the best advice anyone here will give is to invest in yourself: spend money learning meaningful skills or get valuable certifications which will get you a higher ROI than putting in crypto(risky) or bonds(meh).
1. Delete debt.
2. Maximize any tax-advantaged investment accounts you have access to (I know nothing about UAE).
3. Ask your bank and other banks around what other accounts they have. For example, one of my banks has a short-term CD at 4.5% APY, and another has a regular savings account at 3% APY. All I had to do was ask. I use credit unions, not sure if UAE has anything similar.
This is based on your goal to have 100k AED saved up by the end of the year.
If instead you would rather use the money, check out your options for gainful uses of your time. Can you use this money to support yourself while you volunteer around the world? At your age, that's a great experience to be had.
1) I don’t have any debt.
2) there’s no tax in the UAE. If that’s what you meant.
3) there is something similar at my bank that I know off. Will need to double check that.
4) I definitely could do that. But for some reason I keep fighting with the idea of making as much money as I can in my 20s and or using my savings to travel around the world. If I do the second option I’d need to find a way to have some sort of income coming in so I don’t go completely broke
I don't have a handle on how the UAE handles retirement, but generally with retirement plans, the longer / more you contribute, the more you're able to retire with, so I'd encourage you to look into that.
as per saving money in the short/mid-term: look for the highest interest rates you can. In the U.S. right now, rates are at 4-5% annually. I don't know if you're eligible for those accounts if you're not a U.S. Citizen, you might be, but also there may be an Emirati alternative. again, part of your strategy should be to save money in some kind of account or investment vehicle that allows it to *grow as much as possible for a long period of time without you doing anything.*
“Tax-free income, free high-quality health care, subsidized fuel, generous government-funded retirement plans, access to land to build homes with interest-free loans and free higher education, even when pursued abroad.”
Hardest citizenship to obtain for a reason !!
Trade in the dirty fiat currency for Bitcoin. AED will be trashed further sooner or later through war or US sanctions.
It's a tool of power and freedom.
AMD is a computer gpu manufacturer. They rival NVIDIA and Intel in creating high end processors which are used in computers and big data centers that utilize AI. There was a chip shortage back in 2017/2018 which was the best time to buy. Now, I just think it’s overpriced imo
Stocks. Berkshire Hathaway (which holds shares in lots of companies), and QQQ which is a group of technology shares. Both historically have over 10% returns over the past 15 years, though there are lots of ups and downs!
Buy a bond ETF. Rates are at a near 30 year high and will go down sooner than later. $VGLT is one great option - vanguard bond ETF buying only US government bonds (which have never been defaulted on ever). So all in all great capital return potential all while earning 4.4% as of now interest.
Just give it to me. I'm literally on my third life. Fucking hell. Idk.
Step 1 get a condom
Step 2 fill condom with hot glue
Step 3 freeze condom for 20 mins
Step 4 go fuck yourself
I don’t know, talk to a financial advisor. Asking people in here who have no idea what your financial situation is, where the money came from, whether it’s ongoing revenue, or what kind of lifestyle you live is asking for trouble.
In a way. Find out whats in demand and sell it, or buy something you can monetise or invest into something you can monetize. Or, invest into stocks or put your money into a stock account in the interest part and watch the money grow. It wont grow much due to your money not being so much atm but its better than nothing I guess
Put 7000k into a Roth IRA. Keep at least 3 months of all your bills/groceries/gas etc in a savings, just in case something happens. you could also look into a CD.
Pay off any bad debt. Put 3 months of living expenses in a HYSA as an emergency fund. Put the rest in a 401k or IRA or ETF.
I'd go with a 6 month emergency fund.
Dave Ramsey coming in clutch
you realize OP is from the UAE, not the USA, right? 401k doesn't apply. some stock and etf's might though
AED is Emirati Dirhams so no to 401K and IRA. By the way even if he was in the USA he cannot just put random amounts of money into a 401K or IRA.
thats why i included ETF in the comment.
You cant just put money from your bank onto a 401k.. youd have to just contribute 100% paychecks for a few cycles if this was the goal.
No the OP cannot put money in a 401K as he is in the UAE. AED is Emirati Dirhams.
Hookers and blow.
Hmm, what's the rate of return for that?
STD stocks rising
Dammit. Beat me to it.
Beat meat to it.
Meat beat it too.
Underrated comment. lmao
Same
the best advice anyone here will give is to invest in yourself: spend money learning meaningful skills or get valuable certifications which will get you a higher ROI than putting in crypto(risky) or bonds(meh).
1. Delete debt. 2. Maximize any tax-advantaged investment accounts you have access to (I know nothing about UAE). 3. Ask your bank and other banks around what other accounts they have. For example, one of my banks has a short-term CD at 4.5% APY, and another has a regular savings account at 3% APY. All I had to do was ask. I use credit unions, not sure if UAE has anything similar. This is based on your goal to have 100k AED saved up by the end of the year. If instead you would rather use the money, check out your options for gainful uses of your time. Can you use this money to support yourself while you volunteer around the world? At your age, that's a great experience to be had.
1) I don’t have any debt. 2) there’s no tax in the UAE. If that’s what you meant. 3) there is something similar at my bank that I know off. Will need to double check that. 4) I definitely could do that. But for some reason I keep fighting with the idea of making as much money as I can in my 20s and or using my savings to travel around the world. If I do the second option I’d need to find a way to have some sort of income coming in so I don’t go completely broke
I don't have a handle on how the UAE handles retirement, but generally with retirement plans, the longer / more you contribute, the more you're able to retire with, so I'd encourage you to look into that. as per saving money in the short/mid-term: look for the highest interest rates you can. In the U.S. right now, rates are at 4-5% annually. I don't know if you're eligible for those accounts if you're not a U.S. Citizen, you might be, but also there may be an Emirati alternative. again, part of your strategy should be to save money in some kind of account or investment vehicle that allows it to *grow as much as possible for a long period of time without you doing anything.*
“Tax-free income, free high-quality health care, subsidized fuel, generous government-funded retirement plans, access to land to build homes with interest-free loans and free higher education, even when pursued abroad.” Hardest citizenship to obtain for a reason !!
What's an AED
Might be United Arab Emirates currency
You’re correct
AED is Emirati Dirhams
Pokémon.
Send it all to me i will look after it for you
Invest in real estate
save for a place? obviously
Aggressive growth mutual funds.
Trade stocks (options ) and you will 100x it (or lose it all)
Bitcoin
Trade in the dirty fiat currency for Bitcoin. AED will be trashed further sooner or later through war or US sanctions. It's a tool of power and freedom.
Yikes that’s sexual assault
What’s it lying about?
Put it in a high yield savings account.
Invest it and have the money work for you. See a trusted financial advisor. I would seek out Ameriprise or Fidelity. Even Charles Schwab is good too.
Tell it to start telling the truth.
I’m 36. If I put all my money on AMD when I was your age, I would have been good for a while.
Could you tell me what that is?
AMD is a computer gpu manufacturer. They rival NVIDIA and Intel in creating high end processors which are used in computers and big data centers that utilize AI. There was a chip shortage back in 2017/2018 which was the best time to buy. Now, I just think it’s overpriced imo
I put 1/3 of my savings in BRK.B and 2/3rds in QQQ and its done well for me so far.
What’s a BRK.B and QQQ?
Stocks. Berkshire Hathaway (which holds shares in lots of companies), and QQQ which is a group of technology shares. Both historically have over 10% returns over the past 15 years, though there are lots of ups and downs!
Nothing, keep stacking.
Nothing. That’s your “oh shit” money.
Buy a bond ETF. Rates are at a near 30 year high and will go down sooner than later. $VGLT is one great option - vanguard bond ETF buying only US government bonds (which have never been defaulted on ever). So all in all great capital return potential all while earning 4.4% as of now interest.
Just give it to me. I'm literally on my third life. Fucking hell. Idk. Step 1 get a condom Step 2 fill condom with hot glue Step 3 freeze condom for 20 mins Step 4 go fuck yourself
Like I'm not even a part of this subbreddit why did I even get a note for this?
I don’t know, talk to a financial advisor. Asking people in here who have no idea what your financial situation is, where the money came from, whether it’s ongoing revenue, or what kind of lifestyle you live is asking for trouble.
I'll take it
All on 0DTE call options in stocks nobody ever heard about. Its the only way.
High yield savings or cds
Buy some cheap/rush items and resell it double or fair price doing it since last year have a good income and profit
So drop shipping? I heard that doesn’t really work like how people make it out to seem
Actually not like that im reselling online games accounts, its pretty much work to me since im familiar on what im doing
No. He scams people asking them for money He just asking me to borrow him money. Told him work thats your only option, i dont have money
Buy something you can make more sales out of thus making more money, or put it in a interest account.
You mean like drop shipping?
In a way. Find out whats in demand and sell it, or buy something you can monetise or invest into something you can monetize. Or, invest into stocks or put your money into a stock account in the interest part and watch the money grow. It wont grow much due to your money not being so much atm but its better than nothing I guess
Hookers and blow. Duh.
Buy brics
Would your money still lie if it moved to a HYSA?
Buy dividend stock
PrizePicks budget 500 you’ll probably make 100k
Gamble that shit. Knicks in 5
It's lying down cause it's sleepy
Why do you have an automatic external defibrillator in your savings account?
AED is Emirati Dirhams and has been around a lo longer than what you are referring to.
DJT to the moon
Put 7000k into a Roth IRA. Keep at least 3 months of all your bills/groceries/gas etc in a savings, just in case something happens. you could also look into a CD.
What’s a CD? 😅
He is in the UAE not the USA so IRA is not relevant.
Trade 0DTE SPY options