Business minded people help?

Question

Hey im 18 yrs old and i need some help i saved 2000 dollars and im looking for some ideas that i can make it more, like maybe some self paying business which payes for itself or some idea i can invest

Answer 1

yea, college tuition!

Answer 2

Congrats on saving up that scratch.

You could put the money in a Roth I.R.A. and leave it alone for 41 years (You can pull at 59 and a half) and have the proceeds tax free.

Assuming that you get a traditional 10% return do you know what your $2000 will turn into?

$118,648   Wow...I love compound interest.

Good luck!

Answer 3

yeah the roth IRA is a good idea but try to max it out every year this way you'll even have more money by the time your 59. And the nice thing about a roth is you don't have to start taking out the money when your 70 like you do with a traditional IRA. Start off competitve a mutual or index fund with more stocks then as you get older like 50 invest in a fund that has more bonds... Good luck!!