I am 18 years old and have $1000 to spare that won't be used for College and I am told the younger you start investing the better off you will be way down the road. My question is what should I do with the $1000?
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I am 18 years old and have $1000 to spare that won't be used for College and I am told the younger you start investing the better off you will be way down the road. My question is what should I do with the $1000?
browse through the forum here. there are similar questions asked often. The advice will be more helpful if you can decide what risk profile you are interested in, what your goal with the money is, etc...
but if you want the best advice i can give to an 18 year old on this site... just never bet on another sports game again. you will save more than you can imagine by not betting on sports. get out now. I got out when i was 23 (25 now). best decision i ever made.
browse through the forum here. there are similar questions asked often. The advice will be more helpful if you can decide what risk profile you are interested in, what your goal with the money is, etc...
but if you want the best advice i can give to an 18 year old on this site... just never bet on another sports game again. you will save more than you can imagine by not betting on sports. get out now. I got out when i was 23 (25 now). best decision i ever made.
What is your timeframe? If you want to put it away as a small start toward retirement and forget about it then open up a Roth IRA (assuming you have at least 1K in earned income) and put it in a low-cost market index fund, like Vanguard total market, or something like that. And then just leave it there and basically forget it exists. If it compounds at 8% you'll have 25K; at 10% you'd have over 50K.
What is your timeframe? If you want to put it away as a small start toward retirement and forget about it then open up a Roth IRA (assuming you have at least 1K in earned income) and put it in a low-cost market index fund, like Vanguard total market, or something like that. And then just leave it there and basically forget it exists. If it compounds at 8% you'll have 25K; at 10% you'd have over 50K.
As far as my original post goes and that $1000 goes I meant to say that yes I would like to stuff it away and forget about it for about 40 years. I also have another $1000 to play with and would like to make a quick hit with it and I was thinking about using it on sportsbetting. I have been playing sports for nearly a year now without betting, just for fun to see if I could make a go at it and I am plus money and really enjoy and know a lot about sports so I'm thinking maybe this would be a short term option. As far as making a quit hit with the 2nd $1000 (by quit hit I mean like 2-3 years) instead of using it on sports are there are stocks or funds that are worth putting it into as opposed to betting on sports? It wouldn't really matter to me if I lost a lot of it right away if I knew I could gain down the road, so if the stock or whatever was volatile it really wouldn't bother me that much because trying and failing is better than doing nothing at all. Thanks for the advice so far
As far as my original post goes and that $1000 goes I meant to say that yes I would like to stuff it away and forget about it for about 40 years. I also have another $1000 to play with and would like to make a quick hit with it and I was thinking about using it on sportsbetting. I have been playing sports for nearly a year now without betting, just for fun to see if I could make a go at it and I am plus money and really enjoy and know a lot about sports so I'm thinking maybe this would be a short term option. As far as making a quit hit with the 2nd $1000 (by quit hit I mean like 2-3 years) instead of using it on sports are there are stocks or funds that are worth putting it into as opposed to betting on sports? It wouldn't really matter to me if I lost a lot of it right away if I knew I could gain down the road, so if the stock or whatever was volatile it really wouldn't bother me that much because trying and failing is better than doing nothing at all. Thanks for the advice so far
With the long term money I recommend buying the ETF with the symbol EFA. This is an international index. Buy it within a ROTH IRA.
Short term, whether you decide to bet on sports or buy stocks the odds will be against you. If you decide to invest in a stock, look at it as a learning opportunity. Even if you lose money, the knowledge you gain will help you over the rest of your life. If you are looking for a speculative stock I would look in the natural resource exploration sector.
These exploration companies have no earnings but some still have solid cash flow due to their ability to raise money. I don't want to mention specific names on here because I actively manage a natural resources fund.
Just a hobby of mine to bet on sports so I swing into this area of Covers from time to time.....good luck
With the long term money I recommend buying the ETF with the symbol EFA. This is an international index. Buy it within a ROTH IRA.
Short term, whether you decide to bet on sports or buy stocks the odds will be against you. If you decide to invest in a stock, look at it as a learning opportunity. Even if you lose money, the knowledge you gain will help you over the rest of your life. If you are looking for a speculative stock I would look in the natural resource exploration sector.
These exploration companies have no earnings but some still have solid cash flow due to their ability to raise money. I don't want to mention specific names on here because I actively manage a natural resources fund.
Just a hobby of mine to bet on sports so I swing into this area of Covers from time to time.....good luck
Great advice so far and thank you everyone!! I would also like to know more about the stock market. What advice do you have to learn about the stock market? Just to read and analyze stocks, how do you do it? are there any good sites for this?
Great advice so far and thank you everyone!! I would also like to know more about the stock market. What advice do you have to learn about the stock market? Just to read and analyze stocks, how do you do it? are there any good sites for this?
browse through the forum here. there are similar questions asked often. The advice will be more helpful if you can decide what risk profile you are interested in, what your goal with the money is, etc...
but if you want the best advice i can give to an 18 year old on this site... just never bet on another sports game again. you will save more than you can imagine by not betting on sports. get out now. I got out when i was 23 (25 now). best decision i ever made.
Isn't that the God-awful thruth! At almost 37 years old, it PAINS me to think about how much money I have lost in the stock market, dog track, lottery, and especially betting on sports.
My guess would be $150k. Sad but easy come, easy go. I have also made good money on some investements and income-wise but it does not chnage the fact that I have wasted alot of money.
Quote Originally Posted by Gunners:
browse through the forum here. there are similar questions asked often. The advice will be more helpful if you can decide what risk profile you are interested in, what your goal with the money is, etc...
but if you want the best advice i can give to an 18 year old on this site... just never bet on another sports game again. you will save more than you can imagine by not betting on sports. get out now. I got out when i was 23 (25 now). best decision i ever made.
Isn't that the God-awful thruth! At almost 37 years old, it PAINS me to think about how much money I have lost in the stock market, dog track, lottery, and especially betting on sports.
My guess would be $150k. Sad but easy come, easy go. I have also made good money on some investements and income-wise but it does not chnage the fact that I have wasted alot of money.
Growth Fund of America from American Funds is the best way for you to go. EXCELLENT 30+ year track record, great fund family, they don't waste money on advertising, invest directly with them or through Scottrade.
The key is not picking the next winner but instead putting all the money you can in a great place like this for as long as you can, regardless of what the market is doing at the time. It's really that simple for someone who has tons of time like you o.
You are asking the right questions and seem to get it which puts you wll ahead of 70% of average Americans. Really.
Growth Fund of America from American Funds is the best way for you to go. EXCELLENT 30+ year track record, great fund family, they don't waste money on advertising, invest directly with them or through Scottrade.
The key is not picking the next winner but instead putting all the money you can in a great place like this for as long as you can, regardless of what the market is doing at the time. It's really that simple for someone who has tons of time like you o.
You are asking the right questions and seem to get it which puts you wll ahead of 70% of average Americans. Really.
Growth Fund of America from American Funds is the best way for you to go. EXCELLENT 30+ year track record, great fund family, they don't waste money on advertising, invest directly with them or through Scottrade.
The key is not picking the next winner but instead putting all the money you can in a great place like this for as long as you can, regardless of what the market is doing at the time. It's really that simple for someone who has tons of time like you o.
You are asking the right questions and seem to get it which puts you wll ahead of 70% of average Americans. Really.
I'd venture to say at the least very much well ahead of 80%. Truthfully (since I am nearly twice your age). And, If you win with that other 1K, 90%. G Luck and keep asking questions, pick your mentors carefully.
Quote Originally Posted by accventures:
Growth Fund of America from American Funds is the best way for you to go. EXCELLENT 30+ year track record, great fund family, they don't waste money on advertising, invest directly with them or through Scottrade.
The key is not picking the next winner but instead putting all the money you can in a great place like this for as long as you can, regardless of what the market is doing at the time. It's really that simple for someone who has tons of time like you o.
You are asking the right questions and seem to get it which puts you wll ahead of 70% of average Americans. Really.
I'd venture to say at the least very much well ahead of 80%. Truthfully (since I am nearly twice your age). And, If you win with that other 1K, 90%. G Luck and keep asking questions, pick your mentors carefully.
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