2006-08-01 08:17:24 · 8 answers · asked by Smirnof_Ice 1 in Business & Finance ➔ Investing
I'm not an investment specialist so this is not official investment advice and should not be taken as such.
If I were in your position, I'd start with a savings account. This should not be used to generate interest income, but be a kind of rainy day fund. Next, I'd open up both a traditional IRA and a Roth IRA. (Ask your bank for more info on this. They can help you set these up.) I would put one of the IRAs in a fairly conservative vehicle like a CD, and put the other into a faster growing vehicle like an ETF or mutual fund.
The above two retirement accounts plus the savings/money market account is a good beginning.
Finally, I do have access to an investment opportunity that helps people with disabilities. If you want more info on this, please email me.
2006-08-01 08:28:56 · answer #1 · answered by freedomnow1950 5 · 0⤊ 0⤋
Take a finance class at a Junior College and learn the stock market and basics on real estate.
Save at least 10% - preferrably 20% of every paycheck you make and put into securities. When you get enough then when market conditions are better, invest in real estate. Right now real estate is a bit inflated. Stocks are probably your best option currently. Get an education on investments first.
I currently like energy stocks and stable companies that are invested in China and India. High yield solid companies like BMY, BA, PAA, CAT, C, T, HSY and PEP are a good hedge as well.
Read - Money magazine, Investors Business Daily (monday editions are best) should get you a good start.
Stay away from credit card debt and live well within your means.
2006-08-01 08:50:35 · answer #2 · answered by jjttkbford 4 · 0⤊ 0⤋
With each pay check, always take out a certain amount to pay yourself. Take that money and plow it into a savings account. When you have accumulated enough, put it into a CD or something that earns more money. Take class in Finance, then check-out books. Continue saving, wait and buy Dogs of the Dow stocks that yield decent earnings. Buy rental property with some of the savings: live in one, rent out other units. Maintain it yourself. Take care of your health. Buy some medical insurance for catastropic care.
Be fiscally conservative: If you can get by without a car, don't buy one. If you need one, get a small, reliable fuel efficient vehicle which is just adequate for your transportation needs. Buy clothes and stuff at thrift shops. Eat simply and prepare your own food: don't eat out. Cut your own hair. If your shoelace breaks, tie it in a place where it won't be visible when worn. Buy a needle, thread, scissors and learn to mend your own clothes: sew a tear or replace a button, or sew a hem. Make your own cards and gifts for others. Go to the free places: parks and libraries.
2006-08-01 09:33:10 · answer #3 · answered by Lynda 7 · 0⤊ 0⤋
Well, from each dollar you put, let's say, 20 cts in a metal box that can only be opened with some dynamite when it is really full!
More advanced, start opening a saving account at your local bank with a strict condition not to touch it for some years.
After a while there is enough to invest in some really nice stockmarket stuff.
If you father's name is Bill and his last name Gates, do not do anything. It just happens!
2006-08-01 08:57:35 · answer #4 · answered by bourgondian 1 · 0⤊ 0⤋
A official dealer might be priceless relying at the expenditures. If you're simply making plans to get marketplace profits each yr, you might simply put money into S&P or anything identical. Use a dealer should you plan to be just a little extra competitive. Brokers can furnish you with priceless expertise speedily, despite the fact that you'll accumulate plenty of expertise on your own on-line. They simply prevent time. Remember, nobody can warranty returns available in the market. It is what it's. Arbitrage exists, but when your dealer examine arbitrage possibility, he would not be your dealer then.
2016-08-28 14:27:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Read...So far as specific recommended books go here are two classics on the Stock Market:
Benjamin Graham's Intelligent Investor
Gerald Loeb's Battle for Investment Profit (and any of his other titles)
These two are considered to be among the better books ever written on the topic...maybe a bit dated but still extremely relevant.
GOOD LUCK!
2006-08-02 07:56:11 · answer #6 · answered by thebigm57 7 · 0⤊ 0⤋
Save up your money that you would spend on booze and put it to work in a money market, index fund, or mutual fund.
2006-08-02 13:24:29 · answer #7 · answered by Aunt Susan 1 · 0⤊ 0⤋
You have to make a plan!
http://www.nabloid.com/finance/financial-planning/
2006-08-01 10:37:21 · answer #8 · answered by ulchka 3 · 0⤊ 0⤋