Too embarassed to tell anyone I know IRL, but am excited for my new future. Been throwing alot of money with small things. PC, alcohol, movies (and im ashamed to say, funko pops). Recently i took the plunge and cut out alcohol in an attempt to get my life together, and i feel like i have a whole new start.

  • Rimu@piefed.social
    link
    fedilink
    English
    arrow-up
    13
    arrow-down
    5
    ·
    15 days ago

    Congrats.

    Once you get to $10k it starts to matter where you put it - for example a managed fund will make it grow significantly faster than if you left it in the bank.

    • boonhet@lemm.ee
      link
      fedilink
      English
      arrow-up
      13
      arrow-down
      1
      ·
      15 days ago

      Don’t managed funds have lower growth and significantly higher costs than index funds?

      • Orvorn@slrpnk.net
        link
        fedilink
        English
        arrow-up
        1
        ·
        14 days ago

        That’s my impression as well. I would recommend making a free account with Schwab or Fidelity and putting your savings in SPY

      • dingus@lemmy.world
        link
        fedilink
        English
        arrow-up
        1
        ·
        14 days ago

        Yeah I tried one of those a while back and was pretty dissatisfied with it. All it did was lose money each month due to “fees”. Felt like a scam. So I pulled the money out and put it in a high yield savings account instead. I’ve seen a ton of growth with that. Being a moneybro investor absolutely was not for me.