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Financial Advice For A Young Adult

I'm a 19 year old student, and I would really like to begin investing and creating a future for myself where I can have financial freedom.

I don't have a huge amount of money to invest, but I decided that the sooner I start the better; although I'm not really sure who or what institution to approach.

I know that I could put it into a savings account (which I already have), but it just seems like a waste of time because the interest rates are insignificant. I really think that I could put a better use to it.

My parents don't know much about finances and investing so I can't really learn anything from them, it's really up to me to take the initiative and do something.

Any advice would be helpful,

Mel

Comments for
Financial Advice For A Young Adult

First off, you already have a head start compared to most of your peers when it comes to investing and being concerned with your financial future.

What you need to do first is decide when in the future will you want this money? Are you looking to the short-term, such as paying for college or perhaps starting a family? Or are you thinking long-term, such as retirement and when you are 60 or 70 years old. Depending on when you want to use the money will help you choose what to invest in.

If you want to use it in the next 10 years, you'll want to invest heavily in bonds. They don't provide as good of a return as stocks, but they are much safer in the short term.

If you don't need the money for another 30 or 40 years, put it all into stocks. You will be able to get a higher return and you will have plenty of time to endure bad times in the economy.

As far as where to go to actually begin investing, talk to your bank. They will be able to buy investments and help you get started. Ask them about ETF's - they're very simple and easy to use.






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