I just got a decent job, what do I do to get the best out of my money?

Question

I make decent money and I want to spend it smart. I'd like to start investing, or putting my money into something smart. What should I do?

Answer 1

Robby, the best answer I can give you at this juncture is for you to put as much into your company's 401K as you can, if your company matches your deposits. Also, make an appointment with a Certified Financial Planner (CFP), or a Chartered Financial Consultant (ChFC) who works with securities.  Either one can help you in making the right decisions about where to invest or save your money.

Have them do a Financial Need Analysis to determine what your goals are, then put into place a plan and a recommended  financial vehicle to reach those goals.

A good financial plan also includes life insurance, if your FNA says you need it.

Diversify; don't put all your eggs in one basket.

Best wishes. God bless.

James M.

Answer 2

Just start saving in a money market account, until you have a decent balance - like a few thousand dollars.

Then, you can start looking at mutual funds.  

Do not listen to hype stories and get-rich-quick schemes - guard your money carefully, there are so many types out there who want to take it away from you.

Answer 3

Start by not spending money on stuff you don't need.... cell phones, expensive clothes, etc.

Save your money in a savings account until you have $5,000 or more then invest it in stocks or forex.

While you are saving your money, take this time to start learning about the stock market or forex, so when you have the money you will also have the knowledge.

Great beginners guides:

For forex - babypips.com

For stocks - investopedia.com

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