Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Youngin' looking for some direction
Old 01-28-2011, 10:03 PM   #1
Confused about dryer sheets
Student-of-Finance's Avatar
 
Join Date: Jan 2011
Location: Tucson
Posts: 4
Youngin' looking for some direction

Hello,

I've been reading various threads the past few days and just figured I'd take the plunge. I'm 19 years old and attend the University of Arizona where I'm pursuing accounting and entrepreneurship degrees. Like most college students I'm a bit strapped for money but have still managed to save up $8k of "extra" money to add to my small portfolio.
In October of '09 I invested $7k into two etf's following the S&P (IVW and IVE) with the intention of leaving that money in there as long as possible. Now that I have some more to invest I'm trying to develop an approach to reach my goal of $1mil by 35 and $2mil by my low 40's. I realize these goals are lofty considering my lack of current career, or degree for that matter but I'm looking for a place to start.
I picked up a part time job this past semester and will likely have accumulated $2,000 by the time April rolls around, at which point I'm thinking I will put all $2k into a roth IRA (i know it doesn't get me my million by 35 but I want one hell of a safety net) and then the rest into........ this is where I would like some direction. I understand the money I have to work with is meager at best but I'm banking on the fact that my youth and compound interest can create a decent sum while I wait to enter the real world.
I'm open to all suggestions, and reality checks, I'm here to learn!

Thanks,
Student
__________________

__________________
Student-of-Finance is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-28-2011, 10:12 PM   #2
Thinks s/he gets paid by the post
Onward's Avatar
 
Join Date: Jul 2009
Posts: 1,665
Student, become a student of this:



Happy reading!
__________________

__________________
And if I claim to be a wise man, it surely means that I don't know.
Onward is offline   Reply With Quote
Old 01-28-2011, 10:15 PM   #3
Confused about dryer sheets
Student-of-Finance's Avatar
 
Join Date: Jan 2011
Location: Tucson
Posts: 4
And on to amazon I go, thanks for the suggestion Onward.
__________________
Student-of-Finance is offline   Reply With Quote
Old 01-28-2011, 10:29 PM   #4
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,094
Quote:
Originally Posted by Student-of-Finance View Post
And on to amazon I go, thanks for the suggestion Onward.
Psst. Try the library..and invest your savings.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 01-29-2011, 07:01 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,280
Quote:
Originally Posted by REWahoo View Post
Psst. Try the library..and invest your savings.
That way, whenever you need to refer to it later, you can also get in a little physical exercise by running to the Library.
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 01-29-2011, 07:11 AM   #6
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,094
Quote:
Originally Posted by RonBoyd View Post
That way, whenever you need to refer to it later, you can also get in a little physical exercise by running to the Library.
And when you've done that enough to get in shape, you can reward yourself by purchasing the book - a used copy, of course.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 01-29-2011, 07:12 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,280
Quote:
Originally Posted by REWahoo View Post
And when you've done that enough to get in shape, you can reward yourself by purchasing the book - a used copy, of course.
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 01-29-2011, 07:29 AM   #8
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
You're doing well with the income. My humble words of advice are to stay out of debt. Most "stuff" put on a credit card is either a consumable or a dust collector. Use cash for consumables and put the money you would have spent on dust collectors in a cookie jar.
__________________
East Texas is offline   Reply With Quote
Old 01-31-2011, 06:49 PM   #9
Confused about dryer sheets
Student-of-Finance's Avatar
 
Join Date: Jan 2011
Location: Tucson
Posts: 4
Quote:
Originally Posted by East Texas View Post
You're doing well with the income. My humble words of advice are to stay out of debt. Most "stuff" put on a credit card is either a consumable or a dust collector. Use cash for consumables and put the money you would have spent on dust collectors in a cookie jar.
I've actually managed to avoid credit cards all together thus far, when you are bringing in as little as I am it hurts to see it leave at the end of every month.


I also picked up a used copy of Bogleheads and have started absorbing what it has to offer. Thanks everyone for the advice! Hopefully I can become a contributing member in the not-so-distant future.
__________________
Student-of-Finance is offline   Reply With Quote
Old 01-31-2011, 08:26 PM   #10
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
This is likely the minority view, but I'll toss it out to you anyway.
You are 19 and probably ahead of 98% of your peers when it comes to saving/investing. Two great qualities--youth and smarts.
Given those attributes I'd advise you to get a good bit wilder and crazier with your investment selections. To do so will require more work than buying and holding a couple of index funds for life, but I believe the rewards will be worth it.
You obviously know how to buy ETF's, so please get the book "ETF Trading Strategies" by Vomund. It is about the size of a "Readers Digest," but it lays out several easy to use investing programs. Special note of the words "easy to use." I would not think of stealing your youth to work some investment plan that takes all your free time. I remember what I did at 19, and it was far more important than investing, but I digress.

Best of luck
__________________
JPatrick is offline   Reply With Quote
Old 01-31-2011, 08:30 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
A bit of non-investing advice: in addition to time and a spot of money, what you have now is relative freedom. When you graduate and get on the career or entrepreneurship track, you will have many, many responsibilities and constraints. Do not squander this precious time with all menial work just to raise a few bucks. Go experience life, backpack the Appalachians, smoke weed, whatever; this is your chance for probably the next 30 years so do not miss it.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 01-31-2011, 08:36 PM   #12
Confused about dryer sheets
Student-of-Finance's Avatar
 
Join Date: Jan 2011
Location: Tucson
Posts: 4
Thank you very much for your input JPatrick, the past 5 or so years I have been doing nothing but shopping for the lowest price, and saving the rest for future investments. I think that because I know how long it took me to acquire the small savings I do have (without a job) I have developed a superficial attachment to it causing me to look at more conservative investments. At the same time I recognize the potential that my youth affords me and the prospect of capitalizing upon it greatly interests me.

I am far from being a source of knowledge concerning investing but I will surely do some research to diversify my knowledge of investing strategies.

Again thanks to everyone that's replied, your time has not been wasted.

-Student-
__________________

__________________
Student-of-Finance is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
29 yo - Am I headed in the right direction? LuckyRugger Young Dreamers 3 04-26-2010 09:29 PM
Looking for direction as we make the leap SciGuy Hi, I am... 6 06-07-2009 11:07 PM
Future contribution direction? tsturbo FIRE and Money 26 01-25-2009 07:29 AM
25 and trying to figure out which direction to take... Perd Young Dreamers 12 10-09-2008 10:25 PM
Direction of US Economy James5v FIRE and Money 37 11-08-2007 07:55 AM

 

 
All times are GMT -6. The time now is 12:25 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.