What type of investments should I get into?
August 17th, 2008 | by admin |es_harper2007 asked:
I am going into college next year and want to put my summer job money into investments. Total $ will be less than $1500. WHat kind of investments will be the best for me. No short term withdrawing forseen.
I am going into college next year and want to put my summer job money into investments. Total $ will be less than $1500. WHat kind of investments will be the best for me. No short term withdrawing forseen.
3 Responses to “What type of investments should I get into?”
By Yves P on Aug 18, 2008 | Reply
There is way too many scams out there, I suggest that you be very careful whose advice you take and do your own due diligence before joining any business ventures or investments programs.
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By taotemu on Aug 19, 2008 | Reply
$1500 isn’t much money, but if you invest it wisely and add $1500 a year to it, it can be enough to retire nicely on in 50 years.
Open an account with Etrade or similar and put it in a no load mutual fund.
By DZ on Aug 23, 2008 | Reply
$1500 may not seem like a lot, but think compounding. If you can find something that returns 10-15% a year, that $1500 will be worth around $100k in 30 years. Rather than investing your money now, put it into a savings account and learn everything you can about a few different strategies until you find one that you understand and are comfortable with. Some of the major brokerages also offer “papermoney” trading systems which let you test our various investing ideas without risking any of your own capital.
To see a good long term return on $1500 you’ll need a more aggressive strategy than buying and holding stocks long. I suggest looking into LEAPs which are long term options contracts sold on stocks. LEAPs on ETFs are probably your safest strategy since they build in diversification of hundreds of companies. I’d personally look at SPY (s&p500), QQQQ (nasdaq100), and IWM (russell 2000 index). Yahoo’s ETF center is a good place to start.
Options are called risky by people who don’t understand them or how they work. With a little time spent on educating yourself, you should be able to find a good return and a good strategy. But, don’t expect to have an eureka moment based off of the responses people will give you on Yahoo.