I am a 22 year old female with a Bachelor's degree. I have been working for a year and plan on working one more year. Then, I was going back to school (law school) in August 2008. I have a salary paying job with excellent benefits. My focus is on saving and investing my money. I also want my own place, but I am not sure which is best (apartment, condo, townhouse). I am currently paying off loans, credit cards and my car note. I am interested in investing in property and enhancing my wealth. Please give me some advice.
2007-07-10 03:54:01 · 7 answers · asked by *prettynpink* 2 in Business & Finance ➔ Personal Finance
Paying off your debt is probably the best use of your money but if you don't have an emergency fund (4 to 6 months take home pay) you really need to build that up.
The first 3 months should be saved into a high yield savings account like ING (link below).
Then check out vanguard.com. You can start a mutual fund for $1,000 bucks. Check out their Star fund, VGSIX.
2007-07-10 05:53:07 · answer #1 · answered by Land Shark 3 · 0⤊ 0⤋
This may seem really off the wall but you should check out a side career with Arbonne. It has changed my life and I have not only enhanced my wealth but I now have the option to sell a company that I founded 10 years ago, because I am doing so well with Arbonne. It is not something I ever thought I would do, but am so thankful I gave it a shot. If you would like to check it out go to www.akarbonne.myarbonne.com and let me know if you have questions. I can send samples or information for you to check out as well.
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2007-07-10 10:59:07 · answer #2 · answered by Ginger S 2 · 0⤊ 0⤋
The best return for your money right now is probably paying off the credit card debt. If you have high interest cards the money you save by paying them off is likely worth more than the appreciation in real estate.
2007-07-10 10:59:44 · answer #3 · answered by johnfarruca 2 · 0⤊ 0⤋
Do you know where you are going to go to law school? Are you accepted into the school. If so, you could consider buying a residence near there. If you buy property, will you have enough cash to pay for law school?
2007-07-10 11:10:00 · answer #4 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
I'd say pay off your existing debt first. Pay off those credit cards. Live with roomates if this means more money for your bills.
2007-07-10 11:10:41 · answer #5 · answered by cycopathicrunna 2 · 0⤊ 0⤋
The best place for investing shares is the broker office....
2007-07-10 10:56:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You need a financial advisor. Go to www.fidelity.com and find out how to talk to an advisor for free.
2007-07-10 10:57:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋