Lux Investing
investing money???
i want to start investing some money, but i have no idea how or where to start. is online investing safe?
Public Comments
- Yes, ING Direct is the best place to save money and get interest. you can buy a CD there or just leave it in a saving account until you have enough for a CD. When you have enough to buy stocks, open an online brokerage account. All these instutions are FDIC insured, and usually have a bond that covers for even more.
- Some investings sites are safe and a lot of them aren't. If you want to invest safely, you can do CDs at your local banks. You can also buy some bonds online. If you want a high risk, but potential big payout, you can buy stocks from Fidelity or Charles Schwab.
- Sure it is safe and easy. If you are a small investor like myself, I think you should focus on mutual funds, because you can get diversification in your portfolio from your first dollar invested. If you are risk adverse, you may just want CDs or money market funds. Before you get started, ask yourself a bunch of questions and then you can zero in on what is best for you. Questions like: What is the investments purpose? (Retirement, Home purchase, Vacations) How long will the money be invested? Can I handle fluctuations in the dollar amount? I have always been pleased with some of the larger mutual fund families of no-load funds (no load = no commission fee for invested dollars). If you want to learn more, visit the web site of Fidelity, Vanguard, or T. Rowe Price (all large no load mutual fund companies). I like to recommend that you go there, and learn more, so you can avoid be hustled by someone who want to earn a commission from you.
- First things first.... Do you have any credit card debt? If so use your money to pay that off. They charge such high interest rates that often you get a better return on your money by paying off your debt then you do by investing the money. Do you have an emergency fund? By that I mean at least 3-6 months living expenses in cash. That is money you should keep in a high interest bank account or CD. If you've done those you should consider a Roth IRA. You might consider index funds for your Roth that you can set up through Vanguard, Fidelity, T Rowe Price and other investment firms. If you've already got a Roth IRA then I'd just stick with index funds from companies like the ones I mentioned above. If nothing else get over to your library and pick up some books on investing. Investing for Dummies is a good one. So is anything by Suze Orman or Jane Bryant Quinn. Then you can read up on it and you'll be telling all of us how to invest.
- it can be safe if you invest in FDIC-bank accounts like money markets and savings...check money-rates.com for a list some online investing sites are scams though so you have to do your homework
