OK, let’ say you were given aprox. 500 dollars a week… What would be the best way to separate the money for the best financial outcome… how much should I invest? What should I invest in? What should be saved for a rainy day? How much should be left over to buy food and entertainment? This is my current situation, but I’m no good with money as it always seems to disappear…I am a financial f**k up! What do I do?
2006-07-18 08:36:28 · 4 answers · asked by mr_mcfuzz 1 in Business & Finance ➔ Personal Finance
Open a ROTH IRA at Vanguard, pick the Vanguard Total Market Index fund. Have the money taken out of your checking account automatically each week or month. Do it now, don't procrastinate !
2006-07-18 08:44:08 · answer #1 · answered by flying_grapes 2 · 0⤊ 0⤋
If your a finacial screw up how will this help anyway well here goes.
First continue living at home and say good bye to a social life for a while.
Put all your money in the bank and begin buying CD's (certificate of deposits) 6 mo, or 12 mo should work for a while. While this money is growing begin to learn about the stock market. You'll never learn everything but learn something. When you reach about 10k begin investing in the stock market. If your lucky it will grow to a nice sum when you reach 55. You can then retire and begin to have fun. If you die before that well sorry.
2006-07-18 15:57:39 · answer #2 · answered by reallyno 3 · 0⤊ 0⤋
FIRST, READ DAVE RAMSEY'S BOOK "The Total Money Makeover"
www.daveramsey.com
2006-07-18 15:40:15 · answer #3 · answered by snvffy 7 · 0⤊ 0⤋
Put all your money in an envelope and send it to:....
2006-07-18 15:40:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋