And/or saving up for retirement?
2006-10-08 13:12:39 · 11 answers · asked by Anonymous in Business & Finance ➔ Investing
The sooner the better. If you work for a company that has a 401K plan (especially with a match) you should put the max in.
2006-10-08 13:15:35 · answer #1 · answered by Grommit 2 · 0⤊ 0⤋
as soon as you're born!!! :)
Seriously, you should start investing as soon as you get a job. Start with a 401K plan and put in as much as you can while you're young, not married and have no kids. You also might want to look into ING for savings accounts. Their interest rate is really, really good.
While you're young is when you want to work your but off by working 2 jobs if you have to just to sock as much money away as possible. After about 5 years, start looking for your first piece of property to invest in. You maybe could use the money from your 401K as a down payment and you won't have any penalties to pay for early withdrawal.
By the time you hit 30 - 35 you will be ready to get into a small business you want to own, maybe a franchise, or buy something that someone is selling.
I'm going through all of this right now and OHHHHHHH do I wish I would have started saving when I was 15 (my first job). I would be soooooo much further ahead if i had sone so.
2006-10-08 20:54:36 · answer #2 · answered by msjuliet2005 4 · 0⤊ 0⤋
Today!!! With time on your side, you have more risk available to ride the waves of ups and downs with the market. If you have a 401K plan available to you with employer match, go with the most they will match. Just a few bucks a week can turn you into a millionaire in 20, 30, 40 or whatever number of years until you retire. My plan just paid me $60 in interest over the past few weeks. That sure adds up and compounds over time. Don't put it off. Since a 401K is tax deferred, you would only see a few bucks of the money you are having taking out anyway so it's not like you would miss the money from your paycheck after taxes.
2006-10-08 20:48:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Its ALWAYS a good time to start thinking about retiring. People in other countries usually save more than 10% of their earnings, in the US its closer to 5%. I started thinking about saving when I was 18, but now since I'm a bit older I think of retirement. If you think its difficult to save up now, wait til you need to work at the age of 70.
2006-10-08 20:17:09 · answer #4 · answered by JPH 3 · 0⤊ 0⤋
As soon as you get your very first real job... start putting money away in an IRA, 401k, and any other plan you're eligible for... see a Financial Planner for details to be sure you're taking advantage of all the tax advantages and investment strategies... it's not for the novice to do it right.
2006-10-08 20:49:53 · answer #5 · answered by Mike S 7 · 0⤊ 0⤋
NOW! I'm approaching 40 and I wish I'd done it sooner. When my daughter graduates and starts out in the work force I'm going to help her start a IRA and other investments.
2006-10-08 20:16:55 · answer #6 · answered by WonderWoman 5 · 0⤊ 0⤋
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2006-10-08 22:33:20 · answer #7 · answered by stock.geek 2 · 0⤊ 0⤋
The earlier, the better. Ideally, your grandparents should have invested something for your benefit before your parents were born...
2006-10-08 20:21:15 · answer #8 · answered by NC 7 · 0⤊ 0⤋
Open a Roth IRA as soon as you have earned income (it could even be from a paper route, babysitting...)
2006-10-16 15:49:08 · answer #9 · answered by CPAKeith 3 · 0⤊ 0⤋
as soon as you can earn money to save!!
2006-10-16 17:12:50 · answer #10 · answered by Anonymous · 0⤊ 0⤋