Hello all!
I'm hoping for some wisdom from fellow TFPers related to money
Here's the deal:
Basically right now I have a checking account and a savings account at a well known national bank. Through the past couple of years of working my checking account has grown to ~$10g. My savings account is much smaller (about a 1/10 of that due to an automatic transfer of $25 a month that I was encouraged to setup when I opened my checking account).
I am relatively young (early 20s) and this is the most money I've ever had in my life! But it seems to me that I should be doing something else with this money instead of just letting my checking account grow. I've thought about moving more money into my savings account obviously, but even that doesn't seem too great since the interest rate is pretty puny. So I am looking for some help. Basically a couple of questions I was hoping to have some input to:
1) How much money should you keep in a checking account? Savings account?
2) What are some investment options a youngin' like me should look into? I've been thinking about a 401k for long term since my employer offers that, but I don't know a great deal about them.
3) What about options for shorter term investment so I can have access to that money if needed?
Any input would be greatly appreciated!!