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

submitted 2 months ago by nieceandtows to c/[email protected]

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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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[–] MadBabs 2 points 2 months ago

Some others have said, but it really matters how old you are and what your goals are. But as a general rule of thumb...

money for bills and monthly expenses can stay in a low-interest checking (or savings) account. Keep only as much as you need for a month, maybe a bit as a cushion just in case
money you're planning on spending in the next 1-5 years in a high yield savings account (you'll make higher interest) to use as "sinking funds" or an emergency fund (3-9 months worth of monthly expenses, give or take)
invest the rest