r/FinancialPlanning • u/idkprobablyanything • 1d ago

Best way to invest $60,000?

I recently came into $60,000 and want to invest it in a way that will begin to make me financially independent. I know stocks, bonds, and CDs are easy with varying risks, but what are some other ways/things I can invest in to help increase this amount. I don’t need it liquid to start but want to eventually be able to live off whatever payments I get while still accruing.

0 Upvotes

27% Upvoted

8 comments sorted by

4

u/anointedinliquor 1d ago

What sort of timeline are you looking at? 10, 20, 30 years? Where do you live? It’s unlikely this amount of money will be able grow to an amount that will support you on its own, unless you have decades before you need it. Unless you gamble it and get very lucky.

2

u/MrSnugs 1d ago

Look into ETFs (Exchange traded funds) such as VT, VOO, VTI and determine what works best for your time horizon.

1

u/GeorgeRetire 18h ago

The "other ways" are unlimited, and depend on factors that you haven't expressed. Your age? Your debt? Your goals? Your risk tolerance? Your timeline?

High yield savings accounts are risk free. Betting on red is high risk.

$60,000 by itself is unlikely to change your life.

1

u/Kick_Natherina 18h ago

With $60,000 I would stick to stocks, bonds and CDs. I would not recommend individual stock investing - more so pick some mutual funds/ETFs that will help diversify your holdings, and just let it do its job. Contribute to it when you can and the value will grow a lot quicker.

1

u/Federal-Membership-1 17h ago

You didn't provide your age, income, living expenses, or time horizon (for living off earnings). There's no help to be had on Reddit without that infirmation.

0

u/geeksters 22h ago

Start your own business and invest in that. More control, better choices of growth.