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How to invest my money (1500$)?

September 23rd, 2009 | | Tags: , | 1 Comment | |

moneycartoon

Banking gives a low interest. I already have some in the bank.
i want to know other ways to make my saved grow.
No debts or anything. Im an 18 year old student.

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One Response to “How to invest my money (1500$)?”

  1. amust2407 Says:
     September 23rd, 2009 at 2:10 pm

    Mutual funds are a good way to watch your money grow over time. You can find many funds with a 30-40 yr track record with a 12%-13% annual return. But please make sure you have your debts paid off and all insurances in place before investing any money.

    Edit- If you don’t have any student loan debt that will be coming due and you have enough money to cash flow all your expenses, find a mutual fund broker and start a Roth IRA. I just ran a calculation, and if you put only that $1,500 in a Roth IRA and the mutual fund it’s invested in averages 12%, you will have $410,000 at age 65. And thats if you never put another dime in it. Imagine if you put in $1,500 every year!!! You’re young enough to start investing and have multi millions at retirement age. Start now and let the power of compound interest work for you!!

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