Student-of-Finance
Confused about dryer sheets
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
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