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What's some good investment advice for a someone just beginning to save? |
I'm 24 with bad credit, and about 2 grand in da bank. Go to your library and check out a couple of books on investing. Invest in Tax Liens so that you can earn a better percentage on your investments. Most tax liens will yield you a 10%-45% yield on your investment. Your $2000 should be thought of as savings rather than money for investment. Having this money in reserve will help you avoid the problems with debt that you have had in the past. You should put the money either in a high-yield money market or a short-term CD. It is great that you are looking to work on investments when you are young. You can invest for your retirement and have the power of compounding working for you. Get multi-jars and hide them in your back yard Once you get an emergency fund built up, then implement your financial plan. At your age, you should definitely have stocks in your portfolio. Talk to a CFP (Certified Financial Planner) to determine what the right mix of assets and what your long-term goals should be. (it will change as you age) Good luck. hey man im in your boat and the best thing to do with that much money is put it in high yield savings account online- i use emigrantdirect.com(there is also ING direct or capital one savings) with 5.15% interest rates. Then you have easy access to the money in case of emergency. I would study the market carefully before investing a single cent. |
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