tcindie
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an orange savings account from INGDirect would be a good start... Roth IRA would probably be the best long term investment..
Also savings bonds are good, and fairly cheap.
http://www.ingdirect.com
http://moneycentral.msn.com/content/Savinganddebt/Savemoney/P147209.asp
http://www.moneychimp.com/articles/rothira/rothintro.htm
http://www.savingsbonds.gov/
If/when you can afford it you might consider investing in gold. |
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Swordfish
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ING high interest savings account; CD, or money market account. |
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booterdude14
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I use that much to wipe my a$$ |
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Patti B
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go to msn.com and type in investing with $100... it will teach you how to invest online with as little as $100 a month. |
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Tangus
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If you're young look into a Roth IRA. |
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purplepatch
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Time Deposit in a bank or invest it in real estate. |
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Swu20
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Hopefully, you are under the age of 18... because a couple hundred a month doesn't cut it if you live on your own.
The best investment for that would be your education so you can go learn to make more money... go pull down a few thousand a month, then start talking about best way to invest it.
However, if you are under 18... I think the guy who said Roth IRA has it right. It'll be well worth it when it's time to retire and draw on that money, tax free! |
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Rockstar
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I hope I understand you differently than everyone else...you mean you save an extra couple of hundred every month on top of your necessities and lifestyle expenses, right? Otherwise, you're not doing so great. I pull a couple of thousand every month. But I'm pretty sure you mean extra money. So great:
Three things are guaranteed: Food, Music, and Real Estate. You can't get into investing better than those three. If you REALLY want to make your money flourish, and you have the time and skills, instead of formally investing your cash, by a house, fix it up elegantly, and turn it over...repeat as necessary. You wouldn't believe how fast you can multiply those little Benjamins. Otherwise, you'll have to talk to an investor who can invest your money. I would go with mutual funds. The idea behind mutual funds is that, since the over all market goes up over time, your investor will keep switching your investments to stocks that are going up. It's low risk, but comparably low payout. Unless you have over $1 million, you can't invest with mutual funds on your own. You have to give your money to a financial corporation that combines your money with many others to invest. |
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kvuo
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Invest it in 22 oz bottles of Steel Reserve High Gravity Malt Liquor! |
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Pattycake
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With that amount buy food and pay rent. |
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just me
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Savings account, whats so much about 200 a month?? |
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Some Guy
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If you'll need the money for something in the next 3 years, put it in a high interest savings account like ING direct. That way you won't get burned if the stock market goes down.
If you need it more than 3 years out but before retirement, put it into a mutual fund. There are lots of funds that let you invest a couple hundred dollars a month. I'd recommend going to www.vanguard.com - their funds usually charge the lowest fees. I'd recommend their Index 500 fund - that fund exactly tracks the S&P 500 average. You won't beat the market, but you won't underperform it, either. I like that fund because it's predictable and because so many people try to beat the market, but almost no one can beat it every year unless his name is Warren Buffet - and doing the same as the market every year will still make you well off when you cash it in.
If you're investing for retirement, open a Roth IRA or a traditional IRA, and look for a mutual fund. |
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tragic female
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Commodities trading baby! Buy a few bushels of corn. |
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Don M
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Food. |
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freedomnow1950
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If you are living at home, $200/month is decent for a young person. However, when you get out on your own, you will need more like $2000/month to survive.
I suggest you start with an IRA. You can deduct the amount contributed from your taxes, and all interest earned is tax deferred until you retire (age 59+).
Consult your bank for more info. |
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