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WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml

Totally clueless with investing, $100k sitting in the bank earning 0.05%. How do I get started? Please advise. (lemmy.world)

submitted 2 months ago by nieceandtows@lemmy.world to c/personalfinance@lemmy.ml

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I have been putting part of my paycheck into a high yield savings account, but haven't bothered with investing it in a responsible manner partially due a fear of losing the money due to bad investments. I'm finally realizing how much potential money I've lost by letting my money stagnate. Please advise me on how to responsibly invest my money, thanks!

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[–] LordCrom@lemmy.world 2 points 2 months ago

Get a fiduciary advisor. Not just a stock trader. Fiduciaries are supposed to look after your best interests, not their own profits.

Diversify.

Invest in appropriate risk based on your age. Youngsters can invest in risky stocks because they have decades to make up any losses. As you age you shift some risk to moderate risk or more stable investments. As you near retirement, your risk should be minimal.

Get an advisor, a fiduciary