As a young adult 20 what measures can I take to ensure that I am wealthy in my early mid thirties?

As a young adult 20 what measures can I take to ensure that I am wealthy in my early mid thirties?

I am currently working at an internship which pays 1000 per week and it is the first of three required to graduate from my university program. The majority of this money will be disposable income as my parents are paying for school. I was wondering if I should consider investing this money so that I will be more knowledgeable about investing when I finish my degree and attain a higher paid position. Is this small weekly salary worth investing? If so how would I go about investing this money? Where can I learn the basics about investing money buying stocks and bonds etc...

Asked by Clayton Pierce about Personal Finance

well you are basically asking the same question that to be honest everybody asks at one point in their life. How can I be successful? what you should do Is spend 500 of that and save the other 500 in a high interest bank account. and basicly dont buy anything without thinking about it for two days.

Answered by wobble

1000.00 per week disposable income is a HUGE weekly salary. Start an IRA contribute the maximum allowable amount. continue that for your life time. When you are 30 it will not amount to all that much but by the time you are 40 it will be sizeable. When you are 60 or 70 it will be very large. Back to being 30 its hard to be wealthy by 30 but not impossible. Mostly think about everything you do and figure out how it will make you money or save money by avoiding spending it. If yo make money your priority like this it will start to accumulate. Dont miss out on life though enjoy taking vacations and spending some of it. Learn some highreturn moneymaking thingsinvesting in all kinds of things including real estate and stocks. REMEMBER that with a higher potential returns comes an equally higher risk so you may lose it all. Thats OK as you gain skill making money you can make it all back

Answered by Mark N

Mark has the answers I was going to tell you. It worked for me and I was able to purchase a condo and cars etc. Invest in different things like stocks and bonds and what used to be called T bills. I invested in a financial advisor to help me along. Paid off as he helped me get started and put my money where it would do the most good. Do some chking around for some legit financial advvisors. Chk up on them first. Good Luck

Answered by Greensleeves

You are a smart person. Starting to save money while you are young is going to give you an advantage over your peers. If you want to learn about the stock market I would suggest a book by William J. ONeil titled The Successful Investor. It has a nice section on how to limit your losses in the stock market. Investing in the stock market can be done in many ways. A 401k IRA Direct Investment Program DRIP or using a discount online broker are just a few ways to invest in the stock market. Learning about the stock market can be accomplished from books online sources friends and relatives. When I started investing I looked at the direct investment aspect. When I researched the companies that I wanted to invest in and their DRIP programs I realized that a discount broker was a better alternative for me because most of the companies had one fee or another that they charged and some fees were much higher than a discount broker while just a few direct investment companies had no fees. When I started looking for a discount online broker I looked for specific things like minimum account balance fees if they offer trailing stops DRIPS research tools. The toughest part for me when I started investing was what companies to buy stock in. Some of the answers that I received were to stick with good quality companies that have products or services that I am familiar with like and/or use almost daily. You can also practice trading with a virtual account. i would suggest this one http://roadtoinvesting.com/freecontest.html When you make your first virtual trade you are entered into contests to win cash and prizes. I retired at 35 by working way too much I worked so much I did not have time to spend any of the money I earned.

Answered by Jacki Lau