What recommendations would you give to a young person (20) looking to start putting their money to

TrashboatTrashboat Grouchy Greg's Landlord 244 5th Ave New York, New YorkPosts: 15,544 ✭✭✭✭✭
good use?

I want to focus on my future right now and I am in a position to save money while living rent free. This is a great opportunity to start building a nest egg and make my money grow. I am currently unsure of how in the hell to do it though. Would savings be the way to go or would it be best to go the investment route?

Anything that will point me in a good direction is appreciated

Replies

  • UrbanScribeUrbanScribe Posts: 389 ✭✭✭
    precious metals....on hand or stocks...
    oil stocks...
    treasury bonds...

    if you wanna make money of your money like within a month.. get into party promotions.. iPad iPhone accessories sell like crack... brazilian hair...its endless
    Valentinez A. Kaiser
  • Valentinez A. KaiserValentinez A. Kaiser Posts: 3,707 ✭✭✭✭✭
    precious metals....on hand or stocks...
    oil stocks...
    treasury bonds...

    if you wanna make money of your money like within a month.. get into party promotions.. iPad iPhone accessories sell like crack... brazilian hair...its endless

    sell that hair like it's exotic weed

    "ayo ma! I got that Ecuadorian Lush hair"
    " Fresh off the boat is that Delicious Mauritius Locks"
    "Yo you like blonde? Check out this Solomon Islands Rapunzel Midas Silky Touch!"
    "The latest craze coming to your nearest beauty supply store.... NaijaRuss! It's a hybrid, half Nigerian half Russian!"
  • UrbanScribeUrbanScribe Posts: 389 ✭✭✭
    precious metals....on hand or stocks...
    oil stocks...
    treasury bonds...

    if you wanna make money of your money like within a month.. get into party promotions.. iPad iPhone accessories sell like crack... brazilian hair...its endless

    sell that hair like it's exotic weed

    "ayo ma! I got that Ecuadorian Lush hair"
    " Fresh off the boat is that Delicious Mauritius Locks"
    "Yo you like blonde? Check out this Solomon Islands Rapunzel Midas Silky Touch!"
    "The latest craze coming to your nearest beauty supply store.... NaijaRuss! It's a hybrid, half Nigerian half Russian!"

    you laughing but i did 10 grand in 5 months off thats shit..and barely any promotion just networking.
    Rubato Garcia
  • Valentinez A. KaiserValentinez A. Kaiser Posts: 3,707 ✭✭✭✭✭
    no doubt that's why i said sell that hair like it's exotic weed!
  • SionSion Moderator, AHH Content Producer, AHH Editor Posts: 20,414 Regulator
    RodrigueZz wrote: »
    good use?

    I want to focus on my future right now and I am in a position to save money while living rent free. This is a great opportunity to start building a nest egg and make my money grow. I am currently unsure of how in the hell to do it though. Would savings be the way to go or would it be best to go the investment route?

    Anything that will point me in a good direction is appreciated

    A low cost Index fund that tracks the S&P 500 , I've explained it so many times its tiring LOLOL so listen to what Warren Buffett has to say about them.... Iuno but they say this Warren Buffett character knows his shit LOL.....




    Don't bother w/ savings accounts they yield next to nothing, not to mention the average U.S. company is yielding 3.5% & I think in Canada most stocks are yielding over 3% too. Make sure you dont take up any debts fam & do like Warren said & try to use credit cards as minimally as u can. Credit cards aren't evil mind you - as you need them to build credit so you can do things like buy a home. On average over a 20 year period the S&P 500 has yielded about 14%.

    There's a lot of things I could say on this subject but I don't know how much you're working with, I don't know your financial standing or what your objective is but overall, as I said a low cost index fund that tracks the S&P 500 is a great start especially if your not the type to want to try to pick stocks. Some ppl consider the stock market to be a "casino" - which is NOT true at all but I'm going to use that layman analogy to say - buying the S&P 500 index fund is the equivalent to buying a piece of the casino.
    Trashboat
  • TrashboatTrashboat Grouchy Greg's Landlord 244 5th Ave New York, New YorkPosts: 15,544 ✭✭✭✭✭
    edited January 2013
    I'm not ballin but with the budgeting i've been doing I will be able to max out a TFSA this year. That was initially the route I was going to take, as it seemed to be the best choice - 2% interest + no tax? Looked like a win

    You had mentioned something earlier about using the tfsa to house other investments though. Would I be able to use the TFSA to invest in the S&P 500 ? And if done this protects my profit from taxes right?

    I had considered mutual funds but my understanding of them is far below average and from what I do know they are pretty risky. The worst thing would be to lose a whole bunch of money.
  • precious metals....on hand or stocks...
    oil stocks...
    treasury bonds...

    if you wanna make money of your money like within a month.. get into party promotions.. iPad iPhone accessories sell like crack... brazilian hair...its endless

    sell that hair like it's exotic weed

    "ayo ma! I got that Ecuadorian Lush hair"
    " Fresh off the boat is that Delicious Mauritius Locks"
    "Yo you like blonde? Check out this Solomon Islands Rapunzel Midas Silky Touch!"
    "The latest craze coming to your nearest beauty supply store.... NaijaRuss! It's a hybrid, half Nigerian half Russian!"


    Can you school me up on selling hair? I already searched some websites to order from, I just need to know how much to sell the hair for and which types of hair to get. I'm seriously about to get on it. A pm would be cool
    TrashboatValentinez A. Kaiser
  • TrashboatTrashboat Grouchy Greg's Landlord 244 5th Ave New York, New YorkPosts: 15,544 ✭✭✭✭✭
  • Hell yeah I'm into quuck gains. Stocks bonds mutual funds take too long. I'm trying to double, triple my Lil bit of money that I have NOW and keep it going
  • indyman87indyman87 Posts: 1,023 ✭✭✭✭
    according to the july issue of Ebony magazine the best places to put money in are Everbank, Oneunited Bank, Carver Federal Savings Bank, Ally Bank, American Express Bank, and Capital One.
    Trashboat
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