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Help out a fellow college student
Posted on 7/7/16 at 11:30 am
Posted on 7/7/16 at 11:30 am
I'm about to enter my third year at LSU and have yet to take out any loans, however with the TOPS program slowly declining, it looks like I will be in need of loans come spring semester. I have a steady internship at a local engineering firm and I also have to pay for rent beginning in August. What is the best way to start the beginning of investing the little amount of money I have now to benefit myself in the long run? Or is it too early to start looking into this?
I'm not familiar with any investment strategies or opportunities, so please enlighten me.
I'm not familiar with any investment strategies or opportunities, so please enlighten me.
Posted on 7/7/16 at 11:44 am to lessstressmorefishin
You could probably start yourself a Roth and fund it a little in some blended target date funds. But if you are worried about making ends meet for college, I would just save it.
Posted on 7/7/16 at 12:31 pm to lessstressmorefishin
Mais Garde Des Don... A smart guy.... Here?
Posted on 7/7/16 at 2:02 pm to b-rab2
quote:
But if you are worried about making ends meet for college, I would just save it.
+1. You're gonna need this money within 6-8 months, so keep it in an interest-bearing checking account. Check out your area credit unions for Kasasa or similar higher-interest checking accounts.
Posted on 7/7/16 at 3:11 pm to hungryone
I would highly recommend opening a Roth asap. Don't have to put much money into it at all, just whatever the minimum is whether it be $500 or $100 or $1000. I think the earlier you start investing, understanding the stock market, etc. the better.
Then just put a little in there here and there, and do your best to use the rest to stay out of debt when you graduate.
Then just put a little in there here and there, and do your best to use the rest to stay out of debt when you graduate.
Posted on 7/7/16 at 4:02 pm to lessstressmorefishin
quote:
I'm not familiar with any investment strategies
1) Only buy stocks that are going to go up.
2) Don't lose money.
3) Buy low, sell high.
Seriously, congratulations to you for thinking ahead!
Whatever you decide to do, Roth or just a taxable brokerage account, just be disciplined enough to pay yourself first. The amount is not that critical at this early stage of your life. Just put a regular weekly/semi-monthly/monthly amount into whatever investment you choose and don't second guess yourself.
Frankly, I'd use a no-load S&P 500 index fund until you get more experience in investing and reinvest the dividends.
It's not market timing that builds wealth, it's time in the market that does it.
Posted on 7/7/16 at 4:14 pm to LSURussian
Thanks for all the advice, I'll be looking into my options and will hopefully begin investing!
Posted on 7/7/16 at 4:15 pm to lessstressmorefishin
Does the firm you work for have a 401K ? I know you are part time, but maybe the owner/HR manager might bend and allow you to make a small monthly contribution.
Posted on 7/7/16 at 4:21 pm to lsuCJ5
quote:
Does the firm you work for have a 401K ? I know you are part time, but maybe the owner/HR manager might bend and allow you to make a small monthly contribution
I'm pretty sure we do. It just isn't offered to the students /interns who work here.
Posted on 7/10/16 at 10:23 am to lessstressmorefishin
first, congrats on your disciplined approach to life...reminds me of myself when I was your age and can tell you that if you stay on your current path, you will have a lot less worry in life than most.
At this point, I don't think the limited amount of money that you could invest will change your life in the long run (other than teaching you about how investments work). You are coming to the transitional period from school to work life and I think it is more important that you drop anything extra into a bank account so that you have some liquid cash in case something comes up (i.e. have to buy another vehicle, tops shuts down, etc.).
At this point, I don't think the limited amount of money that you could invest will change your life in the long run (other than teaching you about how investments work). You are coming to the transitional period from school to work life and I think it is more important that you drop anything extra into a bank account so that you have some liquid cash in case something comes up (i.e. have to buy another vehicle, tops shuts down, etc.).
Posted on 7/10/16 at 8:46 pm to lessstressmorefishin
Just pile up cash and keep working so you can cash flow the spring semester if possible.
Posted on 7/11/16 at 10:01 am to lessstressmorefishin
quote:
I'm about to enter my third year at LSU and have yet to take out any loans, however with the TOPS program slowly declining, it looks like I will be in need of loans come spring semester. I have a steady internship at a local engineering firm and I also have to pay for rent beginning in August. What is the best way to start the beginning of investing the little amount of money I have now to benefit myself in the long run? Or is it too early to start looking into this?
I'm not familiar with any investment strategies or opportunities, so please enlighten me.
I'm probably going to get hammered for this, but I wouldn't worry about saving/investing if it impacts your weekend/social lifestyle/spending.
You are only in college once, enjoy it. You have the rest of your life to save/invest.
Only thing I regret from college is the things I didn't do, not the things I did.
Posted on 7/11/16 at 10:12 am to lessstressmorefishin
With the current education funding fiasco, I would keep it in immediate savings. Better than having to take out a loan.
Posted on 7/11/16 at 10:35 am to jimbeam
quote:
With the current education funding fiasco, I would keep it in immediate savings. Better than having to take out a loan.
This is the route I'd take. Of course always good to save for retirement, you're not in a rush at this stage. Assuming the internship is paying you, I'd set up a separate checking account in addition to you regular checking, then set up direct deposits to each. Start out on what you can manage, like 75%/25% checking to saving, or whatever works for you. You'll have cash on hand, and savings in the bank for a rainy day. Once that builds, you could transfer a portion to a retirement account if you wish, maybe once or twice a year.
Use this time to enjoy your money and learn how to manage/move it around, so that once you're in the real world, you will already be ahead of the game
This post was edited on 7/11/16 at 10:35 am
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