Hi Im 22 yrs old and I am clueless on how saving, retirement, or investment plans work. I have 16,000 in my bank account and I dont know what to do or where to start financially!!! Please help! Any good websites to learn where to start to be financially smart??
2006-07-07 23:14:48 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If you're 22 and have $16,000 in the bank with no debt (I'm making an assumption here), you are definitely on the right track already.
Start with Dave Ramsey - the guy has been a millionaire, lost it all (and then some) and returned even stronger. He has two books - Financial Peace and Your Total Money Makeover. His web address is listed in sources. He also offers a 13-week video series called Financial Peace that has rock-solid info. He doesn't cover much on investing as there are so many personal factors involved and things in the business world change every minute. But he's got great info on things like life insurance and budgeting.
Then, read The Millionaire Next Door by Stanley & Danko. Great ideas for what NOT to do to build wealth (no new cars, no boats).
If you have a 401(k)/403(b) available and the company/non-profit matches any part of it, sign up now and keep increasing it until you reach the maximum yearly contribution. The employer match is free money and that alone is often more than you'll get in the market.
If you choose to speak with a financial planner, make sure they get an hourly rate or flat fee (no comissions). You don't want their salary tied to your investments.
Best wishes on your very bright future!
2006-07-08 05:53:52 · answer #1 · answered by homeschoolmom 5 · 0⤊ 0⤋
Basically it depends where you live.
However you can usually get expert advice of a bank, usually for free. Most banks offer free financial appointments with a Financial Adviser where you can get the advice you need to make an informed decision regarding your investment options.You should check if this is the case where you live.
With that amount of money have you thought about entering the property market? Could be a good start as property usually appreciates especially over the long term.
You have options and need good advice to decide what to do.
2006-07-08 07:28:17 · answer #2 · answered by frankshomeloans 1 · 0⤊ 0⤋
well I started off with reading about everything I have searched for and seen and pointed out the good tips and the bad! then I took a semester of overall general finance! that helped me decide what is good and not!
so bottom point is, is to research for a long time because 16k is not a small amount!
what I recommend is to go on www.cnnmoney.com and go to the personal finance section go through all of the options, then when you get to the portfolio you can open an account which is free and its basically a fake account for stocks and you can make it like 16k and you choose the stocks you want to buy and you just wait and see which one's are doing good in 6 months or a year! this is a good way of researching stocks and it doesnt hurt you a single penny, but all it does is just help! Good Luck and be 110% positive of your choices!
2006-07-08 06:24:38 · answer #3 · answered by ninjadude 3 · 0⤊ 0⤋
Books:
"Investing for Dummies"
"Mutual Funds for Dummies"
Google:
"Investing for beginners"
Many talk radio stations have financial advice programs that
are informative and entertaining.
Watch "Mad Money" on cable
2006-07-08 06:24:46 · answer #4 · answered by lampoilman 5 · 0⤊ 0⤋
yoyu may visit http://www.tinyurl.com/eplss and open on line account free of cost and sit with computer to trade and also visit http://www.tinyurl.com/8eo63 for home based earnings. PLESE BE SLOW> YOU WILL SUCCEED.
2006-07-08 06:50:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
mutual funds
2006-07-14 20:48:50 · answer #6 · answered by Neil G 6 · 0⤊ 0⤋