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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 3 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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[–] [email protected] 2 points 3 months ago* (last edited 3 months ago)

Put your money in a tax deferred account like a Roth IRA or 401(k). Find a cheap target date fund that's for the year you turn 65. It's the way to go for people who don't know what they're doing. It balances the portfolio automatically based on industry standard advice for retirement. Read through the prospectus for the fund and make sure it fits your goals and risk tolerance.