i have bought two cars and i have a piece of land and both cars are paid off the land i'm working on it but i have extra money that i want to start to invest in so that i can increase my bank account if thats the correct way to call it ha. anywayz i loved to help people and i do help folks out as much as possible also and i plan on investing my money so i can double it or triple my moneys. That way i can help more people and be set and stable for myself i am 20 years old and i work everyday i take classes at night and internet does anyone have any ideas or suggestions that i can ponder on i'm open for suggestions.
2006-10-17 04:54:56 · 17 answers · asked by nightwolf3d 1 in Business & Finance ➔ Investing
Congratulations on taking charge of your life. If you keep it up, there's no doubt that you'll do well.
There are so many things you can do or ways you can invest.
You can save and invest and get there. By starting at a young age, you can get there by slowly building wealth.
Other ways to get there include generating passive income flows. This is a very popular way.
Though as popular as that is, most millionaires have made their money in real estate.
The long and short of it is there's a LOT of ways to get there, the secret, is that you need to start and get educated. You don't know what you don't know until someone tells you.
Some great books (very very widely available new and used) to start with include
Rich Dad, Poor Dad by Robert Kiyosaki
Secrets of the Millionaire Mind by T. Harv Eker
Read with an open mind and you'll be able to see your next steps more clearly.
Let me know if you have any questions.
Good luck!
P.S. If you've already decided that investing in stocks appeals to you, just look at a few of my other answers for tips on what to do next!
2006-10-17 19:51:11 · answer #1 · answered by Yada Yada Yada 7 · 1⤊ 0⤋
First off invest in your retirement first and formost. If you put in 4k into a roth ira now, in 33 years averaging 10% (the return of the markets since 1926) you'll have a cool million dollars tax free and you can also add to that $4k each year to increase that million dollars in retirement. You can open up accts with no fees or loads with Fidelity or Vanguard and very low management fees. Index mutual funds or managed funds are your best bet, just check the history of the fund and look at the 10 yr avg returns on the funds, instread of the 1, 3, or 5 yr.
2006-10-17 07:54:13 · answer #2 · answered by packer 1 · 0⤊ 0⤋
Doubling & tripling will take quite a while but must start NOW anyway ;) Schwab.com - set up an account. Pick up some global index funds (US market high) & perhaps PEO (cheap oil portfolio) &/ or IAU (physical gold portfolio). Can't start soon enough as long as have $$ you won't need for a while. Investing is NOT gambling & has nothing to do with a bank.
2006-10-17 05:26:08 · answer #3 · answered by vegas_iwish 5 · 0⤊ 0⤋
A great site to look at if you are looking for some investing ideas is http://www.top10traders.com The site lists out which investors are doing the best and what stocks they have bought. Just click on the portfolio of the best investors and you can see the stocks they like.This is a totally free site. You can create your own portfolio of stocks with $100,000 in 'play' money, and then watch how your stocks compare against over traders.
When you feel comfortable with a stock that you have in your 'play' portfolio at http:www.top10traders.com then you can go out and buy the real thing. Good Luck!
2006-10-17 05:53:36 · answer #4 · answered by jojo 3 · 0⤊ 0⤋
Great you are on the right path. Helping others is reciprocity and is truly the recipe for obtaining more wealth. That was my delima a while back. I sow seed money in to good soil any time the spirit hits me but needed away to make more seed money and to also, undeniably set my self up for comfort and security purposes for my future. Invested here and there but this one I LOVE! Found a GREAT business opportunity, invested in and never looked back! I believe any business is an investment and it should work hard for you, not you working your tail off for it. This has a limitless income potential and is not a mlm. Check it out GO TO www.shahansdestinations.com AND HERE'S TO YOUR JOURNEY!!!
2006-10-17 06:11:13 · answer #5 · answered by Laura S 4 · 0⤊ 0⤋
Well first off, ditch one of the cars as autos are expenses, they never make you money.
Next I would look into basic CD's from your bank. Rates have gone up lately so they aren't as bad as they were a few years ago.
I would also look into Bonds, IRA, roth IRA, etc as well. Good tax brackets to hide money in and it starts to build your retirement fund. The sooner you start this in life the better off you will be later on in life.
After all this I would start to watch stocks. You can get on Etrade, ShareBuilder, Scott Trade, etc to get an online account. Some of these services offer a "fake" account allowing you to play and see if you are as good as you think before you actually put real cash into it all.
But past that, basic stocks are good to have. Items like GE, GM, Microsoft, etc are nice to have in your stock folder as they are large, non booming companies. They just slowing grow.
Plus don't rule out just land as an investment. Even small acre lots, etc can bring in decent money over time. Just look for pattern of growth in your town and then go out a few miles, land will be cheaper. Snag some and then in 5-10 yrs when growth gets to your land, demand will drive the price up.
Just remember some items are expenses and some make you money. Car is no. 1 expense unless it is some rare 1957 Chevy Belair that will go up in value.instead.
Don't rule out owning a basic house either. Another tax shelter plus you'll make money on it over time.
2006-10-17 05:08:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sit down with a CFP (Certified Financial Planner). Tell them what you've said on here. You should do a Risk Profile, to see what you're investment tolerance is like. Then there are literally thousands of options, but a CFP will give you the positives and negatives for each one.
Good luck...you sound like a very good person!
2006-10-17 05:14:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
S&P 500 Index account
2006-10-17 05:03:00 · answer #8 · answered by spineminus2 3 · 0⤊ 0⤋
If I were you I'd learn a bit about investing first. There is a good site with hundreds of articles about investing at http://investing.hammocksurvivalguide.com/
Go take a look.
2006-10-18 04:49:56 · answer #9 · answered by William K 2 · 0⤊ 0⤋
Invest in shares which are the best hedge against inflation. But you need a good financial adviser.
analyst
http://moneytipz.blogspot.com
2006-10-17 21:09:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋