I am young--what are my investing options??

Question

I am 24 and would like to start putting my money some where so when i retire i can live comfortably-- only thing is i do not have a huge lump sum to give someone i would like to start small real small and add a little bit each monh my definition of small is like 100 now and add maybe 25-50 a month it is not much but again i am young and hopefully some time down the road i will be able to put more $$ in monthly

i looked up bonds but the return rate is pathetic along with savings i cant save cd's need 500min it seems like so what is there 401k i am starting this but anything else?

thanks

Answer 1

Check into a Roth IRA. I don't believe you have to come up with a large lump sum to open one and you can add to it throughout the year until you reach the maximum.

Answer 2

401k seems like your best option. Does your employer offer any match? If so take full advantage of that. Another option is to go through your bank and open a Roth IRA. You are only 24 so you want to take an aggressive approach to your investment portfolio...401k or IRA.

Answer 3

Don't listen to these people, you need expert advice. With those sorts of figures, few big brokers are going to be interested in taking your account except Edward Jones. My advice is to find an Edward Jones broker near you and have a frank conversation about how much you have and what your goals are. Then just listen. That's what they do. If you're just starting out, they're the best.

Answer 4

fidelity.com roth ira. make $200/month contributions until you've reached $2500. then, after 5 years, you can withdraw tax-free at anytime. buy funds that provide a dividend and watch your money double every 7 years. good luck.

Answer 5

You should invest in future technology and the lottery.