I saved up 3000 USD... i am 18, should i save more to invest or what should I think about doing?

Question

Right now the money is in a wells fargo savings account that barely gives me anything lol so... is 3000 enough to open a cd or ... should i buy stocks.. or what? thanks!

Answer 1

yeah its enough.....do it .....its a great idea.....i would get one that matures at 6 months and just keep doing them 6 months at a time to see what your return is

Answer 2

$3000 is enough to open a mutual fund. Starting out I bought in to a fund with a high yield (interest plus capital gains) (It was a Ginnie Mae fund) that when it distributed money the money went directly in to my checking account.

I believe in paying yourself to save, rewarding yourself and that is how I did it.

It made it less likely I would pull the money out because that meant I would lose that income, even if small. It also made me want to add to the fund when I made money to increase that money coming my way.  

That way it seemed my savings had a "purpose" and were not just numbers on a page.

Good Luck

Answer 3

You could use that to day-trade with the forex market.  It wouldn't be enough, though, for the stock market.  For now, the forex market is better for you than the stock market.

The forex market makes it possible for you make $1,500 per month with that $3,000.  The disadvantage though is that once you do the math, you'll realize that you're paying so much in commissions.  But at least you're making $1,500 per month with only $3,000 due to leverage.  Actually you'll be making $1,080 because you'll be taxed at about 28% of your gross gain.

Answer 4

Talk to your bank about purchasing bonds and cd's. These are secure and some have good returns. Downside is don't plan on using this money for 2 to 5 years. But 5 years from now it might come in real handy. Especially if you have a family.

Answer 5

I'd throw it into Forex trading personally; I love big payouts though.

If you're interested here are reviews of the top 3 selling Forex trading systems: http://forex-tracer.the-perfect-solution...

Answer 6

Buy a ticket and move to another country. This one is doomed. You are young and can start fresh somewhere that has a chance . Good luck!

Answer 7

The answer depends on what your objective for investing. Nobody here would know if it were better for you to invest in stocks, bonds, monoey markets (CD's, savings accounts) without knowing for what reason you are investing. There are different tax advantages and disadvantages to each type, and it makes a difference on what you want your money to do for you and when you want it back. Good luck.

Answer 8

if  I were you I would have s*x with a hooker