I'm plaining on becoming a millionare before I'm 35. My wife and I were lucky enough to save over a $100,000 this year. What are some good investment strategies; and where should I put my money?
2007-12-26 18:50:05 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
My father has done it buy purchasing lot's of real estate...right now would be a good time as it's a buyers market again and cash has power!...Get in on some auctions and try and purchase at least two very rent-able homes and rent them ASAP!! Then sit on them for a long time..maybe burrow against one and purchase another and another..real estate!!
Sure it goes down but it always goes up.
2007-12-26 18:56:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't say how old you are now, but you are obviously under 35 given your goals for age 35. At your age, don't even think of keeping any large amount in CD's at a bank. While the stock market in any given year can be down, over a ten year period it has always outdone CD rates. Put most of it into a highly rated growth mutual fund.
You are obviously already following the right path of spending far less than you earn, and saving the rest.
One caution - you don't say what you plan to do at 35 other than being a millionaire. That wouldn't be nearly enough for you to retire on and live off the income from it at age 35. But if you work until somewhere toward a normal retirement age, even 50 or so if you continue to save heavily and invest well, you'll have a VERY comfortable retirement.
Good luck.
2007-12-27 00:42:13 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Keep saving that money in a CDs in the next 10 years and you would become an millionaire. Plus the CDs would give you great interest like in every 5 years, you can take it out and you can live off from that...I would not put money in stock right now, it is very shaky and getting an financial adviser would cost money plus they would invest in something very bad or very good, but it is an gamble.
2007-12-26 18:57:47 · answer #3 · answered by persphone4u 2 · 0⤊ 2⤋
T. Rowe Price has some really good mutual funds that are doing 30%+. I've had pretty good luck with them.
I've also had great luck investing in Internet companies, but you have to be tech smart to do so.
2007-12-26 18:54:47 · answer #4 · answered by LeDeau 2 · 0⤊ 0⤋
Vanguard STAR mutual fund.
Well I always think you should be more aggressive the longer you are away from retirement, and more conservative towards retirement.
With your case, I would suggest conservative Mutual fund as well as bonds. Just don't put all your eggs in one basket.
2007-12-26 18:54:06 · answer #5 · answered by Nostradamus is back squared 3 · 0⤊ 0⤋
Well i'm still a kid but i think opening up propertys like hotel or some sort or keep collecting is some what that i can come up with.
Good Luck
2007-12-26 18:58:25 · answer #6 · answered by ~Insanity Has Taken Over~ 3 · 0⤊ 0⤋