Saving & Investing Your Money
“But I just started college!” you insist. Well it’s never too early to practice some saving and investment strategies. It can be as simple as socking away money each month in a savings account or CD (certificate of deposit), let it build up, and find a program that allows to you to grow your savings with a higher interest on a long-term basis.
Now, it’s very possible that you already have experience saving money. Say you worked summers or part-time in your high school years. Or you’ve been in the workforce for a while and are now attending school to advance your degree or train for a new profession or a better chance at promotion. Or you’ve just finished your military service and are finally pursuing your education.
How else can you make your money work for you? Your best options are to talk to people who already invest their money and to search for a financial advisor or a discount broker. Ask about the ins and outs of mutual funds, stocks, bonds, and their
liquidity – how easy it is turn them back into cash.
401(k) – If you’re working, talk to your boss about a 401(k), an IRA, or other savings investment plans. You may be a long ways off from retirement age, but that’s the point. The younger you are when you start these plans, the bigger your cushion when you stop working.