Best Cars to Insure
Turning 18... Invest? Save? Build Credit?
Ok well I am turning 18 and I have been working for the past two years, saving most of what I earn. I already bought a car and I insure it on my own now, but will be heading to college, at which time my parents will pick up insurance. Anyway, My plan so far is to continue saving, and open up a student checking account. I also would like to get a low limit visa to start building some credit as well, and will probably have my parents use it for their purchases so I get some activity going with it. I want a line of credit, not a bunch of debt, ya know? I also have enough to get into a money market account, and will probably do a short 3 month CD for the summer and decide what to do next once I see how college is going. What are some safe investments for me to make? Im not looking for super high returns, just something that will assure me that I have a little bit of money in, say 4 years or so for when I get out of college? Is it better to do a 1 year CD or do 4 3 month CD's?
Public Comments
- The largest part of this journey is to always pay your bills on time ~ use your credit card wisely and always pay the full amount each and every month ~ your credit score will rise in this way and you won't have any challenges. Re: Investment advise ~ shop for a broker for the long run ~ interview some and work only with someone you connect with. I would suggest keeping as liquid as possible for the next couple of years. The country is on the edge of a reall recession and depression . . . those with liquidity will win the day ~ also a good plan to buy gold and silver coins.
- It sounds like you are doing a great job. Congratulations. You might consider opening a DRIP Plan. They are seldom recommended by brokers due to the low rate of commissions received. However, these reinvestment plans can be very powerful long-term investments. Studies have shown that DRIP's are one of the best strategies on Wall Street. They are inexpensive and easy to start. New investors to the stock market should definitely consider a DRIP Plan. Companies like Toyota, Royal Canadian Bank, Sony, Bank of America, General Electric and many other Blue Chip Stocks can be purchased through your DRIP Plan, with as little as 1 share in most cases. These long-term plans are great for beginners as well as veterans. Check them out. Best of Luck
