How should I invest my money? Investment advice please!?

[sam1203]

I'm currently 20 and a sophomore in college, but I believe it's never too early to start investing and saving for the future. I don't have extensive knowledge on the subject - hence me coming to yahoo answers - however I have a basic idea of what I might consider.

I have about $3500 that I want to invest and I'm thinking about three options:

1. A high yield online savings account with either ING or ally banking.
2. A Roth IRA with Vanguard or Fidelity.
3. An index fund with Vanguard or Fidelity.

My idea so far, is to invest in all three... about $1500 for online banking and $1000 towards the IRA and index fund.

So, investment gurus of yahoo answers, what advice do you have for me, because I'm willing to listen to experience. I know the final decision is up to me, but I would love to hear what you would do in my situation.

What would you do and who would you do business with? ING or Ally and Vanguard or Fidelity?

Thanks a lot.

[snafu]

* Capital One has taken over USA ING. Who are you currently banking with? Have you looked at rates and benefits of a Credit Union? Do you need a brick & mortar bank? Are you comfortable with electronic banking?

A high income savings account is merely a name in this low paying interest rate economy for those identified as savers. Fidelity and Vanguard are both low cost companies with excellent products. I suggest reviewing and understanding the products you are buying and attached limitations and restrictions before spending a dime. Opening investment accounts have minimum requirements and contributions sums.

It's too difficult to make suggestions without knowing your goal and/or long term [5 yr] plan? Do you have any debt?Will you owe student loans? Would you consider going to the free seminars sponsored by various major investment groups? The lecture is boring but you can learn a lot from the questions asked by participants.

[disneysteve]

Welcome.

We need to know the purpose and the timeline for this money. Is it intended for retirement? Or will you need it before then?

You are in college. How is that being paid for? Are you taking out any student loans?

Are you currently working? You can't invest in a Roth unless you have earned income.

We need a lot more info to help answer your question.

[disneysteve]

By the way, this isn't Yahoo answers.

[andyross]

Investing isn't just for the wealthy.

Investing isn't just for the wealthy. Almost anyone can devote at least a little money to investments, keep close tabs on it, and wind up with more money than he or she started with. If you have a few thousand dollars or even a couple hundred you don't need right away, here are some suggestions on how to make the most of it.

Try to make investment in Real estate field here I and my partner are planning to make some investment in the field of real estate for this we have to do some deep analysis of our local market here in Shelton and we find that here is a huge opportunity to make money with real estate you should try to invest in real estate. My friend smith told me about a place where to we learn more about real estate investment.

[feh]

I'm currently 20 and a sophomore in college, but I believe it's never too early to start investing and saving for the future. I don't have extensive knowledge on the subject - hence me coming to yahoo answers - however I have a basic idea of what I might consider.

I have about $3500 that I want to invest and I'm thinking about three options:

1. A high yield online savings account with either ING or ally banking.
2. A Roth IRA with Vanguard or Fidelity.
3. An index fund with Vanguard or Fidelity.

My idea so far, is to invest in all three... about $1500 for online banking and $1000 towards the IRA and index fund.

So, investment gurus of yahoo answers, what advice do you have for me, because I'm willing to listen to experience. I know the final decision is up to me, but I would love to hear what you would do in my situation.

What would you do and who would you do business with? ING or Ally and Vanguard or Fidelity?

Thanks a lot.

I suggest you educate yourself so you can make these decisions yourself, instead of relying on the advice of others.

Here are a couple places to get started:

http://www.bogleheads.org/wiki/Bogleheads%C2%AE_personal_finance_planning_start-up_kit

http://www.bogleheads.org/wiki/Bogleheads%C2%AE_investing_start-up_kit

[YolandoAmaya]

It is good to hear that you are so much concern about finance from this age. Yes, it is the best time to secure your future financially. It depends on your timeline of investing this money, if you want short term saving account, then its ok, because the long term saving account may not provide you high yield online savings, or same profit.

[rennigade]

I am a businessman for the last 25 years and I consider investment as the biggest tool to increase money. If you a big investment plan, then you may invest your money by purchasing properties like land or home. Investing in gold is also a good idea because these are some of the safest investment zones in which there is a rare chance of losing your money.

A couple years ago there was this housing bubble that finally popped...have you heard of that? Im gonna go out on a limb and say a few people lost a lot of money...if not everything they owned.

[97guns]

i know everyone here likes to push 401K and IRA but if you need liquidity then these are not for you, if you do not need the money for 35 years then go for it.

[ActYourWage]

i know everyone here likes to push 401K and IRA but if you need liquidity then these are not for you, if you do not need the money for 35 years then go for it.

I lean along this line of thinking verses tying money up in 401K and IRA. I believe both are good avenues for saving/investing, but I like the liquidity idea too.

[YolandoAmaya]

A higher earning savings account is simply a name in this lower paying interest rate economy for those identified as savers. I suggest researching and comprehending the products you are purchasing and attached restrictions and constraints before investing a dime. Opening investment accounts have minimal needs and efforts sums. It's too hard to make strategies without figuring out your goal? Would you consider going to the free training seminars financed by numerous major investment organizations? The speech is tedious but you can learn a lot from the queries asked by participants.

[JasonSimms]

Well, since you already have a blueprint, you are good to go. I think first and third are the best options in your case.

[Rahat405682]

Advice For Investing Money

As you are only 20 years old so you should not invest your money in any business because you probably don't have any business idea or experience about any business. So my advice is save your money in any bank that gives good interest on the saving money. Then when you have enough money to invest in property like land, apartment etc then do it. Because investing money in properties is more safe and profitable than any other things. I hope you like my advice. Thank you.