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What's the best way to save for a car?
(kbin.earth)
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Definitely HYSA over savings for everything. Don’t sell your stocks. Btw are you not investing in an IRA?
I would plan on buying used. New isn’t worth it!
I just finished high school so I haven't gotten around to everything yet. I agree, used, there's barely any fun nenew cars
I'm looking at probably a 350z rn and u said to not sell the stocks, why? I'd probably want that money towards the car. theres a bit over a grand in there
I don’t think you should touch stocks until you retire or need them in an emergency. Compound interest works by time in the market. You having stocks at 18 is awesome! If they’re smart picks and you continue to invest, in 35 years you will be able to retire comfortably. In that line of thinking you should very much open your ROTH IRA and try to max it out every year, though that’s hard. $1,000 compounded annually over 35 years with an interest rate between 5-8% is 5.5-14.8k. It’s worth not touching stocks after purchasing unless your original purchase was risky. Of course $1000 isn’t a ton of money but it’s worth treating money invested like this.
I would find another way to come up with additional money.
Here’s a compound interest website: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
If you were to invest $100 per month over 35 years it could be 113-221k. Without that time in the market it would be less than 60k.