[USER]

Been in the USA for 2 years and currently self employed with around 80k savings. Live with my spouse in a home we have mortgaged.

I have been reluctant to start a 401k and a money market account due to the ongoing economic issues and fear of everything declining.

I also need to buy a car soon and emergency savings.

Any advice on what the safest and standard options are? I am risk averse and would like to put my money where it’s safer.

Thank you..

[Randy]

But what if you are wrong and the economic conditions improve? It will be a missed opportunity. As Warren Buffet said, “Be fearful when others are greedy, and greedy when others are fearful“.

[Ernest]

CDs, treasuries. But the bigger fear you should have is your purchasing power, getting lowered every year by inflation.

[John]

Safe=Losing value long term. If you’re eligible and self employed open a SEP/Solo/Simple K. Max out a ROTH (again, if eligible).

Otherwise, divide the $80k between a brokerage account and emergency fund in a HYSA. Those fearful of a decline the last year have missed out in 10-20% gains.

[David]

Invest in the 401k. You get tax benefits. You get a company match. It is free money. You if you want to invest in other things, at least do the match which is like 4 percent.

You can take loans from your 401k for emergencies.

[Author]

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