Hi everyone. Please don’t judge and be kind…I’m a 30F looking to finally put on my “big girl pants” and learn how to save and invest my money. My whole life, I was “spoon fed” everything. My parents and family paid for everything in my life and then I got engaged to a man that took care of all finances in my life as well. Years later, we separated and now I am on my own because I am 30 and realize I need to be financially responsible for myself. I currently work a really low paying commission job that does not provide a 401K and I do not make a lot of money. I currently have $43,000 saved up in cash and do not know what to do with this money. Some people told me to put it in a High Yield Savings Account, some people said to open an IRA account and start contributing to that (maximum of $7000), and others told me to invest it. I keep seeing there are two different types of IRA accounts…traditional and Roth…which one is a better fit for me if I make less than $40k a year? Also, I don’t understand how $7,000 per year in an IRA account is going to be enough for me to live off of after retirement because if I’m 30 now, that is only going to be $210,000 when I’m 60…? What is the difference between a regular Chase savings account and a HYSA? Please help…and please explain it to me as if I were a 7 year old so that I understand. Thank you.😅
