living on the bottom of the economic food chain sucks...I'm a total beginner...any suggestions?
2007-09-14 13:32:02 · 9 answers · asked by Anonymous in Business & Finance ➔ Investing
Open a Roth IRA, putting your money in a no load, low expense (<0.5% per year) mutual fund. A good example would be the S&P 500 unmanaged fund from Vanguard. You can also put money in the target retirement funds with the project year of your retirement.
If you foresee you would need the money prior to retirement, then for investments you plan to hold for more than10 years, go with the same type of mutual fund, but in a regular (non-retirement) account.
For really short horizons - say a year, buy something like a CD, or really short term high quality bond mutual funds.
At this stage of your investment career, dont buy individual stocks, commodities, load funds, or whole life insurance as an investment.
2007-09-14 15:34:00 · answer #1 · answered by astatine 5 · 0⤊ 0⤋
I made about 800 a month for the last 24 years.I was able to
save money by cutting down on all expenses and living on the
bear essentials.I invested regularly into mutual funds.I now
have about 200000.I am sure you could do as good.You can
get good advice on what to invest in yahoo answers.Good luck
2007-09-14 21:00:59 · answer #2 · answered by john 4 · 0⤊ 0⤋
>reduce debt into a smaller amount if its any real amt.
>reduce the amt of interest you pay for those
>spend less on things and know how much money you spend per month on things like gas and food
> shop at walmart or other discount places
>control any luxury spending you might be tempted spending
>save money by switching over light bulbs and car insurance
> save money by going with a credit union if its cheaper with carrying cost and fees
> get a higher paying job also contribute to a 401k if that is possible it puts pretax money in a account
> before the 401k get a savings account of at least a couple checks for reserve money
>reduce tax liabilities and when you refund dont spend it on things
> then go into mutual funds or cheap realistate for rentals?
2007-09-15 15:50:32 · answer #3 · answered by hey d 2 · 0⤊ 0⤋
I agree and i understand! The stock market is a great place for investing and making money on the side. The secret is research, if you do your homework you will be fine. I am using http://goldenbullpicks.com check them out you will be impressed! And always remember to do your own research.
2007-09-15 05:58:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Seek out a good investor and make a time to meet and go over your planning future with what you make now. No matter what your income is, you can always start saving and investing.
2007-09-14 22:25:47 · answer #5 · answered by braindamageblue 4 · 0⤊ 0⤋
Learn what you want to do...without risk...before you put any money into it.
Learning costs money, but it is money saved..ignorance helps you lose money.
You have to do the training...get 2 weeks free by using this link...you will learn more about buying and selling stocks...
and have phone support too.
2007-09-15 01:13:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
"drips" dividend reinvestment plans.
You can by these directly from the company.
The one that has been a winner for me, therefore I am recommending it. "bp oil"
Or "sharebuilder"
2007-09-14 22:02:11 · answer #7 · answered by jy9900 4 · 0⤊ 0⤋
If you are serious, then tell me (email preferred) how much do you save a month? We'll start there.
2007-09-14 20:38:47 · answer #8 · answered by Smartass 4 · 0⤊ 0⤋
Pray to God that you get a better paying job.
2007-09-14 22:33:30 · answer #9 · answered by Goodhead 3 · 1⤊ 0⤋