Hey guys, so I have a general question what do you guys think I should do. At the current moment I have a past income over around $4000 a month. I also work part-time job and bring home about 1000 a month, $25 an hour for about 12 hours a week. Not really a stressful job whatsoever. I’m just looking at what can I invest or do with this new passive income.
Try Robinhood and one of the investing subreddits
I would assume boglehead is one of them?
Do you have a 6 month emergency fund? Do you have any high interest debt? Are you planning on buying a house, vehicle, or any other large purchase in the next two years? Are you maxing out your 401k and Roth?
I 100% should’ve added this in the post. Planning on buying a house but that’s a sticky situation due to my relationship. I own my car, and I’ve started my Roth IRA. I spend roughly 1500 a month in expenses. So I don’t see the IRA taking too long. Maybe 2 months. I’m also working on a passport to travel because atp idk what to do with the money.
What about emergency fund? If you do not have any high interest debt then you should be building that fund first before investing. What about a 401k?
Emergency fund, and no debt.
Here is what I would do. Max out the Roth. It sounds like you do not have a 401k so you can do a brokerage account. You could split the extra income in half. One part goes into an HYSA for a potential house buy. The other goes into the brokerage. Invest in a broad based ETF so you have whole market diversification. Don’t try to pick individual stocks. You will mostly likely lose money.
I didn't see any passive income in your statement. But just follow this ... https://moneyguy.com/article/foo/