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## Looking to Invest at 20

I am currently 20 years old and have been researching the benefits of investing for my future. I have saved up approximately $12-15K, but I am unsure of where to put it. I have come across concepts like Roth IRA and S&P 500, but I lack knowledge on how to set them up and their potential benefits. I am not looking for a quick return on investment; rather, I am interested in something stable that I can invest in and forget about until retirement. Any guidance on this matter would be greatly appreciated.

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View Reference


  • Montauk_123

    If you’re just getting your feet wet, start off with a HYSA.

  • MrBalll

    Before you invest, setup a HYSA and put three to six months of expenses in it.

    If any money is left check the IRS website and look up Roth IRA. If you qualify to deposit in one go to Fidelity, Schwab, or Vanguard website and open a Roth IRA account and deposit what is left in there. Depending on what brokerage you choose depends on which S&P fund you may purchase. Update info here on what you do.

  • CharacterMiddle3923

    I’d put 5k (minimum) into a 5% interest cash acckunt (emergency fund) and the rest could put in a world index fund, if you literally want to forget about it until you retire. How you can know at 20 years old though that you won’t want to touch it in the next 5-7 years I find hard to believe. That’s a long time, you might want to travel, but a new car, get married, anything can happen in that 5 years. So until you accumulate more I’d just stick it in at 5% cash account, case any of the above crop up in the next 5 years.

    You can put additional wealth/income into a stocks and shares ISA and leave and forget. But always handy to have 10-20k in cash accounts while interest rates are decent (5%+)

  • fraidycat

    If you have earned income (like from a job) this year, you can invest in a Roth IRA up to the amount you earn in 2024 or $7,000, whichever is less. Open up a Roth IRA account at Vanguard, Fidelity, or Schwab. Transfer money into the account. Then, once the money is in the account, you can choose what to buy. Look for ETFs (like VTI or VOO) or Mutual Funds (like VTSAX or FXAIX) that track the total stock market or the S&P 500. Don’t sell until retirement.

    Actually, you can invest in a Roth IRA for 2023, too, if you had earned income that year. The deadline is April 15, 2024, to invest for 2023. For 2023, you can put up to $6500 in a Roth IRA.

    Also, subscribe to r/personalfinance and read the whole wiki, especially the Prime Directive/flowchart. Learn what the difference is between a Roth IRA and a traditional IRA and a Roth 401k and a traditional 401k. Follow the flowchart, and you’ll be golden.

    *Edit: Others have made the extremely good point about having an emergency fund before you invest. They’re right.

  • MRicho

    Term deposits, maybe. But, keep saving.

  • Upset-North-2211

    Go to r/personalfinance and follow their wiki advice. That sub has good flowcharts for young folks to follow.

  • Saul_T_C_Man

    Are you going to change your mind about needing the money between now and 5 years?

  • CharlieAngel24

    Vanguard Roth VTI ETF if your intention is to start a fund for your retirement. If not, you could still use Vanguard and put it in a money market or a high yield savings account with Ameriprise. I would like to add that it is wonderful that at such a young age you have already started saving. I bet your parents are proud! My kids would never listen to me! 🤣

  • aus-solopro87

    Emergency and short term goal fund in a HYSA and then the rest dump in a Fidelity Roth IRA investing in FZROX and FZILX

  • bilmou80

    invest in yourself ( ourse and mentorship) and invest in a suit

  • Uncrowned888

    You’re still building your emergency fund, so you should put it in a HYSA for now.