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At 18 years old, where should I invest my money?
I'm currently 17 years old, leaving for Basic Military Training in 5 days. I'll turn 18 during BMT. I'm utilizing the Reserves while I pursue my BA in order to commission as an Air Force Officer. Basically, I'm looking to pick up a nice, used, reliable car for less than $7000 that will be my "college car." I'll have around $7,200 dollars in my bank account after purchasing a car. I'd like to invest about half of that money, so $3,100 into a long-term savings account like a ROTH-IRA or something similar to that. Any suggestions about what I should invest in? Also thinking maybe gold or silver as well.
4 Answers
- Anonymous10 years agoFavorite Answer
No, gold and silver are a terrible idea for a roth account and someone as young as you are.
A roth account at Vanguard.com invested in their target retirement fund for your age group will work just fine.
However, you should have at least one month's salary in an emergency fund before you start investing for retirement. That money should be in a savings or money market account.
- jpvskvLv 510 years ago
I suggest you get you money into silver rounds/bullion. With the way the economy is tanking I would stay far away from IRAs and any form of "paper" investing. The powers that be are bringing down the US dollar and all other fiat currencies (the whole world is on fiat currencies). I would invest in physical silver, but not gold. Silver is easier to buy, sell and barter with. Keep it out of the safety deposit box too. Just put is somewhere else safe, but not in a bank. The day will come when all the banks close and that will be the day you will want your silver because you cash will be so worth less that it is totally worthless!!!
If I still have not scared you off please educate yourself with the following sites:
http://www.roadtoroota.com/public/main.cfm Lots of articles and links to videos
http://www.globalsilverinvestors.com/ a great place to buy silver cheaply compared to other places.
http://www.kitco.com/ Good articles and for the current (called "spot" price) of silver and gold.
- Anonymous10 years ago
Real estate and precious metal such as gold and silver are few good investments. Stocks and tax lien certificates are also considerable. Whatever investment you choose, it is important for you to a have a guide from a business coach who is expert in the kind of business you get yourself into. Just don't put all your money in one investment, you can save part of it in the bank.
Source(s): taxsalessecrets - ?Lv 610 years ago
Investing depends on the level of risk you'll willing to take. If you want less risky investments, then a boring CD will pay a very low interest rate, but will protect your investment. If you want to challenge the stock market, et al, then you may want to work with a broker. Let your military folks offer some recommendations.