intro and need advice (29 yr old student wants to retire by 50... how?)
My basics - 29, F, studying (2 more years of school left), no student/car loan, no credit card debt, no mortgage, no other responsibility (marriage, kids, parents, etc.)
My source of income - $1600/month (as student stipend) + $300/month part-time min. wage job
Current savings - $40 K ($7K in CDs + $33K in high-yield money market).
Some additional information - I'm a foreign student in this country, so money earned in form of interest is non-taxable for me. I'm working towards becoming a licensed pharmacist in CA (and simultaneously going to school for a PhD degree)
Goal - I want to save enough to retire at my 50. But I don't know how to go about it. (want to stay back in the US and work for atleast 6 years.)
I'm not well aware of the basics of shares of stock or other forms of investment. I'm willing to take a risk for atleast next 2 years in terms of investment. I would really appreciate if you can guide me. (Don't let my foreign student status confuse you. You suggest what you would suggest a US citizen student in my financial situation. I'll go and find out if they allow me to invest money with my current visa status or not.)
Thank you for your time and attention.