Fri Jul 19 2024, by Tyler Gardner

Here's How I Would Invest $10,000 in 2024

I'm Tyler, a former financial advisor and portfolio manager. Now, I create financial content for free so you don't have to pay for it.

Step 1: Open a Roth IRA

First, I would start by opening a Roth IRA through Fidelity, Schwab, or Vanguard.

Step 2: Fund the Roth IRA

Next, I would fund that Roth IRA with $5,000 a year over the next two years. I wouldn't be able to put it all in at once because the current annual limit for someone my age is $7,000.

Step 3: Invest in an Aggressive Growth Fund

Once funded, I would invest that $10,000 into an aggressive growth fund like Vanguard's VIGAX. With a 10% annual return, that $10,000 initial investment could grow to over $158,000 over the next 30 years.

Tax Benefits of a Roth IRA

Importantly, I wouldn't owe one penny of taxes on that $148,000 of capital gains because I was smart enough to invest in a Roth IRA.

If any of this is helpful, like and follow, and I'll keep trying to get you one step closer to where you need to be.

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