Growing money tips
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Are you looking to buy a house in 5 year span? 10 years? I think what you're doing is the safest move. Maybe look into treasuries since that has tax benefits compare to CDs. It has more liquidity too. Look into upskilling to advance your career further for higher salary, that is your best investment. If not then look into gig jobs on your free time. Doesn't have to be Doordash or uber. If you're good with pets maybe Rover services? If you're looking at 10-15 yr span, I think it's worth investing in market. I would stick to index funds like s&p 500 or look into Fidelity low cost index funds and just do dollar cost averaging (DCA). You can take a low amount of money out of your paycheck and put index fund periodically so that your money is in the market and you're not trying to time it. It's less stressful that way. Time in the market is better than trying to time the market.
I also lived very frugally, I don't know about your living situation but I had rented a room from a family and lived minimally to keep cost low until I bought my own house. Even then I had rented a room out to help with my mortgage/utility expenses until I was in a position to cover the cost on my own.
If you put $500/mo in a high yield savings it would take about 50ish years to get to that kind of money. If you put it in a s&p 500 index and assume average rate of return, it would still take about 25 years… it won’t be quick, but just like Tina said, Dollar cost averaging in, will be your best bet. Consistency is key.
Thank you all for your time and advice, I really appreciate it 💓
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