What are the best ways to make my money work for me such as investing in stock or anything else.?

Question

I am 18 going to college full time and I was recently promoted to assistant store manager. I've got roughly $600 a week to screw around with. I dont have a lot of time to invest into anything but was looking for help with investing in stock possibly. Thanks

Answer 1

I'd recommend holding off on the stocks until you build some diversification with your investments. Try to build a nest egg of about $20K in mutual funds... trust me, you'll sleep better at night and not worry about a single stock plummeting on you. Once you have that foundation of mutual funds, invest in one stock at a time... perhaps a $2000 total investment per purchase. Buy three stocks... that's $6,000 total, etc. Whatever numbers you decide are best for you, start with a solid foundation of mutual funds.... because here's the fun part: as you buy individual stocks as I suggested, eventually you'll own 50 stocks or more... that's your own mini-mutual fund that you've created! Be sure your stocks are diversified... don't put all your money into stocks in the same industry. Spread your money around... you'll be glad you did. Good luck.

Answer 2

ignore the cashcrate dude....he responds with the same line to every question

put the money into a mutual fund, stay away from stocks, they are way to volitile for someone who is unfamiliar with the market. seriously, you could put that money into stocks , and in a single day you could lose years of savings........

Answer 3

Answered but Yahoo does not post.