Quote:
Originally Posted by 84HOtransam
throw it in a ira or roth ira account then invest it into a mutual fund or cd..contine to throw ten or 20 bucks a week into it for the rest of the time your working...you wont have to pay tax on the interest you earn and when you retire in 30 or so years it will be a nice egg...
i can speak from experience..money dumped in a car is almost never earnen back..
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IRA's = crap
you can get better interest from any number of the online bank savings accounts and still have access to you money before you are 62.5 years old.
if you are going to invest at a young age, go with medium to high risk mutual funds. if they pay off in teh next 5 - 10 years you can retire early, if not, you are still young and can rely on medium risk investments to still deliver a retiement a few years early.
don't waste your time investing in the blindly safe stuff until you are at the point that you won't have time to earn back any losses incurred. any time before 35 years old, go for it and hope to retire at or before 50.