i'm 20 and worked hard to make something of myself. i'm earning way too much money and don't know what to do with it. i'm sure i'll retire by the time i'm 35.
2007-09-24 06:18:04 · 25 answers · asked by mitraj m 2 in Business & Finance ➔ Investing
You need to invest. You are at a great age (YOUNG) to begin investing. One piece of advice is to never put all your eggs in one basket. Spread your money into several areas to better protect yourself during down or bad economic situations. I suggest placing half of your money into a good mutual fund. I have 5 of them. This will spread you out well as mutual funds all invest across the board. The link below is a self investing site I use. I chose them after research because they have the lowest rates and fee's for handling your account. I have many different stocks in many fields. I am far from rich, but I am doing well with the investments. Had I have started at your age I would be sucking down umbrella drinks on a nice Hawaiian beach I would own.
2007-09-24 06:30:54 · answer #1 · answered by aswkingfish 5 · 0⤊ 0⤋
Buy yourself a big piece of land, build your own home (be the general contractor and sub-contract the construction)
Build yourself a good bunker and stock it for the long haul, with a good Heppa air filtration system, and devices for self/family protection (not birth control).
You are going to need all of these in the very near future.
Do this now,while you can.
The Jahid will have no mercy, take no prisoners, and will never cease their endeavors to destroy the great country you now live in.
I'm pleased that you are sucessful at such a young age, but the abbility to do that was not earned by you, or your generation. The blood of countless veteran, as myself, provided that freedom, and opportuinity.
We may not be there when the ....hits the fan.
Besides, there is nothing like getting up in the morning and feeling the dew on you feet when you walk in the back yard, or smelling real flowers, watching the sun come up, or a full moon from your patio.
Adopt a "mustang, or two', don't buy some thorored. Enjoy this planet, for the absolute, undisputed beauty she can give you.
Live long and prosper...couldn't resist that quotation...
2007-09-24 06:33:39 · answer #2 · answered by hangarrat 2 · 0⤊ 2⤋
Save for a deposit on a 2 family house.
Live in one and rent the other until you can afford
to buy another one and another one.
Commercial property (storefronts) also a good investment.
We have paid off 2 properties and are getting pure profit from the rental income.
It is also a good idea to have a certain amount of money taken out each month for some sort of money earning investment. 401k...Never turn down putting the maximum amount into a matching profit account.
2007-09-24 06:23:05 · answer #3 · answered by pricetravel 4 · 0⤊ 0⤋
What question is there? If you plan to retire and live the next 30, 40 or 50 years (every 10 years is $200K) without working, where else would you spend the money? Obviously you're not a millionaire, or you'd not need to ask.
2007-09-24 12:08:17 · answer #4 · answered by Smartass 4 · 0⤊ 1⤋
I would first suggest you not to brag to others of your financial security. All the loonies out there would take everything they can get their little grubby hands on. Investing the money is the best way. Invest in property, mutual funds, and hire a good financial advisor. He or she will help you make the best choices. If that doesn't satisfy you send it to me..... I could pay a couple of bill off and Invest it for my future.....Just Kidding. Good Luck!!!
2007-09-24 06:28:17 · answer #5 · answered by Jana 4 · 1⤊ 0⤋
Why not give some money to a LOCAL community food bank? They always need donations.
Now if you want something for yourself i'd say to go buy yourself a house with alot of land...but thats just me.
2007-09-24 06:23:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
it's fantastic that you're so successful! the usual charities, needy people, (ME ME ME) would be happy to unload the burden of too much money.
another idea would be to start some college funds for future children, grandchildren, etc. or invest in the stock market.
2007-09-24 06:23:23 · answer #7 · answered by Melanie 5 · 0⤊ 1⤋
Give it away - you'll hate the problems associated with and always remember - Money is the root of all evil.............
2007-09-24 07:29:06 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Save and invest. Save for a rainy day and invest for your future.
2007-09-24 06:23:07 · answer #9 · answered by your1starr 2 · 0⤊ 1⤋
you can invest your money in stocks since its in a very good mood right now..or else in real estate since there is a infrastructure boom in india right now or else start your own buisness of any kind..
2007-09-24 06:35:19 · answer #10 · answered by vishwas j 1 · 0⤊ 1⤋