I am saving about $250 monthly over the next ten years,what can I do to make this grow astronomically?

Question

I am saving about $250 monthly over the next ten years,what can I do to make this grow astronomically?

Answer 1

Put it in the next Mars probe and watch it take off.

LOL - count not resist.

ok, now for an answer.

Depending on your age and time to retirement, you might want to consider Dollar Cost Averaging in the S&P 500 Index, and Mid-cap 400 Index and the Russell 2000 Small Cap Index.

Dollar Cost Average

http://en.wikipedia.org/wiki/Dollar_cost...

S&P 500 Index

http://en.wikipedia.org/wiki/S&P_500

Mid-cap 400 Index

http://finance.google.com/finance?q=NYSE...

Russell 2000 Small Cap Index.

http://www.russell.com/Indexes/character...

Here you will have the 500 largest companies in America; the 400 largest mid-sized companies, and a portfolio of the 2000 largest small companies. I know it sounds like an oxymoron.

You should be looking at a 10 year time frame for these indexes. Some say 5 years, but in my 19 years in the markets I tell people to look at 10-15 years for an investment time frame and dollar cost average every month into these indexes.

For more help, seek a professional advisor in your area with 10+ years market and retirement experience.

Answer 2

You know what i do the same thing as you but i put my money into a ING Direct account, check out ING Direct

Answer 3

There are a lot of things you could do with it, but like anything there is always a risk. You could put it into a retirement plan, you could just leave it setting in a savings account, you could invest it in a CD, you could find one of those places that deal with private lenders and while saving your money and helping it grow at the same time you could be helping other people out. You just have to look and see what the interest rates are and figure out what would be best for you.

Answer 4

Invest in a diversified set of no load mutual funds.  It will not yield miracles, but you may safely have about $60K in ten years./