1. One of the best ways to learn how to invest is investing books and Youtube videos on investing.

  2. I'm just answering from the information you provided and if I were in your shoes.

  3. You don't pay taxes on any money you put in a savings account.

  4. You need to clarify how much you can add to it monthly.

  5. If you money in any way off that $50k like interest etc, you are likely paying taxes.

  6. I bought a 2011 Chevy Impala back in 2012 for cash (20k) I saved up. It had 34k miles on it at the time. 11 years later it's still running great with currently 190,000 miles on it. Haven't had any major problems with it. Just super cheap minor fixes like a headlight, temp sensor, actuator, etc. The main reason I believe my car has done so well to date is because of proper routine maintenance. Don't ignore oil changes etc if you want your vehicle to last. I also say buy relatively new for the same exact reason. It's easier to assume the proper routine maintenance was done and car was taken care of on a car with 20k miles vs 200k miles.

  7. I’m glad the Impala has worked well for you! I might add that to a list of future cars to consider. Right now I’m looking at small SUV’s.

  8. Unfortunately the Impala was discontinued a couple years ago, but you can still probably find slightly used.

  9. Avoid fees if possible. Invest in Voo or VTI. Keep it simple.

  10. I have VTI and VOO in one of my accounts and they are extremely red😭

  11. Short term yes. Long term since 2000 spy is up about 348% or 3.48x.

  12. Just pay off your car and be done with the loan.

  13. He doesn’t really have to worry about the car note. The money is there in the bank if truly needed. I agree though that unless he needs this money to buy a home soon, paying it off now isn’t a bad thing, especially when he will still have almost 70k sitting around.

  14. Not worry per say, but it’s still a note that has to be payed every month. OP didn’t mention anything about a house, but I would agree with your statement.

  15. Technically speaking you can re marry an ex wife, not that it’s the best idea.

  16. I favor the S&P 500, but don't overlook some of the other investments.

  17. Contribute and invest in a Roth IRA for 2022 ($6000 limit) and 2023 ($6500 limit). A simple investment you can make is investing in S&P 500.

  18. Lots of CDs around a 1 year term yielding 5% and up right now. I know we don’t advocate market timing here, but that’s a sure thing which feels like a safer bet than the S&P for the next year. After that, hopefully whatever’s going to happen with the market will have happened.

  19. CD’s are okay but your money is locked up. I’d rather have instant access to the money at a 4% rate than money locked away for a year for just 1% more.

  20. DCA into the overall stock market (S&P 500) over the long run and you'll do just fine.

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