PhiloSophia
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Good job! That's amazing. I personally have a couple of Mutual Funds with ING, CDs and am just getting into the stock market. Start out with a Money Market Account at your bank. Most of them start at about $2,500 with a minimum of 6 months with a 5% interest rate. Next, you want to put some in a long term CD (which is another kind of MMA), for at least 5 years. Divide some of it up into Mutual Funds which are a safer way to invest and then hang onto some for emergency funds. Congrats! Or you could buy all the people who answered your question dinner! :o) |
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Janie
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Your young... and it is going to be very hard not to piss it all up against the wall...
however if you can, I suggest slowly add on to your savings... there will be a time in your life when you want your own house and having a nice deposit makes life so much easier..
Im 24 and finishing uni (in Australia), and because I had a nice deposit on my home.. the repayments are very practical and I have money to throw around..
alot of my mates found it hard to get onto the housing market without a deposit (and now pay up to 80% of their income as repayments)...
if you don't want to save for a house.. you may want to put the money in a long term savings account (I have one... the interest I get is great!).... on maybe in shares (but go to many different/ well respected agent to get the right info to make a decision)...
I was in a similar situation to you when I finished school, and pissed up alot of it with friends... wasted alot of money...
at the end of the day... weigh up all your options; and you'll pick the right path
hope this helps... |
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AM-NM centaur
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Do NOT talk to your local bank for investment advice because their fees are way to high. Consider investing in index-based mutual funds as historically they have a decent return with low risk. Look for "no load" funds, meaning you don't have to pay any fees to purchase or redeem. Typical management fees are around 0.10% to 0.30%. Anything much more and you're being overcharged for an index fund.
Good places to start would be Fidelity, Vanguard, or TD Waterhouse.
Before investing, spend a few hours reading about mutual funds. Novice and uneducated buyers often get into horrible investment contracts with dire consequences. Take your time and learn before jumping in. |
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llllllllllllllllll
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invest in stocks. get somelike like edwardsjones or a big bank to build a portfolio. make that 10k 40k in a few years. |
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shamrockcandle
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Invest! |
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helpWanteD
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Invest...you'll be glad you did. Turn that 10K into 100K...then, you can do much more than you can now. |
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rb_cubed
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Talk to your bank and ask to speak to the investment department. You would want to invest in a series of mutual fund showing at least 12 to 13 % growth per year. |
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Karen T
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Nice job and what an intelligent and industrious person you are - that's awesome!
You're young so your money will have tons of time to grow. I would pull out about $500 and spend it on myself. The rest should be invested. At the very least, start an IRA or Roth IRA. Because banks have low interest rates, I would put some money into a long term CD but not too much, $1000 maybe. The remainder should be diversified into stocks and mutual funds. Do your homework before making any investments. Ask people who invest for advice and suggestions. Seek out stocks that interest you and that have a fairly good growth rate over ten years. Read about different stocks and m. funds by checking their histories on Nasdaq.com, StandardPoor.com and DowJones.com. MSN Money is a good read too. Keep in mind that in the stock market there are always hills, valleys and trends. Don't get scared if you suffer some losses; everyone does from time to time. Be patient. Find an investment broker who is fair, comes recommended and with whom you feel trust.
Don't forget to draw up paperwork (living trust or a will) stating a benefactor or beneficiaries in case of death. That way you can state your wishes and your surviving family members won't fight over who gets what.
Congratulations and best wishes for a bright future! :) |
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Sal SR
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I wld advise you to put yr cash in a good mutual trust fund. When the property market 'crashes', you can then take them out and dumped them in a property and let the rental income pays for the mortgage. Congrats !!! You have done a great job !!! Best wishes. |
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Lina
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Put it in a CD or money market where it will earn about 5% annually (if your money is just sitting at a savings/checking account). The longer you keep it there, the higher the interest it will be. You can check with banks or financial institution. Good job for saving that amount of money by yourself! |
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Marko
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You're only young once, so if you haven't had the opportunity to travel much yet, I'd recommend spending some time and money to see the world. You'll never regret having this experience before you're tied down to a job, family, mortgage, etc.
But if you can do this without touching the $10,000, that would be even better. The biggest thing you have going for you right now is time. You should be able to get at about a 5% return in an on-line money market account - if you averaged this compounded in a tax-deferred account over the next 50 years, at age 67 you'd have $250,000 without having added any more money.
But check this out - if you did the same thing at an average 7% return, you'd have $870,000. And at 9%, you'd have almost $3,000,000. Spend some time educating yourself about diversification, expected return, standard variance, etc.
In other words, you'll need to know that you don't put all your eggs in one basket, and you can't expect to get the same return every year. However, over the very long run, a little bit more risk should yield you a higher return.
If you've already saved this much at 17, you're probably pretty industrious and I'm sure you'll do fine whatever you end up concentrating on. Good luck to you. |
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MeInUSA
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Put in a long term CD and leave it alone to grow... |
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Duane
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Put it in a high yield certificate of deposit for a year and keep rolling over the increased amount until you graduate college and you will have a sizeable nest egg when you need it! |
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Brizmo
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give it to me to watch. you can have it back when you are ready !!!!! |
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Hartford Whalers
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As a college student I would recommend keeping half of it just for personal spending and having a good time in school, it can get very expensive even with tuition covered. With the other 5K I would recommend you invest it, thats something I wish I did. I started with a lot of money but have spent most of it simply because it was there. If your the type willing to take a risk put the money aside and talk to a broker. They would be able to tell you better what to invest in than I could. Good luck! |
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Chriztina
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I'd spend a little on myself but keep the majority of it in the bank and add to it for future things like a house or opening your own business. |
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:)
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Wow. I'm not very good at answering these types of questions, but I wanted to congratulate you. I would never be able to save that much at age 17!!!! You must have worked pretty darn hard... But it paid off! :) |
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Drew
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get an around the world ticket and travel for 6 months. or invest it in mutual funds |
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Garry
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buy gold ;-) |
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