What to do with hard earned savings???

[Mr Avante]

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For a moment, it seems like you were about to suggest investing in gold.

 

[LuciusVorenus]

It's ok, I don't judge 😉

Ok I'm done.

 

[Gauss44]

delete

 

[Gauss44]

I am going to be a junior for undergrad this year and I have 14,000 dollars saved up. Does anyone have any suggestions of what I should do with it other than keeping it in my savings account?

Deposit in checking account number: 0992403480...

 

[deleted307836]

1. Forget retirement plans at this point.
2. Forget the stock market and any government bonds at this point.
3. Forget any vacations trip.
4. Save the money.

This. Maybe look at a high yield savings account like Barclays (.9%). Don't bother investing in anything though - just save it.

 

[LizzyM]

Stash the money someplace safe (not a mattress). The expenses associated with applying to medical school and getting set up at med school (application fees, professional clothing, travel to interviews, moving expenses, housing deposits, household items) will add up before you get your hands on any financial aid (loans and grants) that can be used to pay your med school living expenses.

Apply for and get a credit card that gives you miles or cash back or something and then use your nest egg to pay off your bill every month to avoid interest charges and to build up a credit history. If you are lucky enough to get a number of interviews, you may earn a free flight or a free hotel stay with miles/loyalty points.

 

[TheWeeIceMan]

Invest in Detroit municipal bonds.

 

[Oranges123]

Second bogleheads forum

http://www.7twelveportfolio.com/

whitecoatinvestor

vanguard or fidelity; companies with mutual funds with low expense ratios; you should seriously not be paying greater than 0.50% per fund to invest your money.

i've found that investing your money in a Roth IRA or mutual fund forces you to save money and you are less tempted to withdraw it. Invest and forget about it.

White Coat Investor is such an amazing blog and so necessary for all future physicians. Let's not make the same financial mistakes that so many doctors before us have made. You don't need a financial planner; if you want to assume control of your money, learn it yourself. i recommend 7twelve as a starting point (diversification minimizes loss), which will allow you to have reasonable gains with minimal risk.

Don't be car poor or house poor especially now as a poor, negative net worth medical student. Live on a budget and don't be greedy. Easy to say, difficult to do.

 

[eefen]

Stash the money someplace safe (not a mattress). The expenses associated with applying to medical school and getting set up at med school (application fees, professional clothing, travel to interviews, moving expenses, housing deposits, household items) will add up before you get your hands on any financial aid (loans and grants) that can be used to pay your med school living expenses.

Apply for and get a credit card that gives you miles or cash back or something and then use your nest egg to pay off your bill every month to avoid interest charges and to build up a credit history. If you are lucky enough to get a number of interviews, you may earn a free flight or a free hotel stay with miles/loyalty points.

Second bogleheads forum

whitecoatinvestor

vanguard or fidelity; companies with mutual funds with low expense ratios; you should seriously not be paying greater than 0.50% per fund to invest your money.

i've found that investing your money in a Roth IRA or mutual fund forces you to save money and you are less tempted to withdraw it. Invest and forget about it.

White Coat Investor is such an amazing blog and so necessary for all future physicians. Let's not make the same financial mistakes that so many doctors before us have made. You don't need a financial planner; if you want to assume control of your money, learn it yourself. i recommend 7twelve as a starting point (diversification minimizes loss), which will allow you to have reasonable gains with minimal risk.

Don't be car poor or house poor especially now as a poor, negative net worth medical student. Live on a budget and don't be greedy. Easy to say, difficult to do.

+1

Don't know much about 7twelve, but I second all the rest of the above. I would hold off on investing for now. If you want some return, try putting it all in a savings account with Ally Bank.

 

[Mt Kilimanjaro]

http://www.mrmoneymustache.com/2011/05/18/how-to-make-money-in-the-stock-market/

 

[Mr Avante]

Savings accounts did work in the past, but for now the return is minimal and north worth investing.
And avoid investing in the stock market, you would just become a pig or a chicken in the farm.

 

[eefen]

Savings accounts did work in the past, but for now the return is minimal and north worth investing.
And avoid investing in the stock market, you would just become a pig or a chicken in the farm.

With an online account like those at Ally, you can get a rate of 0.84%. Not much, and it really doesn't make a huge difference, but that's as good or better than most CDs available today. Hint: it's not a bad place to store large sums of cash....like loan disbursements...