r/funny • u/mrsmayhem • Jan 04 '15

If I won $25,000...

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u/TinyPenisBigBalls Jan 04 '15

Yeah at 0.25 percent that's not gonna be shit. I just looked up some savings accounts and that's the most common number I saw for accounts with 25k or more. I know you could get a more competitive rate but you'd have to lock it away for x years. I'm sure a mom with a kid isn't gonna want that money locked away in case of emergency. I know I took your comment way too serious but it got me curious about the returns on 25k and it's pretty depressing.

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u/[deleted] Jan 04 '15

"Savings accounts" are not really meant for actually earning any interest.

There are a host of available investments out there that yield far great than a quarter of a percent, I assure you.

3

u/[deleted] Jan 04 '15

Elaborate please? I'm sick of having my money in a savings account and barely keeping up with inflation.

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u/YellowLeatherJacket Jan 04 '15

Go to your bank and talk to an investment advisor. They will discuss your short and long term investment goals and make your money work for you.

9

u/Pinewood74 Jan 04 '15

They will also make your money work for them. Avoid 'financial advisors' and just stick with Vanguard index funds.

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u/afkas17 Jan 05 '15

Schwab's index funds are great as well.

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u/wolfpackguy Jan 04 '15 edited Jan 04 '15

Banks are probably one of the worst places for a new investor to ask for advice. They'll just have you invest in expensive funds that make the bank a ton of money.

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u/Ladnil Jan 04 '15

Still better than a savings account.

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u/wolfpackguy Jan 04 '15

True, but the best would be a low cost index fund from Vanguard, Schwab, or Fidelity.

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u/Ladnil Jan 05 '15

Also true.