Lux Investing

Need advice on how to investing my money wisely?

I'm 20 years on and I need advice on how to use my money wisely. How can I uses the money I that I have now to make me more money. How should I invest and in what? I have $2,000 and a few cents in a savings account and about $1,008 in a checkings account. I also have save up about $2,680 dollars what can I do with it to help me in my future? (any advice would be greatfully and thanks ahead

Public Comments

1. My approach would be: 1) Keep saving until you have 6 months worth of expenses and keep that money in a savings/checking/money market account. That's to cover expenses if there's a temporary loss of income (e.g. due to a job loss). 2) After that much is saved, at a young age I'd put anything above that into a stock mutual fund that tracks a major market index like the S&P 500, Mid-Cap 400, or Russell 2000. There are many companies with this type of fund, including Vanguard, T.Rowe Price, Fidelity, American Century. Many have a minimum investment of a few thousand dollars, but might waive that if you set up an automatic plan to deposit more money each month. The reason I'd chose stocks at a young age is that over long periods of time, stocks have historically returned more than any other investment class. They bounce up and down a lot, so they're not so good for short-term money, but when saving for something more than a few years away, I think stocks are the best way to go.
2. 1) Take your 2600 and put it in a mutual fund. Any fund by Vanguard is fine. 2) Forget about it for 20 years 3) Keep saving money and putting it away. When you have about $20k, start diversifying. Listen to "Money Talk" on the radio, read the Motly Fool. If you are able to put away $2300 per year, and get 10% on your money (which isn't all that hard) by the time you're 60 you'll have $1 million. It's a very, very good thing that you're starting early, compound interest is amazing.
3. with that amount you can make a nice return with the right stock picks, I am using http://www.goldenbullstocks.com they come highly recommended, test drive their stocks you will be impressed!
4. Invest in ETF: ETFs are cheaper than mutual funds. ETFs have very low annual expenses, nearly 20 basis points or 0.2% less. As against this, actively managed mutual funds show average expenses exceeding 135 basis points (1.35%). This does not include the extra 2% - 5% as loads, 12(b)-1 marketing fees, transactions costs, and soft dollar expenses mutual funds, passed on to you but never informed, except in very fine print that nobody cares to read. http://debts-to-wealth.com/category/Why-Invest-in-Exchange-Traded-Funds.html
5. I was introduced to the investment of the iraqi dinar. This speculates that you buy with $1,000 at least 1,000,000 dinars. After iraq has a stable economy and goverment it should reval close to almost 1 USD : 1 dinar. For more info go to http://www.investorsiraq.com Good luck.
6. why don't you invest in stocks? You can buy stocks online from cheap discount stock broker http://www.sogoinvest.com at $3 per trade. You can also do fractional share trading with them.
7. A way to start off would be investing in something really simple and understandable. NO STOCKS! FOREX trading also is like a lottery for beginner. Do not start this gambling if you know nothing about stocks and FOREX trading. Better try to invest in someones small business. You may receive up to 20% guaranteed interest a year. I run my own business and my net profit is over 5% a month. Email me at investment4us@hotmail.com for more information. I will give you a valuable advice if you are serious about investing. Best of luck!