As a newly financially independent individual (This year I put money into a savings account for the first time since I was 11, I am 23 now). I am looking to invest the 5k I now have saved A.S.A.P. I was looking into possibly Betterment, or Wealthfront to begin with and was wondering what would be a better step. I know Wealthfront will handle my small amount of money for me for free potentially up to $20k (I've already got a few people lined up interested in it). But Betterment seems to be a more effective option. Like I said, the idea of even having money in a savings account is a new one to me. However as of yesterday, both the credits cards I foolishly got at 18 are paid off, and my student loans are down to $1,500 and consolidated into one loan at 4.2% (I am still in school so am not accruing interest at this time, but have been paying tuition in cash). I guess I am really just looking for a push in the right direction to get started; be it an IRA, Betterment/Wealthfront account, or even straight to Vanguard.
After stumbling upon this blog a few weeks ago this 5k has been burning a hole in my pocket and I am ready to put it to work!
Any help, advice, or forceful push in the right direction is greatly appreciated.
Josh
P.S. I am still not entirely sure everything you can do with an IRA. If I started an IRA through Wealthfront for example, it would essentially be a regular investing account, except I would not get taxed and I would not be able to take money out?