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re: saving at the beginning of your career.
Posted on 11/12/13 at 7:13 pm to Chris Farley
Posted on 11/12/13 at 7:13 pm to Chris Farley
quote:
Get a cc now and start building some credit if you haven't already. Put everything you buy on it and pay it off in full every month. Request a limit bump every six months, rinse, repeat.
I agree. Building a solid credit rating is very important for lots of reasons, one of them being that you'll more easily qualify for a low mortgage note. And you can't build a credit history if you have no credit to start with.
I also agree with the other sentiment that right now you should focus on socking away as much as humanly possible in tax-advantaged accounts. It doesn't matter much what you invest in when you don't have much capital.
I often tell people they should either 1) Get a market index fund (or target fund) and reinvest dividends, or 2) Make a series of high-risk investments and plow everything into them. Better yet, day trade them. I'm quite serious about #2, right now you don't have much to risk and you'll learn that beating the market actually is not easy no matter how long a lucky streak you get. It's better to learn this now than when you're retired and bored.
Posted on 11/12/13 at 7:27 pm to foshizzle
quote:
I'm quite serious about #2, right now you don't have much to risk and you'll learn that beating the market actually is not easy no matter how long a lucky streak you get. It's better to learn this now than when you're retired and bored.
but I already know that
I'm just trying to find good ways to get solid interest rates on investments with relatively little risk. I know that the sooner I start investing the more my investments will be worth later in life. I'm not looking to spend money on things (except a house since I kinda want to settle down in the next couple years), I want to start working towards my goal of having my money make money and build real wealth. I have regretted not having had any capital to invest for the past couple years while I've been in school.
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