Financial advice for young adult. Investing in stocks, mutual, and etc?
I’m 23 and will be debt free in a few months; did some stupid stuff with my money in the past. I’ll have a small over $600 savings after I pay my bills which includes entertainment and etc. That’s like 33% of my income.
How much should I use from that to invest?
How about stocks, mutual funds, forex, and etfs?
Real estate sounds like a hassle so I don’t reckon that I’ll touch that unless you guys say otherwise.
Tips and advice appreciated..
Thanks.
How about a house?
I currently rent at an apartment.
Sorry, I meant that I have $600 leftover every month for savings…
Tagged with: adult. • advice • Financial • Investing • mutual • Stocks • young
Filed under: Forex EA
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Well I started by saving one third of what I was making once I had paid my bills etc. I made a strict budget to follow. I also would buy one stock every month. Now I have more freedom to buy more stock and to invest more because I have gotten a raise. I suggest you start a strict budget and save or invest one third of that. I would start by saving. Try this site:
http://www.sharebuilder.com
EDIT: OK, I would suggest that you invest in one of the following: IRA, CDs, Saving Bonds. Unless you are going to take the time to study stocks or pay someone to do it for you, it is a small risky. I have been lucky with the stocks and have made a couple of thousands, that s only because my husband is excellent at reading the stock market. An IRA sounds excellent for you, but I wouldn’t place the whole 600 in there, you gotta have a rainy day savings, the just in case something happens. IRAs can charge you for taking money out too soon.
With 600 in savings every month, perhaps buy an index fund or a mutual fund that allows you to place up more money. I’m sorry but it is simply too small money for you to do anything risky with. Perhaps this website might help you, if you accumulate more money you can buy financial instruments like CDs, bonds and stocks later. Or you can see which careers to go to… education is a form of financial education too, because you learn how to manage your money
Cheers!
You didn’t make it very clear, is this $600 all you have to invest after years of “stupid stuff” and all you will have for the near future? Or will you have $600 each and every month to save/invest?
I have different answers for each choice.
I advice excellent people like you to become debt free and financialy independent and If you are serious enogh I’ll teach you how send me Email to set an appoitment.
Mutual funds is the best place for you. you don’t have a lot of money to risk. Mutual funds are safer, but still gives you a decent return on your money
Check here if just starting out:
http://www.estocktrades.info