shinymoney
Confused about dryer sheets
- Joined
- Oct 12, 2008
- Messages
- 8
Alright here is where I am at currently. I am 21 years old. My current "excess" money is about 800$ a month... that is money after i have payed all obligations that i have. I plan to be making considerably more money in the next year or so without much more going to bills and such. I have a 1year CD with an APY of 3.25% that matures in June that i started with 9000$ in. I also have a RIRA with 5000$ in it for the year in a 3month CD with an APY of 2.9% that matures in December. And a checking account with ~1000$ in it. I kind of set this all up just so my money was not sitting in a low yield savings account but now i really want to get into investing and don't know where to go from here.
What i think i should try and do first is get the RIRA invested into something better once it matures but i don't know what. I am thinking about an index fund from vanguard perhaps the total stock or s&p500... something reliable. I do plan on adding 5000$ to it every year. However, if my situation leads me to believe that i can retire at 45-50 is an RIRA still a good option for later in my retirement years? I plan on living below my means.
Also from my limited understanding the best time to start investing would be pretty soon as a lot of things are really low.
Now If all goes to plan i will have more then 5000$ a year to invest. My employer does not offer a 401k. What do i do with that money?
I don't currently have any debt.
I have been toying with the idea of vanguard however I will most likely like to play around with individual stocks at some point(just as a side thing main investments would be funds). Would fidelity(or something else?) be better for this?
Anyways as you can see I am pretty clueless. I really want to not have to worry about money ever and I am hoping if I start saving and investing now it will help.
Any suggestions of what to do with the money and where to do it will be appreciated more then I can explain in words. I currently feel lost and no one i know knows enough to make suggestions. Sorry for the load of questions.
What i think i should try and do first is get the RIRA invested into something better once it matures but i don't know what. I am thinking about an index fund from vanguard perhaps the total stock or s&p500... something reliable. I do plan on adding 5000$ to it every year. However, if my situation leads me to believe that i can retire at 45-50 is an RIRA still a good option for later in my retirement years? I plan on living below my means.
Also from my limited understanding the best time to start investing would be pretty soon as a lot of things are really low.
Now If all goes to plan i will have more then 5000$ a year to invest. My employer does not offer a 401k. What do i do with that money?
I don't currently have any debt.
I have been toying with the idea of vanguard however I will most likely like to play around with individual stocks at some point(just as a side thing main investments would be funds). Would fidelity(or something else?) be better for this?
Anyways as you can see I am pretty clueless. I really want to not have to worry about money ever and I am hoping if I start saving and investing now it will help.
Any suggestions of what to do with the money and where to do it will be appreciated more then I can explain in words. I currently feel lost and no one i know knows enough to make suggestions. Sorry for the load of questions.