Can anyone recommend a mutual fund to buy?

I'm 24 and I'm still new to buy mutual funds I want to start off investing only $500 would that be a good idea? And how would I look for a Mutual fund that would start that low?

You have a couple of options. One would be to check out American Funds. They have a minimum of $250. It is a great company with some great funds. They do however have a front end load of 5.75%. That is offset somewhat by low annual expenses. I have no hesitation in recommending them. Go to their web site and check them out.

http://www.americanfunds.com/default-hom...

There are other funds in that category. You can find them on Yahoo finance.

The other option you have is to open an account with Scottrade with your $500 and puchase closed end funds or index funds. Many closed end funds actually sell at a discount to net assets so it is like buying stocks on sale. GAM is an example. SWZ is another.

Here is a link to a site that provides research data on all available closed end and index funds (ETFs)

http://www.etfconnect.com/

Yahoo's free fund screener:
http://screen.yahoo.com/funds.html

Try to get a four or five star Morningstar Rating.

I like fidelity mutual funds.

Fidelity Magellan - FMAGX
Fidelity Freedom 2040 - FFFFX

Check out the Van Guard site, for a start.

Edit: Consult Consumer Report Magazine &/or site, also.

Stay away from mutual funds they don't really take you anywhere you gain a little and then lose it all again, all in the name of diversification. The brokers get rich while you pay the cost. I would suggest ETFs rather than mutual funds. Closed ended.

get a money magazine. It full of ideas.

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