There are many things I have learned and many things that have peeked my interest in my short life, but considering the fact that I am only 18 and fresh out of high school I don’t feel as if I am properly suited to be giving my advice nor am I an expert, just yet, at anything. I am however; very knowledgeable about the importance of saving money, investing money, and my future. My mother has taught me all the do’s and do nots when it comes to saving and investing for the future. I will gladly share this information with my readers. There are several ways to save money and invest safely for the future. To list the most common and safest ways, the first is a savings account.
Saving accounts are opened in a bank and are a good way to get into the habit of putting money away for a rainy day. They are low interest, meaning you will not gain a whole lot of money regardless of how long you save for. Once you have saved $10,000 in a savings account your banker should advise you to transfer funds into a money market account. Money market accounts are designed to give you more interest on your dollar which makes for a better gain in the long run. The only down side to money market accounts is that you must maintain at least a $10,000 balance in order to keep your account open. Having savings, money market accounts, or any kind of bank account is a great way to build a relationship with your bank in case you ever want to take out a loan, buy a car or even a house. There is no risk of having a savings account and you will not lose your money.
A CD is another way to save money and invest in your future. Most CD’s are issued through a bank. You purchase your CD for a sum of mon...
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...hase as much or as little with no penalties. It’s just a retirement tool for saving.
The stock market can be a great way to make money, and fast but there is such a large risk that comes along with it. Stocks are companies that you buy shares of. The stock market goes up and down so fast sometimes it’s hard to keep up so you would hire a stock broker to buy and sell for you. You can pay $20 a share, for example, 1000 shares of Apple stock @ $20 = $20,000. That sounds great, so you purchase the stocks. A week later the stock drops to $2 a share. Oops. You just lost your money. I do not care for stocks
I am only 18 years-old and I can’t say I am an expert at anything as of yet but I am a very good listener, a fast learner, I listen to my mother and I know how to invest the little bit of money I do have and it will give me a great turn around in the long run.
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