First technology, considerably financially literate so please bear with me lol. My boyfriend(27m) and I (27f) have a joint HYSA with $5.5k in it. We’re saving as much as transfer in collectively someday this yr, which might take up about $4k. We’d additionally like to begin constructing passive revenue with the remaining $1.5k.

Our authentic plan was to get a merchandising machine and have it put in on the rec heart the place he works, however the merchandising machine with card reader is about $4k which is out of our funds. So we determined to maneuver that aim to 2025. Attributable to pupil mortgage repayments, our month-to-month contribution to our financial savings will likely be dropping to $300-400/month compared to the $500-800/month we have been making final yr. So, I’m in search of the most suitable choice for us to stretch our financial savings {dollars}. I’ll even accept utilizing the 1.5k to earn the cash wanted for the merchandising machine.

Ought to we take into consideration investing that 1.5k, into shares? In that case what’s advisable for newcomers? I’m afraid of investing in shares and shedding my cash lol. Or would
or not it’s finest to proceed contributing to the HYSA, the place we at the moment get $18+ in curiosity a month for the 5.5k stability. Another choice I’ve been contemplating is opening a joint ROTH IRA account, if potential, placing in about 300-400/month, and letting that develop for a couple of years and tapping in when essential.