I keep my all my savings in fidelity. I own some shares of apple and Amazon, is this smart for short/ long term? Also should I keep my emergency fund in there as well? I’m not sure what the difference is keeping my money there or in a savings account.
Or I can do both? Keep my emergency fund in the savings account that gains 0 interest and keep my investments in fidelity? I’m just not sure what the best stock is to keep my money in. Just need advice on where to keep my money I guess, it’s not a lot but I need to start major saving and I want my money to make money.
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Ideally you want your emergency fund to be liquid. In case of an emergency you want to have access to that money ASAP so a savings account would be a better choice. You can try a High yields savings account.
Keep your emergency fund there in SPAXX as your core account. Better than most other options and you can spend money right out of it instantly.
Put savings in a high yield savings account like Ally, or in a money market fund. Otherwise just Follow the flowchart.
My generic advice:
https://i.imgur.com/lSoUQr2.png
Here is the flowchart from the r/personalfinance subreddit’s Prime Directive. If you follow that, you will be ahead of almost all of your peers.
Stop by the sidebar to see the Common Topics, which include basic money handling and investing.
You don’t need to talk to anyone or buy some random book to do this. You have all the tools right here.
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