Best Place for My Money?

Question

I am sure this gets asked alot but maybe not in my scenario. I am 19 in college, where is the best place to have my money? I have it out of the stock market right now and parked in CD's and savings. Over the next 6 months I plan to start a ROTH and max that out and start dabbing into stocks again. Obviously the rates I get for parking my money are horrible so any other advice would be helpful :).

Answer 1

So, you've played the stock market? I'd suggest start investing in the forex market. I do it, and you can find helpful starter information on how to get started yourself at http://forexmoguls.com.

There are several online forex brokers to choose from. Although, this a lot of them you'll want to avoid. You can do a quick google search to find out which ones are scams and which ones aren't.

Forex is based on a system currency pairs and pips. Currency pairs are plain and simple the reason that when you go from America to England and need GBP, you get a certain exchange rate. With trading forex online, you can virtually trade your American dollars, or whatever currency your country operates on, with other competing currencies.

The market is easy to get started with, as much as people like to say it isn't. Don't let them scare you...

Hope this helps!

Answer 2

Pick the best stock broker, one with low fees.., it took me some time to see that most of my gains were lost to the fees i paid to actually buy stock and sell it, i suggest zecco, they are the ONLY ones who offer free stock trades.

http://friends.zecco.com/r/a7a2877caab81...

Answer 3

Keep in mind the maximum amount you can contribute to an Roth IRA is your earning or $5000 whichever is less.  

I will suggest that you open brokerage account and Roth IRA with Vanguard.  https://personal.vanguard.com/us/home

You have lots choices for Vanguard mutual funds to create a diversified portfolio.  They have low fees and mostly better than average returns.

Take a look at Money magazine for some recommendation. http://money.cnn.com/magazines/moneymag/...

Best wishes.

Answer 4

If you listen to professional investors they will tell you that the only moment to take money out of the stock market is when you need it. Other wise let your money fluctuate with the market. People who buys when the market is going up and sell when it's going down always lose money. Even better when the market is down that means that all the stocks are on sale, and you should take advantage of that sale. Buy cheap sell high, and you always buy cheap when the market is down.

Good Luck.