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When should I start investing my money or ?bounding??

I have been working a lot recent ally and I know that your supposed to start investing or share holding your money at an early age. When would be a great time? #business #education #money #economics #investment-management #business-analysis #savings #economic-research


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Jim’s Answer

Hi Adanech,


Any age is a great time to start saving and investing. If you're in high school or college, you probably have a lot of expenses coming up in the near future - tuition, room and board, books for college, and a laptop. If you have $1,000 saved, you can walk into almost any bank branch and set up a savings account at little to no cost - it will receive little to no interest, but will be a safe place to keep your money.


If you are confident you really won't need the money for a long time, maybe after you have graduated from college, you should consider starting a brokerage account - you can do so here: https://www.fidelity.com/open-account/overview


You can save tax-deferred with an IRA or Roth IRA account. Over the long term, the S&P 500 goes up and pays dividends as well.


Get back to me with further questions -


Thanks,
Jim


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Esther’s Answer

Hi Adanech! Great question & I'm happy to hear you are thinking about investing your hard earned dollars. =) I always hear stories about how saving when you are younger is the key to making money (and becoming a millionaire) because you earn interest (more money) on your savings/investments. I recommend checking our Suze Orman's You Tube videos, books or website. She has great tips about saving/investing and explains things in an easy to understand manner. Following her tips, I was able to pay off my car loan in a short amount of time and have savings/investments set up for my future. Good luck!


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M. A. Rafe’s Answer

I think you are being smart by thinking about this especially since you have extra income. Those who are in their early 20s, I recommend looking into mutual funds for long term, low risk investment that's what I've done through Saturna Capital and Lincoln Financial. However, you will have to do some research and get in contact with financial adviser to help you sort through the best option. Typically you can gradually add a little bit of your extra income over time. If you are looking for business investment and entrepreneurship, then I'm not familiar enough to suggest anything and from my understanding requires a significant amount of investment.


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Donald’s Answer

I would agree with Rafe...and applaud your effort to begin investing at this point in life. Years ago I worked in the investment industry and can say confidently that every client I served at your age, who continued to "pay themselves first" over the years, has done very well indeed. Good luck and keep investing over time. If markets go up, go down, over time you will see the benefits of both...Dollar cost averaging is the key...


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Steve’s Answer

Are you talking about saving or investing for a return? What types of investments do you want?


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