This is a Finance Question. How can someone my age (23) invest for the future..within 5 to 10 years.?

Answer 1

Start by learning a little about investing. Invest in your knowledge first. Start with Investing for Dummies. A decent beginning book.

I am not going to go into a lot more detail here. That book will tell you more than I possibly can. You might find it at your library. If not perhaps a similar book. However, it is not an expensive purchase.

Answer 2

As someone in their 40's I am truly impressed with your desire to be responsible with your money.

I have just begun a seminar through a church that is very complete without being complex. You will not have to attend a church to be a part of the program. All of the materials can be ordered online to be used in the privacy of your home. It is called the Dave Ramsey Institute for Financial Peace. www.daveramsey.com is the web site.

The first chapter showed what the difference was between two indiviudals when one got the head jump on the other by a few years in their early twenties vs. waiting several years as the other person did. The difference even after the first person stopped after 6 years at the end was in the millions of dollars. So please check out what he has to say.

Dave also has a natinally sindicated talk show that you can find the local schedule for his prgram from the website.

Good luck I hope this helps.

Answer 3

I sense a question but not sure what it is? Compound interest would work in your favor to save from 23 to 33 (or whenever) and just leave the money alone until retirement. Put as much as you can into it and just sit back. You have about 40 or so years to let that money grow. You wouldn't need to put any more money into after 10 years (but you should if you can). Don't touch it... forget about it. You will be very rich. Don't go too nuts with high risk investments. Diversify. Your best bet is pre-taxed 401K plan especially if employer matches because that's free money.

Answer 4

Buy stock in the electric company then join the automatic program where they keep investing the dividends in more shares and you can send as little as 50 dollars a month to purchase more shares.Everyone will always need electricity.Also Keep all your records that they send you in a 3 ring binder So if you ever sell your accountant can figure out taxes.Building wealth has to be a mission that you want to accomplish and if you set your mind to it you can do it,don't worry about keeping up with the jonses you will be in front of them in fifteen years if you follow a sound straegy.Limit credit card debt.

Answer 5

over 5-10 year period stocks give the best returns.

if u have time, invest in stocks urself.

otherwise go the Mutual Fund route.
1) dont try to time the market. go for systematic investment plans.
2) select mutual funds which have delievered best returns over a 5-10 years period.
3)view ur returns every quarter.

Answer 6

Best get started with a good education. If your time frame is 5 to 10 years check out the "5 Secrets You Must Know" free report at http://www.rightline.net

Their motto is "Think education is expensive? Try ignorance."

Answer 7

My suggestion is to put every penny you can into savings or invest in stocks if possible. If you have debt, be sure to get rid of it so that you can contribute even more towards investments

Answer 8

Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 71,000.00 and 30000.00 in taxble account. by follow simple rule

Answer 9

If your employer offers a 401k plan, contribute the maximum. If not open an IRA.

Answer 10

I actually have an hsbc savings account that has an extremely high interst rate it is 5.05 percent thats better than cd's