What should I do??

  • Thread starter Thread starter Urology
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Urology

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My net income is $750. How would you distribute it? (i.e. savings, misc., invest, etc.)I don't have any expenses at all.oh sorry.... $750 per month.if you need more info, let me know and ill post it up asap. thanks!i am 17 and a sophmore at UNLV
 
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Uriah

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save it. Build a big war chest, Read up on investing. And then invest it for growth. Do this consistently and over a long period of time, and you will be free.
 
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urrrp

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1. Contribute to the max in a ROTH IRA ($5k this year, retirement account that takes after tax dollars and gives you the option to invest). I don't know if you can open one now but by 18, you should have no problems. I know lots of people that regret starting late and not being able to contribute anymore because they make more than the allowed income level.2. When CD interest rates come back up, open SEVERAL short-term (6 mos or less) CD accounts and stagger your opening dates to stagger the maturity dates and to reap any benefits in interest rate changes. These have early withdrawal fees, you want to keep the account and money there until maturity date.3. Keep money you need to be super liquid in a money market account. 4. Invest the rest. I recommend Sharebuilder for a new investor. No minimum balance, zero or low monthly fees, reasonably cheap trade fees. I hope you are turning 18 soon. It is better for you to open accounts under your own name and not be tied/joint to your parents. What about school? You will want to factor money in for school (tuition, books), expense of living (food, living accommodation, transportation). Everything mentioned is from personal experience. I hope it helps you. :)
 
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