I have my emergency fund, and no debt. If I were to lose this $10K, it wouldn’t impact my life. I’m comfortable with taking $10K out of my bank account and doing something with it but I don’t know how to go about that. I don’t know how to open an index fund or money market account.
I’m going to second (third, fourth, fifth) the Roth IRA recommendation. You can set it up with Schwab or whoever and can make recurring contributions too (set it and forget it) there are income limits so if you are really raking it in one year you can’t contribute that year but whatever you put in there is still (usually) going to grow in value. If you have an emergency situation and need the money you can withdraw contributions, not earnings, ahead of retirement, so it’s not lost to you, but working for you and much easier at tax time, no worries about how to report it.
I have my emergency fund, and no debt. If I were to lose this $10K, it wouldn’t impact my life. I’m comfortable with taking $10K out of my bank account and doing something with it but I don’t know how to go about that. I don’t know how to open an index fund or money market account.
I’m going to second (third, fourth, fifth) the Roth IRA recommendation. You can set it up with Schwab or whoever and can make recurring contributions too (set it and forget it) there are income limits so if you are really raking it in one year you can’t contribute that year but whatever you put in there is still (usually) going to grow in value. If you have an emergency situation and need the money you can withdraw contributions, not earnings, ahead of retirement, so it’s not lost to you, but working for you and much easier at tax time, no worries about how to report it.