im 22 yrs and i can afford to take risks as i dont have responsibilities yet.
out of the 100% of the money that i have
26% is in a bank investemnt account
36% is in a unit trust account
17% is in the stock exchange (shares) and
4% i have in cash just in case of an immegency
what should i do with the rest of my money (the remaining 17%)? so that it can make more money
2006-11-01 17:11:04 · 8 answers · asked by lacoste 3 in Business & Finance ➔ Personal Finance
invest in real estate..
2006-11-01 17:14:17 · answer #1 · answered by MM 5 · 0⤊ 0⤋
No Load mutual funds. You don't indicate whether any of these existing accounts are in an IRA or a 401K. Even though you are "only" 22, it's never too early to consider your retirement needs. Any competent financial adviser will tell you that you should have at least some form of IRA, and if your employer offers a 401K, get into that immediately! That money compounds even faster because it doesn't get taxed until after you retire and start withdrawing it, presumably at a lower tax rate then you were paying before you retired!
The other reason for the 401K is that most employers offer some kind of matching contribution. That's free money! If they match the first 5% of your income that you salt away (and you're allowed to contribute up to 15%), you just doubled your money! That's a 100% return on your investment of your 5%! And now that money is working for you too. 401K's can grow faster than any other investment because of this feature.
If you need other ideas, try TheMotleyFool.com.
2006-11-02 01:27:25 · answer #2 · answered by displacedyankee 2 · 0⤊ 0⤋
Why don't you think in an own bussiness. Check the possibilities that you have around where do you live. Obviously it takes a little risk, but you can have later the satisfaction of being a successful bussinessman. You can be, for example a financial consultant and to give online services. Everything depends of your professional interests and your life's project.
Greetings.
2006-11-02 01:26:42 · answer #3 · answered by ER95 2 · 0⤊ 0⤋
you will be rich one day if you're not already
good on you!!
you should keep some for your entertainment etc though
because life will be too boring with no fun
enjoy your young life
2006-11-02 01:21:05 · answer #4 · answered by ausblue 7 · 0⤊ 0⤋
Try to have some fun and get some rest.
.
2006-11-02 01:20:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
depends very much on d fact that how much is your 17%!
2006-11-02 01:19:09 · answer #6 · answered by utsav v 2 · 0⤊ 0⤋
Give it to God. He will bless you back! He has done it for me before!
2006-11-02 01:21:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
give it to me ... i will make them double &&& give them to u in a year or so
2006-11-02 01:19:16 · answer #8 · answered by sikar 2 · 0⤊ 0⤋