Oh, I love to get questions like this. Sorry for the delay in responding; I’ve been swamped!
Are you working? If so, open a ROTH IRA account at Fidelity, and make a 2022 contribution of $6,000. Tell them to put it in the S&P 500 stock fund. Then in January next year, you can start adding to your account, perhaps adding $1,000 per month for 6 months. That way you’ll spread out your purchases, and have approximately half of your money growing for the long run. Do that in future years, as well, out of your earnings. And never give up or get scared out. You’ll thank me 50 years from now!
But that still leaves about half your money in a money market fund. I don’t know what your goals are, so I hesitate to tell you to invest it all. Are you saving for a down payment on a house or condo? Are you thinking of getting married and having children? I’d need to know more about your goals to give that kind of advice. And, of course, you’d want to pay down any and all credit card debt.
But while you have that money in “cash” here’s how to earn the highest interest safely:
Please write back sometime and let me know how you’re doing! And since you’re so well started, if you respond to the email informing you that your question has been answered, and give me your mailing address, I’ll send you a copy of The Savage Truth on Money, my latest book.