melancholiest
New Member
Cash: $ 0.65
Posts: 3
Joined: 11 Jul 2006
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hi, im an aspiring finance major about to start college this fall and joined because i want to start learning about investments and want to start at an early age.My dream is to have financial independance at an early age. Maybe mid 30s, 40s, and im definately prepared to work my ass off for it. Well basicly I have no knowledge on investments besides the conceptual stuff. And I pretty much know I need a reasonable amount of cash with me to start any reasonable investment. Well to get there I guess I need to save my money. I just got a job and got my first paycheck of $340. Not much but Im dedicated to put every single paycheck wherever i need to. Im looking at savings accounts such as emigrantdirect,ing direct which Im asuming are "money market accounts". Also CD's which are pretty much the same with a smaller increase in interest because of the "maturing" of your money? Well I have no problem with letting my money maturing because i cant see anytime soon where i would be obligated to withdraw money. Would these accounts be a good way to start my endeavor to investments. Thanks. Also what are some good basic books for me to read??? sorry for the long post and if there are any errors, its because its 5:20 in the morning... and no i didnt wake up this early i stay up this "early" ready to go sleep now. shitty summer lifestyle.
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Wed Jul 12, 2006 3:20 pm |
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more freedom
Full Member
Cash: $ 16.20
Posts: 80
Joined: 12 Jul 2006
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Hi melancholiest,
How are you?
I have several questions for you.
First, if you have the money then do you know what to invest in?
If the answer is no, then may be you can take some financial courses or build a business for the tax shield and passive income.
If you have the money, and the knowledge, then do you have the time for it? That means passive income is important...
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Thu Jul 13, 2006 3:46 am |
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melancholiest
New Member
Cash: $ 0.65
Posts: 3
Joined: 11 Jul 2006
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well like i said im going to be majoring in finance in college. But that wont be in a couple of years. So i figured until then I should take the best route wih the money i have now. Figured you guys would know where I can put it. I will be studying finance and investments on my own though until i start in college. thanks
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Thu Jul 13, 2006 7:52 am |
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melancholiest
New Member
Cash: $ 0.65
Posts: 3
Joined: 11 Jul 2006
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anyone? are there any other finance forum that are well-trafficked? i figured with such a popular topic this site would have more activity.
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Fri Jul 14, 2006 9:25 am |
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DFTR
New Member
Cash: $ 1.60
Posts: 8
Joined: 17 Dec 2005
Location: Indiana
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Hi. You are off to the right start.
First, the accounts you mentioned are internet bank accounts, which are close enough to money market funds. Start an account with a debit card. Never get in the habit of using a credit card. Those things are of the devil!
As you build your balance, you will move into stock funds. You can find brokerage houses on line. I can recommend a Wilshire 5000 fund to start; and you can add an international fund. The broker you choose has to give you a prospectus describing any fund you buy.
When you start working full time, you will want to establish a retirement account (401k or IRA). These will also be invested in stock funds. Remember the types that I mentioned above.
As for reading, Suze Ormond always has books out. Jean Chatzky also has sound financial advice. To keep up with financial trends you have the Wall Street Journal or the Nightly Business Report (if you have a PBS station in your area). You can keep up with the trend of the stock market, interest rates, commodities prices, and general inflation.
You have a lifetime of learning and of risk taking ahead of you. It's going to be alot of fun!
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Mon Jul 17, 2006 6:44 pm |
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Blue Eyed Cat
Contributing Member
Cash: $ 2.90
Posts: 29
Joined: 12 Jul 2006
Location: Central Florida
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Your best investment now is your education. If you have to borrow to go to college, paying it back will slow down wealth accumulation.
Having money in savings (such as Emigrand or ING) is a first step. You need to have an "emergency fund" even as a student.
When you can, open a brokerage account. This can be done with a small amount of money ($500.00). I like Scottrade. Look into mutual funds for your initial investments but also "pay attention". Just now crocs (shoes) are hot. An investment in the company that makes them might be good. Look for trends and invest small amounts in them.
When you work, alway try to invest the maximum in tax deferred retirement accounts.
Try to own the home you live in. Buy wisely. Talk to lots of folks before you buy real estate and remember--location, location, location.
Good luck.
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Tue Jul 25, 2006 9:21 pm |
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