When it comes to where to invest your money, a lot of people get overwhelmed with all the options that are available. A lot depends on your individual circumstances and what the money is to be used for in the future. The following reader had such a question:
My dilemma is a simple one: I am currently 20 years old, with some limited income coming from part-time work. I have heard that if I were to start saving my earnings in an account now, I would have a considerable amount by the time I reach 50/60. I am interested in something like that, so I’m wondering if you guys have some advice as to where I should put my money.
I have also recently gained a little experience from investing in stocks by pooling some of my money in a club in school (I go to Cal). Should I put my money in mutual funds or some bank?
While the person that sent this listed mutual funds and banks as the choices, if you have additional recommendation of what you would do in a similar situation, please let him know what steps you’d take and why.