What do I do with $20K?

I have $20,000 what to do with it

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Hey @gary.fisherr. A reader wrote in to Dear Penny with a similar question not too long ago. Maybe that could help you decide?


The TL;DR version is: put it in a high-yield savings account while you decide exactly what to do with it. Meeting with a financial planner could also be a good option, but they can’t tell you exactly how to manage your money. You’ll have to decide what financial goal you want to reach. Retirement? Pay down debt? Invest?


Maybe divide it up? Invest some. Save some. Give some to a local charity or someone in need if that is something you like to do.

And maybe even take a small chunk to just spend on yourself as a reward for reaching such a milestone.

At the end of the day, it’s your money and you should make the decision that is best for your situation.


Buy stocks right now. They are crazy cheap

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Depends on if your retirement needs are met and where you are in life. I’m 20 years away from retirement so it would be invested if it were me.

Index ETFs diversity you across American industry.

S&P 500 (SPY) has grown a average of about 11% for the last five years

NASDAQ (QQQ) has grown at about 20% per year for the last five years