View Full Version : I want to start investing...
27-06-08, 07:06 AM
I am only 19 years old so I don't got that much to invest. I have an average income of ~1,000 a month. I always hear that it is best to start investing for retirement and other investment's at a young age. Though I would only start at small amount's and eventually increase the amount as my pay increased.
I am not sure where to start and what to invest in. Mutual fund's, Index fund's? Where will my money be safest. Any place to invest where my money still almost be liquid? I'm not sure where to start or where to go or who to invest with. Any tips would be greatly appreciated.
27-06-08, 07:07 AM
Do you put money away in savings each month?
27-06-08, 07:28 AM
Any of the major banks have these online quizzes you can take to figure out what is best for your retirement needs.
Here's a site that I use quite a bit. You don't have to get an account to find lots of useful info:
27-06-08, 10:32 PM
What about buying a mortgage? or do you won your own house? Even if not, you might do so and put it for rent. What you get from that will pay your monthly payment for the bank. At the end of it, you have a house in your name while you nearly paid nothing or only a small % of its cost. The only thing will be that banks will not agree instantly to your request and you might need a partner to share it with you but at the end of the day, it is a successful idea which worked well before.
27-06-08, 10:33 PM
*own (not won)
Give it to me, I'll make sure its a good investment.
28-06-08, 05:50 AM
I am only 19 years old so I don't got that much to invest. I have an average income of ~1,000 a month. I always hear that it is best to start investing for retirement and other investment's at a young age.
No.., it's not..
If you're young.., you have more wiggle room in terms of room for error.., "losses".., and you can afford to take higher risks.., because you have years of earning potential ahead of you..
If you're old.., you have less wiggle room.., and should keep on safer investments..
In any event.., you want to set up a Roth IRA and put in $4,000 each year.. from there.., you can do whatever you want with anything inside the account.., (recommendation.., Mutual Funds.., average of 6-8% return.., and it saves you the time and hassle.., and gives you room to do other things with your time and energy.., "like learn or earn money")
That's really it in terms of sheltering your little babies.. from the big bad IRS..
It's all about constant growth.., after a certain point.., you'll have enough to put as a down payment towards your first investment property.., the beauty about investment properties is that you never plan on selling them any time soon (or ever).., just keep the positive cash-flow coming in..
Your investment is giving you income.., and appreciating in value.., and you can soon have enough (from the cash flow & appreciation in value after refinance) to acquire an other property.., and an other.., and an other.., and an other.., almost exponentially..
(note: it's up to you on when you want to stop.., try not to be obsessive.., it's not like you're taking your money & wealth with you to the grave.. you're leaving this world with just as much as you had when you came into it.., "nothing".. there quickly comes a point where you are comfortable.., your goal is not to be rich.., it's to be comfortable.., you work so that you can live.., not the other way around.., so when you feel you're ready.., and comfortable.., forget investments.., and get your home.., decorate it.., build it just the way you want.., and start living.. you earned it)
28-06-08, 07:31 AM
I would like to add the risks of having a mortgage to make things clearer and not 100% pinky...
1- It will take you much time and effort to search for a suitable house within the budget allocated.
2- If you have a partner, partners might break up and the house / mortgage will be at risk in this case (that actually happened between me and my ex and we had to sell our house off too early.)
3- Location Location Location: when looking for a house to buy, it needs to be away from areas of trouble. For example, in NI mortgage will be refused in certain unsafe areas or places of violence and trouble.
29-06-08, 02:15 AM
forget the banks, interests rates are at most about 3-4% while inflation goes up about 5% a year...
i put most of my money into drinking and a 401K plan.
29-06-08, 06:19 PM
Good but unhealthy choice.
30-06-08, 12:35 AM
Good but unhealthy choice.
life is full of unhealthy choices.
Start asking someone older what can you invest in.
Now, if you want to invest, maybe you could buy some products and resell them with some profit for you. That's real investing.
While you decide, keep the money in the bank and forget it exists. Yet don't forget Illusional's advice and invest fast, because what he says is true.
Last but not least, stay —very— away from multilevel marketing (MLM) work. They are a loss of time.