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Additional Details
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tproductmade | What would be the wise choice for a guy in his early twenties to do with his money? |
I have about 15grand and I am trying to make my money last and also put it in stocks and bonds. However, I am open to different opinions and views.
SERIOIUS ANSWERS PLEASE!
GIVE ME ANSWERS THAT WILL BENEFIT AND ENLIGHTEN ME!
tHANKS.
Additional Details
I would like to Thank everyone for their serious and beneficial answers, but I just realized that with this money 7,200 is going to rent and the other is up for grabs....So i guess my question now is what should i do with the 7,200grand?
These are the circumstances:
I am still in college (so that means i probably will have college debt)
I do work a 9 to 5 (only averaging about 450 a check (not that much))
I am in the career of music (I desperately need new equipment!)
Thanks |
 |
 
John A
 |
Warning: The wise thing to do may be a departure from what you will do or want to do. Make sure you are truly serious before you read this.
1) Put your money in a tax sheltered investment like an IRA. Invest the money within the IRA in the investment which has performed the best over any rolling 10 year period for 170 years and is one of a small handful of asset classes that has produced a real rate of return after inflation over those periods.I am telling you to own a portfolio of well diversified equity stocks or mutual funds.
2) Keep putting every dollar you don't spend on your expenses, which should be as far below your income as possible, into this investment and then DON"T TOUCH IT UNTIL RETIREMENT.
This is simple and foolproof 1-2 punch will result in the realization of how fruitless and meaningless it is to waste your life poring over business reports, listening to vapid, worthless commentary on CNN endlessly and trying to strike it rich stock picking.
This should be a fantastically empowering and enlightening realization for you. Now...you can choose to ignore this advice as will 95% of your neighbours and give in to the negative media influence and financial industry shills or you can choose the path of simplcity and truth.
At your age to have the insight to understand that you must make this choice to take control of your financial life should be an exciting prospect for you. Congrats and good luck with your decision. |
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salut
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I dont think u should do that. stocks are not guaranteed that you'll get your $$ back, what if the stocks dip? it's all you've got and surely u won't want to loose it all. These are options for the retired who have lots of cash to play with. If u do want to invest, speak to someone older who has investments, they'll give u better sound advice. Also, invest only when u can get back 100% of the capital u put in.
Personally, i feel that u should use this money to travel the world, buy whatever u like, and just spend it all. I've bought myself diamonds, bags, watches, books, clothes...etc.etc..coz i'm only young ONCE. I have plenty of time to save when i reach 30. After all, i've got many insurance policies that are already cash savings. Furthermore, without any children or family to support, i can now afford it. |
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j m
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cd's bonds, are excellent idead i have also a similar situation inwhich i have an acct the interest goes into i have had mine since a child i was told that was nontaxable college income keep shopping 4 the best rates as well you r very intelligeny and u r on the right track |
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Knowitall
 |
I myself would put it in stock. I would put a chunk in a large corp that will not lose much and the rest I would use for penny stock. That's how i paid cash for may last Vette.
You have to consider stocks like gambling not investing and only bet money your willing to loose.
being that the housing market is going to crap I would wait longer and you could buy a house. Wait till the market is recovered and make some $$. Not to mention rent the house to make the payments. Every payment is money in your pocket. |
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Lindylu
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if i was u i would buy land or a home and rent it out and depends where u buy u could make a fortune |
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brckr1
 |
OWN! DO NOT RENT if you can help it, real estate is very good but DO your research first and if you plan to be a landlord live next door and screen your tenants......buy a duplex or a fourplex....... Stocks are risky, but one can do well, again research...... energy stocks, oil and alternative forms, but if you enter the market be prepared for a bumpy ride. Learn from history....... |
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Stacey M
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Put the money down on a house and rent the house out. It's a buyers market right now, but eventually it will go back to the sellers and then you can sell for a profit. |
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Irish lad
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drink it |
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Double Diamonds
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Premium bonds are good. I have made quite a good return on mine. If then you need the money, you can apply for it and get it within 10-14 days |
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heybulldog
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Save 10k for a emergency fund. Put it in a money market account for easy access. That way you don't have to borrow money in the event of an emergency. You'll save lots in interest.
Take the rest and put it in a IRA.
Got to http://www.daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesn't cost a dime to listen. |
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glasgow ned
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i dont if you just want to make more money or what but id go travelling |
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kyla
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your best bet is to put it into a high interest savings account until you have made an informed decision also get advice from someone you trust |
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rosesdorule
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You should save as much of it as you can because you will not be twenty in a year. Stocks are too unpredictable and you can get broke with one bad deal. I'd suggest bonds but you should talk to an investment banker and get a portfolio set up. That person would know what needs you have better than us because you can discuss your future plans in depth with him or her. |
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toocoolringlady
 |
CD's and I don't mean the kind you listen to. |
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italianbutt
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I hear that stocks and shares yu can loose them.. OR win a lot. its liker the lottery i guess. Whereas my friends grandad put £100 n bonds when he was born and by his 18th birthday he had like £3,000 so its an investment and it never goes.. once its there its there and it always grows! I would keep a few hundred for life living and perhaps some fun. And put the rest in bonds. Set a time.. say your early 30's, and check on it. i guarentee its more than tripleled. But ask a professional.. |
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magy
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Put it into a retirement vehicle such as a ROTH IRA or traditional IRA- don't drop it all in at once, put it in a bit at a time. Put it into mutual funds covering different sectors of the market to diversify.
Better yet, use half this way, save half in a CD or savings account to use as a down payment to purchase your 1st home, if you don't own one yet. Real estate's in the toilet, making it a great time to purchase your first residence. |
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bonsai
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If you have debt, pay it off.
With the rest, put it in 401K
15,000 is really not much to play investment broker. |
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morshock
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if you want to invest try a long term high interest savings account. |
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dot
 |
property is always a good investmest, speak to your bank about mortgages.they will advise you on how much they can offer then you can get looking at houses that suit your budget. you could always rent out the spare rooms to pay for the mortgage plus you will own your own home |
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bored
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the one sure thing. Invest in gold. |
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