hey. im 19 and slowly saving money from a job iv only had a short time (only have around $2000 saved). im really interested in makeing that amount increase not including work income. what should i do? am i too young to invest in anything?
2007-03-26 22:58:33 · 4 answers · asked by bluefex 1 in Business & Finance ➔ Investing
Keep saving. No you're not too young to invest. Take your time. Too many people "invest" in things because they got tips or suggestions. Many have no idea of what they're investing in. That will doom you to failure.
Investing is not hard. But it has to be done with some basic knowledge. Learn about;
Asset Allocation
Mutual Funds
Exchange Traded Funds
as a start.
Do this by reading a couple of good books on investing over this year. Don't buy books that suggest you'll be a millionaire in less than 10 years.
Good luck!
BTW: Stay far away fron any specific investment web sites suggested in this forum
2007-03-26 23:18:27 · answer #1 · answered by Common Sense 7 · 0⤊ 1⤋
Hey dude
Have patience. Life is long. And pay your bills on time..Start THINKING DIFFERENTLY about money. It's obvious, just from reading your own wording, that you are limiting yourself from prospering ("Clueless about money", "ONLY have around $2000", "am I too young....."). Do this, it works: Start thinking that money is easy to attain and that is very abundant in the world. Have confidence that you will make wise and strong decisions regarding money, even if you are really unsure. Have faith in it. This really works, try it for a while. Set up "safety nets" of money (min. $1000/ea.). A savings account is an example of one of these, or some people like to keep a bunch of cash in a safe, or both. There are many ways to "save" (safety) your money. The more, the better. You'll find that if you create these "safety nets" of money, and NEVER think of them again, except in the most DIRE NEED, you will always have seem to have money. If you are unsure of what to invest in, do something that YOU think has a strong future. Maybe you, being young, knows about some cool, new, up and coming thing that some old, rich guy has no clue about (like computers or skateboards or energy drinks or whatever). Research that, and see if you can start throwing your CASH FLOW (not your safety nets)at it. (call a stock trading company, or better yet, convince the president of the company to sell you shares). If you were right, your money will grow along to the tune of your decision, and it's more fun because your money is part of something you believe in. Remember, the first step is to start THINKING POSITIVE about money and know that there is plenty to go around for YOU to enjoy for yourself. good luck.
2007-03-27 06:46:07 · answer #2 · answered by RKH 2 · 0⤊ 1⤋
Just keep saving your money. Thats the best money to have is hard earn money. There are alot of people out there that would sell you anything to get you to spend your hard earn money.
2007-03-27 06:07:44 · answer #3 · answered by lovie12346 3 · 0⤊ 0⤋
Check out my website we're an investment company in S.A but we have internasional branches
http://www.indiplan.com
2007-03-27 06:57:47 · answer #4 · answered by Anonymous · 0⤊ 1⤋