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re: Ok, I want to save some money
Posted on 8/7/09 at 10:06 am to LSURussian
Posted on 8/7/09 at 10:06 am to LSURussian
Wow, what a very helpful post. Thanks!
The problem herein lies in the fact that I am almost ignorant to money market funds, mutual funds, and stocks. I know my parents have a lot of their savings in these types of things but I never really bothered, nor do I want, to ask them for advice on this issue...but I disgress.
What are the benefits of putting my money in this type of fund and how much is the risk? I realize I could obviously double my money by a stroke of luck, but I think I'd often worry about it a lot since I am not a bazillionaire yet.
The problem herein lies in the fact that I am almost ignorant to money market funds, mutual funds, and stocks. I know my parents have a lot of their savings in these types of things but I never really bothered, nor do I want, to ask them for advice on this issue...but I disgress.
What are the benefits of putting my money in this type of fund and how much is the risk? I realize I could obviously double my money by a stroke of luck, but I think I'd often worry about it a lot since I am not a bazillionaire yet.
quote:BLASPHEMOUS!
(A really fantastic sale at the Mall is NOT an emergency! )
This post was edited on 8/7/09 at 10:10 am
2
Posted on 8/7/09 at 10:09 am to tigerbandpiccolo
right now, just worry about setting the money aside. While you're doing that you can educate yourself on the markets. The most important thing is that you build the cash basis to actually do something with. WHAT you do with it can come later. This is the easiest time in your life to save money. Take advantage of it.
Posted on 8/7/09 at 10:24 am to tigerbandpiccolo
quote:I agree with the Colonel. This step comes later. The hard part is saving NOW rather than investing it in commodities, such as cotton and leather products, etc.
I am almost ignorant to money market funds, mutual funds, and stocks. I know my parents have a lot of their savings in these types of things but I never really bothered, nor do I want, to ask them for advice on this issue..
At some point, swallow some pride and ask your dad what he suggests. The worst thing that can happen is that he wastes 15 minutes of your life and you can ignore his advice. (I have a great deal of experience with that from my daughter.) But he just MIGHT be helpful.
quote:The benefits? Growth of wealth. Risk? You lose money. The amount of risk varies with what you invest in. Like the Colonel says, you have time to study up on investing.
What are the benefits of putting my money in this type of fund and how much is the risk?
quote:Or lose half your money.....or more. That's why I wrote earlier you have to do what allows you to sleep at night. If you go into it with the attitude that you are going to "double my money" in a short period of time, you are going to be constantly disappointed. Shoot for doubling your money every 8 years (approximately 9% annual return compounded) and you will have an aggressive but attainable goal.
I realize I could obviously double my money by a stroke of luck,
This post was edited on 8/8/09 at 12:34 pm
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