MONEY MONEY MONEY SAVINGS and Investments

Hello,

So I'm 18 right now soon to be 19. I'm in full time education but I got a part time job which is generating me a good income. Since I live at home all expenses are paid for except eating out, leisure etc..

I want to start saving so I can retire early! I need to know a couple of things.

How much percentage of my monthly pay check should I be saving each month! I've heard about CASH ISA's which basicaly tax free interest.

I would rather invest my money in something shares..gold...etc does anybody currently invest in a specific field? is it safe? what brings steady income? I basically need to know everything.



Also starting september I will be working full time so hope to have started saving!

 

I'd go with silver.. it's sky rocketing. 100-200 each paycheck. It's hard but good luck.

 

Just from one google search I've just found out the price of silver is currently dropping ??

got any more information for me on this?

 

I'm wrong.. Gold is up some and platinum is rocketing.. sorry.

 

Word of advice.. don't do stocks... have you not seen the economy lately? ( no offense )

 

There are proper sites for this, look there, people do make a decent wage only doing this.

 

Seafire could you link me to one of these websites.

 

Yeah well just looking back over the years gold has definetly gone UP! but the price its at now is pretty high to jump onto the bandwagon

stocks in recovering companys could be promising but I'm looking for a long term investment without risks.

 

Silver was 50 2 weeks ago now its 34. you could buy now to get it for when it rises

 

Crude oil is at an all-time low, might be worth an investment.

 

oil and gold will always go up

 

you could always try a roth ira? any investment is better than none.
Even if the investment is just 10$ a month.

Make sure not to rush any decision. If its for a retirement fund basically, since your starting young, i would consider something on the safer side probably that is more longterm, preferably with compound interest.

ANd if you want to play some stocks once you get some $$ that is always an option as well

 

Depends on which stocks you invest in.

 

I would put 5-10% aside for savings.

 

I would open yourself a small cd for a six to year period at a time. You will gain small earning, but if you ever need it for emergency it is there.

As long as you are working open up a Roth IRA. You can put in 5,000 a year and when you go to take it out when you retire/age 60+ it is tax free. Your allowed to take out $10,000 if buying your first house other than that can't touch it without penalty.

Check out mootley fool website. Good information.

 

Gold is always a good investment. (Correct me if i am wrong)I believe that it is close to 1.6k$/ounce. And by my judgement, that is only to go up.

 

http://www.abc.net.au/news/stories/2011/05/17/3219007.htm?site=news

+ Greece, Spain etc - I'd be careful with investing at the moment. Cash could be the safest option in a term deposit or something.

 

u realize your asking a runescape forum how to invest your money right... most of these people dont even know how to spell job =\... if u are serious about it id go to ur local bank that u have a debit/credit card with and ask to speak with a financial adviser..

to be honest ur 18 and have a PART TIME job... u dont have enough money right now to buy stocks.. minimum ull need is 7grand... u dont know 2 shits about them which will be like going to a casino and spending 7grand there..

buying gold... u might be able to buy an ounce or 2..... that wont let u retire early sir.


my advice (im 20)... live a little bro, go out with ur friends study hard and when u finish college, uni, mature and land a full time job then u can worry about saving money for retirement lol

 

^This. I deleted all the other rambling worthless crap but this is correct. Talk to someone who knows what they're talking about.

I would not suggest buying into Gold/Platinum/Silver whatnot. Sure they may be at an all time high and you can buy them in large quantities. But when it comes time to sell, you are going to be out of luck. It's not as easy to sell gold back as you think. Not only sell it back, but sell it for the same price you bought it for. Also, Gold is teetering at it's maximum price right now and could plummet at any month, so I'd hold off. Not sure about Silver, etc., but I'm sure they are just as difficult to sell back as Gold.