If you have investments, let’s treat those as liquid cash for the sake of argument. Otherwise, the assumption is that you’re not selling property or possessions, but continuing to live as you do now.

    • Bronzebeard@lemmy.zip
      0·
      6 days ago

      Buy into a broad market tracking ETF (something that tracks s&P 500 or 1000 or similar). That way you’re not betting on individual companies, your betting on the collective largest companies in the world doing well. Over a long period of time, which for over a century has averaged ~7% inflation adjusted return yearly.

    • Ace@feddit.uk
      0·
      6 days ago

      There are a load of resources online. The UKPersonalFinance subreddit is a good place to start, and a lot of the advice is applicable outside of the UK too. If you don’t want to read or think much, then just pick a broad index fund with 0.2% or below of fees and put your savings in there.

      • Mothra@mander.xyz
        0·
        6 days ago

        Thanks! Yes, I was wondering where would be a good place to start for absolute noobs, thanks for the tip. Investing is a mystery in my life I’ve been conditioned not to try to understand, perhaps it’s time to do something about it.

        • faintwhenfree@lemmus.orgEnglish
          0·
          5 days ago

          Exchange Traded Funds, basically these funds pool money from a lot of small investors and give you diversified portfolio. Basically if you try to mirror S&P 500 yourself, it’ll require about a few hundred thousand dollars to manage, but by pooling with other people you can have S&P 500 level diversification for 100$

        • TheOneCurly@feddit.onlineEnglish
          0·
          6 days ago

          Mutual funds and ETFs are both types of investments that represent a group of individual stocks and are generally managed in some way, either by a person or by a fixed algorithm. Mutual funds have some tax implications that can by annoying for people so ETFs tend to be preferred for taxable accounts (in the US at least).

        • Toaster@lemmy.world
          0·
          6 days ago
          1. Open a Vanguard account.
          2. Buy as much of the thing called VOO as you can each month.
          3. Come back at retirement age to oodles of money.