If you are working for a company with a 410K plan, definitely contribute the top percentage you are able to. I began when I was 21, and now that I’m 28 I have a HUGE amount of savings in mine.
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You are young. Why not take some risks? Buy some shares of good growing company.
Decide a portfolio.
1.a term deposit with reinvestment feature, with a fixed amount.
2. Invest in a Lifeinsurance with a money back arrangement.
3. Invest in a Mutual fund instrument regularly.
historical stock market returns are in the 10-12% range. buy some total stock market index funds or etf’s. Vanguard.com is a great place to look. make regular monthly investments on an automatic withdrawal from your checking account and stick with it. evaluate the fund performance every year, but keep in mind that the total stock market could have several down years followed by as many if not more up years.
at some point if you get more investment savy, you might consider more aggressive funds given that you are young and can afford to take bigger risks.
i personally follow bobbrinker.com by buying his newsletter and use his timing model to take myself in or out of the market. it has paid off very well the last ten years for me. read the recommended reading list on his website, a great place to start.
RRSPs also known as retirement savings plans. You dont need a lot of money, and small amounts can equal to hundreds of thousands of dollars made in 25 years. it’s also tax deductible, you usualy get half of what you put in it back when tax time comes.go to your bank and talk with a financial advisor, they can tell you what its all about and how it works
The best way to invest for any income level is business ownership. There are many suitable business ventures for all types of income levels…some of which can be started in your spare time.
SAVINGS AT 21!!! u dude seem to be a bit too much conservative and a safe player. My boy i would rather suggest you to make a small amount of investment and save the rest in a good format and maintain a good financial portfolio……for more information mail me at delete_insert_shoot@yahoo.com
please email me at mymail@ronelyn.ws or pricklechime1@yahoo.com and i can help u get started with a home based online business w/c costs u only 10$ a month..i am very glad i ventured into this business and i know you will also
Put some money in the bank then continue puting some more every payment you get