Like all care free teenagers, I spent my youth taken and spending. Now as a 23 year old new father, I not only want to start an investment plan for me and my girlfriend but for our son as well. Any advice on stock investment, savings plans, 401k. pretty much the whole works on long term money investing.
2006-09-09 05:25:04 · 5 answers · asked by ceddy712 1 in Business & Finance ➔ Investing
This is way too broad of a question and way too complicated of an answer to really address on a message board.
Broad speaking, there are 4 components to your financial life
1) A plan for creating and growing your wealth (income and investment)
2) A plan for protecting and preserving your wealth (insurance coverage where appropriate and additional savings)
3) A plan to distribute your wealth during your lifetime (during retirement, during periods of disability or unemployment and for children's education)
4) A plan to distribute your wealth after you are gone.
Each of these steps has tax implications.
The more you study on these topics, the more you will realize that keeping up with all the changes (taxes, different plans, etc) is a full time job. Learn to delegate.
Why not meet with a financial planner? or several planner? You will have to meet with an attorney too.
Good Luck
2006-09-09 05:57:56 · answer #1 · answered by FortyLoveTX 2 · 0⤊ 0⤋
There are lot's of ways to invest. If you don't have a 401k through your employer, you are eligible to start and IRA (Individual Retirement Account). Find a retirement package that allows you to move your funds into stocks or mutual funds that you think will do better than others. There are both low and high risk funds available. Do a little research on the computer, talk to an investment professional. Ask your insurance company for a reference. Start building a savings by opening an account. You can aslo have a portion of your paycheck electronically deposited into your savings account. Try to save at least ten percent. Don't just put your money into something that sounds to good to be true, because that's all it is...Too good to be true. Building a nice portfolio takes time. And a lot of wisdom. Don't be fooled, check into every option you consider.
2006-09-09 12:37:58 · answer #2 · answered by Amy P 2 · 0⤊ 0⤋
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 section 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 74,000.00 and 30000.00 in taxble account. by follow simple rule
2006-09-10 02:19:06 · answer #3 · answered by Hoa N 6 · 0⤊ 0⤋
i will recommend buying mutual funds to start with. Look for index funds. They are low cost to maintain and overtime turn out to be great investments.
2006-09-10 01:39:47 · answer #4 · answered by ac 2 · 0⤊ 0⤋
Here's one site about investing:
http://www.inside-alpha.com/
2006-09-10 12:35:01 · answer #5 · answered by Marc H. Mayor 2 · 0⤊ 0⤋