intro and need advice (29 yr old student wants to retire by 50... how?)

[tinu]

Hello all,
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.

 

[M Paquette]

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 me 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.)

First things first. You should become aware of the basics of investing so as to avoid becoming shark bait. I'd recommend picking up:

Amazon.com: The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits): John C. Bogle: Books

This is an easy ready, and contains plenty of good information on the basics of investing for the long term (which is what retirement investing should be).

Once you've got the basics, additional goodies on this site discussing various strategies and approaches are tucked away at:

http://www.early-retirement.org/forums/f47/faq-archive-invididual-stocks-vs-funds-active-funds-vs-passive-funds-30819.html

 

[Ed_The_Gypsy]

1) Save 20% of your income. Put as much into a Roth as you can. If you can't think of anything better, use Vanguard's Total Stock Market.
2) Avoid debt like the plague.

That is all you need to do.

 

[johnlawymail]

I do earn some pocket money through the internet.
Just sharing, please do not flame me.
http://www.johnlaw35.blogspot.com