I was Given $1000. What is the wisest thing to do with it in the longrun?

I know its not a whole lot but since I don't need to use it in any foreseeable near future. Where should I put it? BTW I am 20 years old.

A high interest savings account.

If you don't need it, and if you have earned income, I would suggest opening a Roth IRA and putting it into a mutual fund.

Vanguard is a very good low cost fund company. A call to them and they can help you set it all up.

They have a mutual fund called the STAR fund that you can open with a minimum of $1000.

It has a very good track record. It has an average return since inception of 11.14%.
https://flagship.vanguard.com/VGApp/hnw/funds/snapshot?FundId=0056&FundIntExt=INT

Hope this helps.

It is a lot if you invest it for a long time!

Mutual funds will generally double money every 10 years. When you are 30, it'll be $2000; at 40, $4000, and at 50 $8000.

The more money you can save now, the better your retirement will be.

Look for an index fund with low management fees, covering a broad market sector. My suggestion would be The Vanguard Total Stock Market Index, but their minimum investment is $3000, so I would look instead at the Star fund. This is a 'fund of funds' and gives you excellent diversification, and medium risk. Year to date performance is 15%, but don't expect that to be the same every year - some years the fund may actually go down in value.

Open an IRA at http://www.vanguard.com and put your $1000 to work in the Star fund.

start a retirement fund and by a nice dinner for you and a sig other or friend. $1000 at 20 years make it a roth IRA b/c you pay taxes now and never again. You will gain interest and you will be sitting pretty for retirement and you can add to it when ever. Maybe buy dinner and something that you really want I'd say $100 -$200 you m ight as well spend on something you will either enjoy or remember well.

Your are in a great position to make some money from your money go to http://goldenbullpicks.com

Dakine, the answer depends on what you want to save the money for. If you want to save it JUST for retirement, you would want to put it into a Roth IRA in a very diversified stock mutual fund (an S&P 500 Index Fund for starters) or an exchange-traded fund (like SPY, which is the same thing but you buy it on a stock exchange). You can open the Roth IRA almost anywhere nowadays -- a discount broker like E-Trade, a mutual fund company like Fidelity or your local bank's investment company perhaps. The advantage to putting it into the Roth IRA is that (a) it grows tax-free; (b) the money is tax-free when you take it out; and (c) if you never want to take it out, you can pass it on to your heirs free of tax also after your death. But here's the catch... essentially you won't be able to make the tax-free withdrawals until you reach age 59 1/2. If you want the money before then, you will likely end up paying taxes on the earnings and get charged a 10% early withdrawal penalty on the money (unless you falls into some certain exceptions under the tax code).

If you want to save the money for some else in the future (a new car, a house, etc.) you should probably start by just putting the money in a money market account, get the best rate of interest you can, and keep adding to the $1000 over time. Eventually, you can then open a regular mutual fund or brokerage account, invest SOME (probably not all) of the money in that index mutual fund or ETF I mentioned above, and grow your money (hopefully) a little faster. I would NOT recommend putting "all your eggs in one basket" if you (a) need the money for something later down the road and (b) you don't have lots and lots of time to get there. The market can always turn south and your $1000 can go to $800 in a hurry. If that's no big deal, I guess it's ok to put it all in the market. My advice, though, would be to build the nest egg a little more and THEN start with a good, cheap diversified mutual fund that plays the market and will at least match the averages pretty close.

Good luck!

Put it in a Roth IRA and invest in it an index fund, google: vangurd index funds, reinvest all dividens and just leave it alone.

If you don't have an emergency fund, get a high interest internet savings account, put it in there, and leave it there until you need it. If you do have an emergency fund, try a strong mutual fund.

Buy stock in Jamba Juice. Ticker Symbol JMBA listed on the nasdaq. This company has huge growth potential. Check it out!!!

Go to USAA.com and invest in a no load mutual fund. Try the High Yield fund. PS, I dont work for USAA and I think anyone can invest there, no fees.

put it in a savings account

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