Lisa
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Well, if you earned the money, you can put $4500 into an IRA. You can pick anything you want and the money grows tax free. But, you can't have it back until you retire.
You could try a Real estate Investment Trust (REIT). You will own part of the company that owns and manages properties. I think that is supposed to be pretty good.
Of course, you should take like $1000 or so and have some fun. |
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doanel
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Yes, definitely put it either in a savings account or buy a CD with it. One day you will really need it and it will be there for you. |
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heather p
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keep away from extra friendly girls |
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Harley Lady
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Go to a financial advisor. Look in the phone book for one. They will help set up a retirtement account for you(401k) that you can add money to. Just make sure you can withdrawl the money if needed for a home loan, medical expenses, etc.And, find out what their fees are upfront.You are a wise 19 year old that should be very wealthy by the time you are my age.Happy Holidays! |
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muttlover
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First of all, don't take "internet tips". I waited until I was in my 50's to think about this stuff. I wish I had started in my teens. Go to a reputable financial advisor. Go to one that gets paid either a small yearly fee and/or a percentage of your profit. I have an Ameriprise consultant and that's the deal I have with him. My sister has been using him for years and making an average of 12% income from her investments. She started out with another place that charged a commission on every transaction. She started out with $12000.00 and ended up with nothing because the broker kept selling and buying stock with the money, getting a commission but losing money for her on every transaction. |
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Ken T
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There are quite a few things you can do to get you started off on the right financial foot. Here are some suggestions, but without knowing your full situation no one can give you the best answer.
1. IRA (Roth or Traditional) - this is a retirement account, putting just a little away now will give you a hell of a lot more than waiting 5+ years and socking away 10% of your income into a 401K till you retire. These are limited as to what you can contribute each year - with it being the end of the year you could max out your contribution for 2007, then wait a month and max your contirbution for 2008.
2. The real estate market is in the toilet right now. If you are in the position to buy a house, condo, etc. This would be a great time to buy.
3. CD's, Money Markets, Mutual Funds, Bonds - these are considered low risk / low return investments (generally in the 3-6% range, but sometimes higher). These are kind of no brainer investments, you just put your money in and watch it grow (very slowly).
4. Stocks - this is riskier (especially right now with the market as volitile as its been). But like the old saying with you can't get big rewards without big risk. This will also either take working with an investment broker you really trust or taking the time to understand your investment choices and monitor them yourself.
Personally, if I were in your shoes, I would look at options 1&2 the most seriously. |
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Rick T
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Be smart, put it in safe investments such as CDs (not the music type) or T-Bills that 10,000 can become so much more and years from now when you look at the investment you will be amazed.
If you spend it years from now your won't even remember what you did with it. |
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Aracely v
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Dont listen to " WHO DEY *itches. i would save the money for future things like if you go to court and have to pay...... Just ... anything..... dont listin to her= Who dey *itches |
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terry h
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Your teacher was probably talking about a roth ira. you can put a certain amount into one thats invested in mutual funds and add to it every year. you should see a return of 8-14% depending on the economy and how the funds are diversified. the best thing about a roth ira is it grows tax free! at your age, if you add the max. amount this year and try to do so every year, you will be a multimillionaire easily by the time you retire and the money will be totally tax free! i think the max you can invest in a year in a roth is $4500. i may be wrong. you should consult a good investment counselor that will teach you about the roth and mutual funds and such. if they just want to take your money and not explain things and ask for your input, then find someone else. try dave ramsey.com for an investment counselor in your area. you may also want to peruse his whole website for good sound advice. good luck! |
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Craig
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I would save it, do not invest it or anything, just yet. Their are things like money markets and cd's and etc that offer a higher interest, then stocks, or you can buy gold, silver, platinum, foreign currency and etc.
However, be very careful right now since the economy is really not too stable. Just stash it away and use it as a down payment on a house or condo maybe, but that isn't even safe. I would just put it away somewhere in cash form or even euro's for a year til I saw where the economy ends up. |
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Air Rick Ahh!!-Mario's Girl
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STOCK..risk but that grows if u invest int he right one not all of it just like 1000 dollars then u can put the rest in the bank i think interest rates go up in that. |
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A R
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use it for collage |
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mgopher007
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Go see a financial planner. Spend a couple of hundred on someone who knows what they are doing.
I'm sure he'll have you invest in some IRA's, CD's, and basic stocks to get a good mixture and diversify you as much as possible.
Don't try to do it on your own. Planners know what part of the financial world are up and down and know where the safe bet is. Different advice applies to different age groups and differing amounts of money. |
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poophead
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Invest in google
by the time your out of college sell them for double what your payed |
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bunnygrl43
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You could but it in an IRA or you could invest it in a short term stock. |
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Wildthing
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i would start a bank. |
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zero
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You need to open up a Roth IRA account and put the max in on it. It is much better than a regular IRA account and you don't incur any penalties on it when you are eligible to withdraw from it at age 59 1/2.
You can play the stock market but it's not doing so good right now and it is way riskier. |
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belisle602
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I think you should invest it in an IRA account or stocks. Careful with the stock market though. Remember there are ups and downs with that. Definetely invest it. Take a look into Fidelty Investments or something like that.
It's good to hear you don't want to blow it. It will come in handy one day. |
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Steve M
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check out bankrate.com or maybe some investment sights. Google stock is a great investment. |
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Edith H
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Yes that RIF thing does sound very good. Put every penny of it in there and don't touch it until it comes to a very special time like your wedding or to get a jump start on your mortgage. I know its hard to think that far into the future , bu trust me you will be so glad you did it when the time comes. |
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DebtFree
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Save it. if you need a car buy a used cheap one. $2000 or less. Then keep saving like crazy. Pay cash for stuff or do without. Do not take on debt. At 19 you are a rare bird, and smart if you have no debt.
look into growth stock mutual funds if you want to invest some. but never invest in anything you don't fully understand, or you will lose money.
mutual fund investing is long term btw. 5 years or longer. |
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who dey bitches
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buy a car that way u have no car payment thru college |
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wilderwriter
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There are NO safe investments that can return that kind of interest rates; even high-risk money markets aren't producing that kind of a return right now (and not averaging that over the last five-to-ten years, either), so be careful where you put it. But, by all means, start a solid investment program with it, now, so that it could begin forming your retirement nest-egg. |
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BURT
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Put it in savings that way you can have a down payment for a house in the future. |
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Morey000
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You're lucky.
Invest it. Perhaps a single mutual fund that is already balanced between stocks, international, bonds for a long horizon.
Fidelity has them called 'Freedom Funds'. But other companies offer them as well.
There's nothing like TIME to build wealth. Putting a little bit of money away early in life, will be worth more to you when you're 60, then trying to start saving for retirement when you're 45.
But $2k of it into an IRA fund and add a little to that every year as well. |
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ENCYCLOPEDIA / MAN WITH IDEAS
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$ 10000 in India is Rs.4,00,000 It is quite a big money here in India. You send the money to me I shall invest under your name.
The USA $ forty times more here in India.
$ 10000 x 12 months is equal to Rs.48,00,000
With Rs.48,00,000 you can buy many things here.
My name & address is
K G V DOSS
Investment Consultant,
New No.19/2, (Old No.8)
Balaram Road,
Adyar,
Chennai-20.
Pin Code 600 020.
India.
Phone 91 044 42114112 |
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Candy T
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Don't be dumb and blow it. Take out about 2k for fun and save the rest. Think about your future kids and wife. :) |
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wtprider86
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if you want small, safe returns(and you have a lot of time), do like an ING direct savigns account..if you aren't too risk-averse, and want quick returns, try opening a charles schwab account and invest-away... |
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chris b
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Open up a roth IRA! it is a good start! At that age dont ever touch it till you are 50! trust me on this one you wont be sorry!!! |
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***~***
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It's a good time to buy real estate. Put a down payment on a condo or something. That will be the best investment you ever made. I bought my condo at 22 and have made almost $100k in a few years. |
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melissa
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put it towards your loan.
You will thank yourself later, trust me! |
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