Lux Investing
Best way for a college student to invest money?
I'm an independent 19 year old college student with a part time job. I want to invest come money so I can start saving money for a home/wedding in the future (I'm engaged, and plan on getting married after college.) Cost of living is really high where I live, and my fiance and I don't eat out and don't spend excess money in a lot of places, and we don't usually have a lot left over. (Basically, an answer like "just save your money" won't help a lot...we know this and we're working on it.) I hope to invest my tax return (about $900) but I'm not sure what the best way to do that is. CD's usually have a minimum balance of a few thousand. Please give as much info as you can. Thanks!
Public Comments
- Not much you can do with so little. Buy a few shares of something. Some places are are $10 a trade. The other option is to make sure you don't have any debt over say 5% interest. If you have a normal usury credit card, its better to pay that off.
- May I suggest: Go to : low-cost-stock-recommendations .com Click on the "DRIP's" Button on the navigation bar These long-term dividend reinvestment plans are tailor made for what you are describing. They are safe, in fact, you won't care what the market is doing. They provide generous returns. And you have access to your money any time you want it. If you decide you are interested, click on the "ING" advertisement on the same page. It will tell you the least expensive way to get started. Good Luck
- You want a safe investment, because you don't want to lose the principal. Even bonds ( which generally have minimum requirements of $1000 or more) can lose value. You best bet is to put it in a high yield savings account or checking account. Check the internet for rates- there are plenty of websites that will tell you who is offering the highest rates. When you have saved another hundred or so, you will be able to go into a CD, although some banks may have a smaller minimum. Another option is to purchase U.S. Savings Bonds. That may work for you-- but you may to hold them longer than your time-frame for getting married-so you will have to see if this is a good fit. I think it is wonderful that you are concerned with this and taking steps to secure your future. Good luck!
- I do not know whether you like it or not. At this age best investment is only in education - furthering - furthering the education. you are blessed with part time job. Investment Carry's very very high risk. It can be done only when you have regular job and assured salary and with surplus savings. Sincerely I feel this is not the time to thing on investment. But you can invest your spare time in learning about good investment, Stock-equity market (less risky), F&O, etc., praise the lord - god bless you
- "Investing is about setting goals" Thats what my financial adviser told me when I had a spare 1,500 laying around. I was 20 yrs old and my goal was to start saving for retirement. Your's is to save for a home or wedding. Honestly, Id suggest calling up your local "EDWARD JONES" adviser. It doesn't cost a whole lot (cost me $40 to set up a roth ira). They will provide a ton of information on investing in general and will also work with u to come up with a strategy to save for your wedding/home. Hope that helps
- You can open an free Marketiva forex \gold\fund\indexs online trading account , with $5 reward and $20000 virtrual fund for practice .Just click the following link to open an account. http://www-forex.spaces.live.com
