Newbie here! We have a few hundred thousand from selling our house and downsizing and I don’t know where to put it now. We are in our 50s, and have college saved for but I’m new at all of this and learning. I’m self employed and my husband is w2 employee. Where do we put the money so it can grow in the next 10-20 years.
Open an account with Vanguard or fidelity immediately and put it in an s and p 500 fund like VTSAX and then just continue to study to see if there are other things you would like to do with it. If you need to beef up your emergency fund do that as well.
I’m assuming that by your age and time frame, you are looking at this as funds that will be used for retirement?
I would max out any 401ks and Roth’s you are eligible for. Then put the rest in a brokerage fund.
Remember that even if you plan to use it for retirement, you won’t need it all at once in the beginning, so I would go for growth. So given the time frame, I would invest in an index fund like FZROX or FSKAX (at fidelity) it VTSAX (at Vanguard).
Not sure what your debt picture looks like. But, I would follow Dave Ramsey‘s baby steps to get debt-free and set up your emergency fund. For the investing steps, I would set up a Vanguard or Fidelity account and buy S&P 500 mutual funds to let the money grow.