Budget friendly investing?

Question

Can someone give me some information on investing. Our family is currently on a very tight budget so that's an issue but I know there has to be something out there.I'm clueless when it comes to money management and investing. Thanks in advanced

Answer 1

Check out radiusland.com.  You can buy land by making monthly payments.

Answer 2

If your company offers a 401K, I would definitly start there as there is considerable tax advantages for doing that (the money invest per paycheck is not taxed).  Then look at an IRA.  I wouldnt recommend day trading or anything like that b/c the commisions and fees make it so you would have to make huge returns to actually turn a profit.  Call a locla financial planner- they can guide you best.

Answer 3

The best thing to do is have it taken out of your check if you have a 401k at your company. Its hard to notice its even gone, not to mention, they make it a pain to get it back out. I'm not sure your particular choices, check out the site below for more advice without the technical jargon. Good luck.

Answer 4

Well...I think if you HAD a 401, you would be a little knowledgeable about investing... so I'm assuming that you are on your own...and " starting from scratch"... good for you.

I think, even with the tight budget, you will have to save up about $ 500. to open an account with E*trade or Scottrade.

Both are easy applications on- line... then send a check and you will have an account in a couple of days that you can access on your computer...

Picking your first investment may be difficult if you are " clueless"...but let me suggest that you just read a little about " beginning investing" on either yahoo/finance or moneycentral/msn.

You will be able to buy some shares in an investment called an ETF... exchange traded fund... they are funds invested in certain areas of the economy. Get a list ( same place yahoo or money central) and someday sit at the kitchen table and just discuss it..." I like the chances of agriculture...but oil/energy is still making money..." " Should we go " green" with alternative energy...maybe solar?"  

Any way there a funds in many areas that you can buy into and then watch on your screen...hopefully you'll make a little money and also add to the account after scrimping some more... it's a start...and it can lead to better things.

Some ETFs that my family holds are DBA and MOO.. ( both in agriculture... )  XME in metals/mining.... and a little EEB, invested in Brazil, Russia, India and China ( been doing very well, but tapering off)

Alternative energy would be PBW or GEX or PBD

Good luck... don't be timid or " put- off" by the newness or strangeness of it all...take it slow and you'll get it done.

...and AFTER you see about basic investing, come back and see about investing for the long-term future...IRA s and such.