & 1099A this explains how u can legally discharge all your credit cards.

@Amanda I can't move I have a mortgage & luckily it is cheaper then if I were to rent.

@Vanessa thank you! I think that's what is really holding me back from saving but you know with economy that's what's being used for most people right now unfortunately

@Tiaja np knowledge is power. I’m looking up how to discharge my mortgage 😏

@Vanessa I didn't even know that was possible lol

@Tiaja cuz they don’t want anyone to know or everyone would do it lol. But yes can write off sooo many things u just need to do the research

@Vanessa ahh okay that's really good to know this is all new to me

@Tiaja np. Good luck

@Tiaja on ig look up biz.nick his name is Nicholas burns he explains all of this