I need some investment advise please?

Question

Hi everyone so i just turned 18 a week ago.. im looking forward in to my future (have a house, kids, and a car for me and my future wife). I have a full time job, not so great but it helps a bit. I have some bills like phone bill, 3 credit cards(dont own them alot less than 150), And i have to give my mother money for the rent. Im making about 15,000 in one year (not alot but like i said it helps). So im thinking of making a small investment in something that i could really make it out. I heard of making a savings account and transfer money to it and NOT using it for years. But Thats just the only idea i have. I want to have my own business in the future. I know alot of stuff about cars, computers, business. Everyone tells me im really smart for business.. What are some good ideas to start with as a young adult. I work really hard. So please any good ideas

Answer 1

If you are in the US, open an account at Scottrade (www.scottrade.com), and start contibuting as much as you can per month.  Use the money you send to Scottrade to buy a mutual fund (I recommend VFINX - an S&P500 index fund).

Keep contributing and watch it grow.  I am impressed with your desire to do the right thing.  I think you have a great future ahead of you!

Answer 2

So you are thinking of making a small investment in something that you could really make it out.  Try to invvest online http://tinyurl.com/6ykc56 They offer very good rates. now there is a promo action. you can invest less than $1,000 at high interest rate

Answer 3

I think shares are good for you being 18 you can sit on them if they go down. The dome and gloom merchants say dont buy them thing are looking bad. Times are looking grim in the economy but that makes them cheap. Something big that pays a good dividend is a good long term investment. Wait for now though let the economy deteriorate pick your moment and dont put all your eggs in one basket.

Answer 4

First, work smart and be patient rather than work hard.

It might not seem so but working hard is easier than working smart.

Second, if you have any debt at all, get rid of it.

Third, working smart entails people skills. If a dislexic bad boy high school drop out can turn into a rebel billionaire--Ricahrd Branson... Need I say more.... Work Smart = People skills + Patience

Fourth, if you want to seriously grow your money, stock trading and money management is the thing for you. Technique is simple. Resistance points, trendlines STOP-LOSSES etc. Maybe gonna take you a week at the very most. The psychology behind it is the simplest: cut the losers, hold the winners -- turtletrader.com... Its that or some sad case behind a counter called financial advisor schpeel about garbage. Remember, people complicate the simple and simplify the complicated -- KEEP IT SIMPLE!

Lastly and most important of all, as Branson says himself, you only get on chance at life, live it to the fullest and take initiative. Dont listen to what people tell you, theyll always say so and so cant be done while they sit on their laurels and waste their lives. Take initiative and dont ever give up when u believe in something.

Answer 5

Read the book "Rich Dad, Poor Dad".

Let someone else pay you for the right to buy you a house - It's called landlording.  Once you get a portfolio of 10 single family homes that are paid off, you never have to work again.

Answer 6

Well, first of all with that small amount of money you have to be realistic about your expectations otherwise your journey will be a very difficult and bitter one. If you look at the stock market, returns of more than 20% year over year are phenomenal.

Sticking money into a savings account is a sure bet to lose money because of inflation. You would be better off investing in U.S. Treasury Inflation-Protected Securities (TIPS) or any other financial instrument that offers you this sort of protection.

Given the state of the economy, venturing into the stock market is a very bad idea. Taking any sorts of risk are a bad idea in the market if you don't know anything (while it's always bad, it's compounded by the fact we're in a very volatile market environment right now).

Also, be very wary about what people say about you. Everyone is quick to tell everyone else how smart, how disciplined, how good looking everyone else is. It doesn't cost them much to compliment you. In the end, what should matter is that you are honestly assessing your own business acumen (preferably by looking at numbers/profits you have generated).

If you are great with computers and cars, then I would recommend putting those skills to use. If you're an outgoing sort of guy and think you can build a business right off the bat, go ahead and do so. You could probably use the money you made to purchase necessary equipment to get you started (for a computer business anway). People pay good money to get computers fixed, have networks setup, have computers put together, have internet setup etc. Try seeing if you have anyone in your friends/family network who could use your services. Charge them a reasonable to cheap rate so that you can begin getting referrals. Don't overcharge them even if you can since you need to grease the wheels to get going. Once you've made some sort of name out of it, you can decide what you want to do with your prices.

If you go down the cars route, I can imagine you could start out working part time at a shop and saving up money there. I don't know too much about this market to be honest, but I'm sure you can find an opportunity as you go along on your job.

A lot of people ask what they should invest in and how they can make quick money. I'm all for making quick, fast money but that all depends on how lucky you are. You will have that luck some day (maybe you'll find an opportunity to import/export some car parts that have large margins). Until then, work hard and work diligently, save up that money and keep thinking, reading, studying, and improving yourself.

EDIT: If you are deciding between going to college and not going to college, the obvious answer is to go to college. The people above are right, there is no money for low skilled workers. I'm not sure how I can convince you because people said the same thing to me when I was 18 and it took me 5 years to get serious about college (I was on and off with it). Why did I change my mind? Because I decided to do finance, and NO one will even look at you twice if you don't have a college degree. Employers always ask you about your future and the level of education you plan to pursue. In fact, college has become the minimum. Many employers won't look at you twice without that degree simply because there are too many very capable people with a degree.

Answer 7

You're 18 and  not making a lot of money? How do you plan on earning more later in life? I think the best investment you can make at this point in your life is in yourself. Get a good education. Whether it be college or a trade school we all compete in a global market these days. Low skilled high paying jobs in this country are nearly non-existent. If you want to get ahead in this global economy you must have a trade or knowledge which makes you valuable. Go to school. Good luck to you.

Answer 8

sistamatic investment plan in good mutual fund is available best option