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Message
Invesment options
Posted on 7/20/18 at 11:36 am
Posted on 7/20/18 at 11:36 am
I’m 20 and have about 2000 saved up. I know that’s not much but what can I do with it? I want to start putting money away and or investing. Thanks
8
Posted on 7/20/18 at 11:43 am to Tigahhs97
$2000 is a good start to an emergency fund. I would put it in a money market account or CD. You could start retirement savings early with it. I assume you are debt free?
Posted on 7/20/18 at 11:49 am to Tigahhs97
Spend some on a trip with your buddies. Seriously. Keep the rest in a savings account for when life happens.
Posted on 7/20/18 at 12:35 pm to Tigahhs97
20 and working or 20 and still in school?
Without knowing, I'd just say wipe out any consumer debt that you might have and then put the rest in an online savings account so that you can build an emergency fund of 3-6 months. If you've already got those things covered, I'd suggest some low expense, no load, growth stock mutual funds - and don't touch them or stare at their performance every day.
At your age, I'd focus first on being financially stable (learn how to budget, avoid consumer debt as much as possible, etc.) before I worried about trying to build wealth. Ya gotta have that stable foundation before you can build, right?
Without knowing, I'd just say wipe out any consumer debt that you might have and then put the rest in an online savings account so that you can build an emergency fund of 3-6 months. If you've already got those things covered, I'd suggest some low expense, no load, growth stock mutual funds - and don't touch them or stare at their performance every day.
At your age, I'd focus first on being financially stable (learn how to budget, avoid consumer debt as much as possible, etc.) before I worried about trying to build wealth. Ya gotta have that stable foundation before you can build, right?
Posted on 7/20/18 at 12:42 pm to Tigahhs97
Google QQQ ETF and start learning everything you can about investing just using QQQ.
You’ll probably see a page called Morning star. It’s a nearly exhaustive source of info on all types of funds. Soak in the info.
What is QQQ?
Which financial company “made”/issues QQQ?
Are there other funds like it from different financial institutions?
What comprises its portfolio?
What’s the history of the ETF?
What is an ETF?
Does it pay a dividend?
What is the dividend yield?
When done with that, buy 5 or 10 shares of QQQ on Robinhood or start an IRA with Vanguard or Fidelity.
What’s an IRA?
Traditional? Roth?
Wash. Rinse. Repeat.
This is the only way to learn. I started reading this site in 2014, and have learned things that 99% of all people are clueless about.
Distinguish yourself. Knowledge will do it.
ETA: those who have suggested saving or enjoying the money are NOT wrong. You’re only 20. I went on a hell of a trip to Northern California at that age. It probably meant more than a 12% annual gain on $2,000. BUT, don’t wait too long. I’d definitely open a Roth IRA with at least $1,000 by age 25.
You’ll probably see a page called Morning star. It’s a nearly exhaustive source of info on all types of funds. Soak in the info.
What is QQQ?
Which financial company “made”/issues QQQ?
Are there other funds like it from different financial institutions?
What comprises its portfolio?
What’s the history of the ETF?
What is an ETF?
Does it pay a dividend?
What is the dividend yield?
When done with that, buy 5 or 10 shares of QQQ on Robinhood or start an IRA with Vanguard or Fidelity.
What’s an IRA?
Traditional? Roth?
Wash. Rinse. Repeat.
This is the only way to learn. I started reading this site in 2014, and have learned things that 99% of all people are clueless about.
Distinguish yourself. Knowledge will do it.
ETA: those who have suggested saving or enjoying the money are NOT wrong. You’re only 20. I went on a hell of a trip to Northern California at that age. It probably meant more than a 12% annual gain on $2,000. BUT, don’t wait too long. I’d definitely open a Roth IRA with at least $1,000 by age 25.
This post was edited on 7/20/18 at 12:46 pm
Posted on 7/20/18 at 3:58 pm to Tigahhs97
quote:the only correct answer is hookers and blow.
I’m 20 and have about 2000 saved up
Posted on 7/20/18 at 4:25 pm to Tigahhs97
What are your monthly bills?
How much do you have in savings?
How much do you have in savings?
Posted on 7/20/18 at 4:48 pm to weagle99
Enjoy your life. It’s your last chance!!!
Posted on 7/20/18 at 4:54 pm to Tigahhs97
Pick a low cost diversified stock fund.
There are several available from vanguard and fidelity that have very low fees
like .1%.
In general, if you invest what you can regularly over a long period of time, you will accumulate a nice nest egg for your future.
There are several available from vanguard and fidelity that have very low fees
like .1%.
In general, if you invest what you can regularly over a long period of time, you will accumulate a nice nest egg for your future.
Posted on 7/25/18 at 5:52 am to Tigahhs97
You can start only a SMALL business with a SMALL investment.
You have two options:
- Trade in your local market ( means buy anything at a wholesale price & sell with a nice profit margin)
- Start a drop shipping business online.
in both cases you have work REALLY HARD. Small investment means your focus must be on profit margins by keeping expenses at minimum.
You have to:
Be your own boss
You may have to do the work of 5 or 10 people because you are the only person in your company
You are the manager, accountant, sales person, phone operator, driver and the list goes on….
Keep yourself motivated. (remember, motivation comes not from books, motivation comes by motivating others)
Avoid distractions and be FOCUSED.
- find reliabe suppliers! I spent two years on it. (I have an online store of wedding dresses of high quality and should say that it`s very profitable. I have suppliers from Europe, for instance WellesMir ( https://wellesmir.com/en/). They are the manufacturer of the wedding dresses, and have their own line of products.
If you manage to achieve all above, welcome to the world of ENTREPRENEUR
You have two options:
- Trade in your local market ( means buy anything at a wholesale price & sell with a nice profit margin)
- Start a drop shipping business online.
in both cases you have work REALLY HARD. Small investment means your focus must be on profit margins by keeping expenses at minimum.
You have to:
Be your own boss
You may have to do the work of 5 or 10 people because you are the only person in your company
You are the manager, accountant, sales person, phone operator, driver and the list goes on….
Keep yourself motivated. (remember, motivation comes not from books, motivation comes by motivating others)
Avoid distractions and be FOCUSED.
- find reliabe suppliers! I spent two years on it. (I have an online store of wedding dresses of high quality and should say that it`s very profitable. I have suppliers from Europe, for instance WellesMir ( https://wellesmir.com/en/). They are the manufacturer of the wedding dresses, and have their own line of products.
If you manage to achieve all above, welcome to the world of ENTREPRENEUR
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