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vynlwombat | I'm 23 and i don't know where to start investing? |
I'm 23 in the military and i'll be deploying at some point so my salary will be tax free and i want to do something with it. I don't have any debt, but only have about 500$ saved right now. Where do i start with investing? I want to be able to retire at 60, I'd like to buy an engagement ring in the next 2 years, and a house in 5 years. It feels like everything is a priority. |
 |
 
Cookie
 |
If you are going to be making any major purchases in the next 5 years than you should keep your money in a money market mutual fund.
I believe the military offers the thrift savings plan.It is their version of an IRA.
good luck |
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R K
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I have one word for you...FIDELITY! I dont work for them or nothing, they have been great for my money, and they have different plans (403b, etc.). At least give them a shout. |
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Hello11
 |
I have an answer for you, and a question.
Answer: Roth IRA is nice. If you start at age 20, and put in $2000 a year until age 28, youll have 1.5 million at age 65. You are 3 years behind, so I would put more in if you can. I think max is $4000.
Also, look at solid companies for stocks. Microsoft, Halliburton, Altria, Yahoo is a good buy right now. Even if there company continues to struggle, which I doubt, they can still be bought out which will make the stock price increase.
A month ago, it was rumored Microsoft would merge with Yahoo and Yahoo stocks went up 20% on just the rumor.
Also, try reading investment books. Cant beat the knowledge you gain. |
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minsheng y
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Hi, here is a collection of informative articles about investing. a free online investing tutorial for you.
http://www.investingtutorial.info/
good luck !
wish you make fortune from investing ! |
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Ms.loanofficer
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Your best bet is definitely to start investing in real estate. Real estate appreciates and there truly is no other business whereby you can get paid INSTANTLY. |
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ynot
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Buy the house first and the engagement ring second. If she really loves you'll she'll understand that the house is more important and will keep increasing in alue. So will the diamond but you can't live in it |
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derobake
 |
Well, whatever you decide, be sure to match your risk exposure to your time horizon. And, use a company that has low-cost mutual funds. The first poster mentioned Fidelity, and I would agree with that. Another great low-cost firm is Vanguard. Just be sure to purchase "no-load" funds to get the lower costs.
1) For retirement, a target-date retirement fund from Fidelity or Vanguard are my best recommendations. They diversify your money automatically into several underlying funds, making the process very easy. And, the manager will rebalance and make your portfolio more conservative as you move closer to your retirement date. You can open up a Roth IRA or Traditional IRA with either firm. Fidelity allows you to start with only $250 if you are willing to make monthly $250 contributions.
2) For a house purchase 5 years away (which is the same boat that I am in), use a short-term bond fund which invests in "investment-grade bonds". To do this, find a bond fund with average duration of about 1 - 3 years, and one with bonds that are credit rated BBB or higher. (Use www.morningstar.com to look up any funds for this info.) Vanguard and Fidelity have several good ones to choose from. A short-term bond fund has a little more risk than a money market account, but with a slightly higher return.
3) For the engagement ring, use a money market account. Almost no risk of losing money. |
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Uncle Leo
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You have short term and long term investing needs. Sort through them, and you'll be able to organize your finances.
1. For long term investing, you, as a member of the military, can open an account with the Thrift Savings Plan. Do so, because the government should match part of your contributions. Contribute the maximum amount you can. The Thrift Savings Plan is like a 401(k) retirement plan, and is widely recognized as one of the best plans of that type. A good long term investment option would be one of the lifecycle funds (the L Funds). The L 2040 fund might be good for you.
2. For the engagement ring, have a portion of your paycheck automatically transferred to a savings account or money market account. Put in enough each month to reach the cost of the ring you hope to buy after two years. For example, if you plan to spend $X on the ring, divide X by 24, and you'll get the amount you should save each month. This money should be saved in a short term investment vehicle like a bank or credit union account, because you don't want to lose the ring money in the stock market.
3. Ditto for the house--have some portion of your paycheck automatically transferred to a saving account or money market account each month. Put enough away to allow you to accumulate a decent downpayment in five years.
4. As for retiring at 60, you have a couple of options that most people don't have. If you stay in the military 20 or more years, you can retire with a pension. Or else, if you get a civilian job with the federal government, your years in the military can count toward a civilian retirement (and a pension). It takes longer to build the credits needed for a civilian retirement, but depending on your preferences and interests in life, maybe that's the way you'll want to go. If you leave the military after a few years and start a private sector career, save, save, and save some more.
The webpages listed below contain more information.
Good luck and thank you for serving. |
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Greg
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You could try an IRA or bonds. I do agree that even though the housing market has declined, property will always be the best investment. However, 500 is much to put a down payment on a home. |
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