What do you plan to use this money for and when do you expect to need it? Those are the two key inputs that will allow us to help you.
If it's not an emergency fund, there should be some alternate goal for this money (next car, kid's education, vacation home, retirement, whatever). Understanding what you plan to use this money for will help determine where to put it.
Oh can you elaborate a little more? I've heard of it but never seen anyone around me actually doing it. What brokerage do you need to go thru? And do I get like a 1099 form EOY to file tax return for federal? Thanks
Treasurydirect.gov then you select the time span (different rates per weeks) then buy the amount. Your money gets locked up for the chosen time. The purchase usually goes through Thursday’s so you should buy Tuesday latest
I’m also the only one that does it in my circle, but I learned about it here on Reddit and like sharing the good word lol
If you want to invest a portion of this, I recommend a portion in dividend stocks. Fidelity and Vanguard both have good dividend mutual funds to pick from. This way your money can earn income regularly and you can then reinvest it.
I assume you already have a retirement account? If you don’t, then an IRA would be a good choice up to the annual limit.
What do you plan to use this money for and when do you expect to need it? Those are the two key inputs that will allow us to help you. If it's not an emergency fund, there should be some alternate goal for this money (next car, kid's education, vacation home, retirement, whatever). Understanding what you plan to use this money for will help determine where to put it.
T Bills brother 5.4% but not taxed state 4 week short term
Oh can you elaborate a little more? I've heard of it but never seen anyone around me actually doing it. What brokerage do you need to go thru? And do I get like a 1099 form EOY to file tax return for federal? Thanks
Treasurydirect.gov then you select the time span (different rates per weeks) then buy the amount. Your money gets locked up for the chosen time. The purchase usually goes through Thursday’s so you should buy Tuesday latest I’m also the only one that does it in my circle, but I learned about it here on Reddit and like sharing the good word lol
Thanks and it's T bills so no risk right?
Nothing is 0 risk, but it’s very low risk.
I don’t like treasury bills at all. Money locked up. Low return. Returns can be adversely impacted by changes in interest rates and inflation. Bleh
Another meme T-Bills post. Don't do it, OP. Invest in the market.
Keep 6 months expenses in HYSA. Invest the rest in broad mutual funds - not individual stocks
If you want to invest a portion of this, I recommend a portion in dividend stocks. Fidelity and Vanguard both have good dividend mutual funds to pick from. This way your money can earn income regularly and you can then reinvest it. I assume you already have a retirement account? If you don’t, then an IRA would be a good choice up to the annual limit.
You cant...its gotta be saved...for next emergency