Okay, so I have a bit of cash saved up from my part time job and left over scholarship money. Not too much, but about 7k or so. Currently I have nothing I really need the money for and was thinking that if I invest in something now, I will get a decent return on it a few years from now when I am done with school (hopefully). I originally planned to put it into a local bank for about 4.5 to 5% annual interest. Someone also recommended to me maybe looking at mutual funds to get a slightly better return. What would you guys recommend? Any banks with higher interest rates? Maybe international banks or some kind of fund?

 

I just put some $ into Washington mutual CD at 5.85API x 13months.
BTW, this CD special expires tomorrow.

 

I just deposited my check no long ago, don't think they will let me withdraw it that soon. I'll have to go to the bank and check tomorrow.

 

You could invest it in me.

 

As a suggestion of something to look into, I've heard good things about Roth IRAs, if you want to put the money away for a long time. Though you can only put 4Gs per year. If I were you though (and I plan to do this myself), maybe go to the library and do some research on investing. You can get some ideas of options here, but you really should know a little bit more than you'll find out here.

 

the benefit of a roth IRA vs. a normal IRA depends on what your current tax bracket is now...as well as what it is projected to be.



Remember this,
specific investments are for specific people in specific circumstances.



take into consideration
-marital status
-kids
-age
-income
-tax bracket
-projected tax bracket + income etc
-investment experience
-personal beliefs etc.

there's a lot of ish,
if you guys have questions
PM me.

 

1. Find out how much of this money you will NEVER need. Remember, short-term investing is more like gambling. True investing is long-term, and the only way to do it successfully is to imagine you don't have the money at all.

2. Take that exact amount to an expert, like your local Edward Jones rep, and invest it...TODAY.

You cannot do better than this. Smart investing isn't something you can master in a day, a week, a month, or even a year, so it's best to leave it to the experts (if you want the best returns).

If you must invest without professional help, PM Bill (Magician), he's an expert.

How do I know these things? I'm an Investment Rep .

 

Do you own your home yet? If youre still renting then that maybe one of the better choices you could make.

 

Got any credit debt at over 5% interest? If so pay it off.

 

No credit card debts. I'm going to be 19 in a week, and with no little money and the prices of houses here, theres no way I can even come close to having my own home. I've read somewhere that by putting $5k in some kind of IRA account by age 21 would turn into a million dollars when I retire at 65. Anyone know if this is true? Seems like a good investment there and I won't need to save as much when I'm older.