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Updated almost 6 years ago,
Wealth management for 18yo
Hello all,
I am hoping to get some opinions on optimal wealth management for my long and short term goals.
Background: Currently 18yo in college. I have about 14k in savings, 5.5k in a Roth IRA (Which I will max out yearly) and another 6k in a brokerage account. I am projecting to bring home about 20k before taxes in work wages.
My long term goal is like most investors, financial freedom. However, I have short term goals. One major of which is real estate which I plan to pull the trigger on in the next 5-7 years. My question is this, should I be moving more of my cash into the stock market or is keeping it liquid good for my short term goal of buying real estate? I want to be able to gain wealth through real estate but also don’t want to lack in a market portfolio and loose out on unrealized gains especially because of my youth.
What should my allocation be? Any advice on anything?