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I just wanted to point out that everyone on this board talks about having 3-6 months salary socked away in an emergency fund, but if you're 20, in college, and you either have a good scholarship or you have your parents to fall back on financially, this would probably be overkill. If you don't need the money to pay for school, and you have some extra money to save/invest, here's what I would do:

1. Put $2k in a Roth IRA (assuming you have the earned income)

2. If you have more, build up a mini emergency fund ($500-$1000) in an interest-bearing checking account or money market fund that you can access easily.

3. If you still have more, you could put it in a mutual fund outside of the Roth IRA. You could always transfer this to the Roth IRA next year when you'll be able to contribute another $2k. Put $2k into the Roth every year, and you'll be able to retire early, rich, or both.
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