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Anonymous
How do I invest with low income? 2017-02-13 06:43:09 Post No. 1795034
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How do I invest with low income? 2017-02-13 06:43:09 Post No. 1795034
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I'm basically a "broke college student". I currently work two jobs, but both are part-time campus jobs which pull in less than $500 a month. I don't really spend much since I have a ton of scholarships, so living on campus and taking classes aren't really big expenditures (yet). I plan on going straight to grad school after this, and I've been told that most people in my degree are basically paid to go to grad school so I shouldn't worry too much about that cost. I have relatively low student debt, and most of it is interest free until I stop going to college (i.e. after grad school). My parents planned very well for my financial future, and I want to get a head start on the parts they won't be able to help me out with.
Say I make $400 a month after I take out the cost of meals I eat outside the college meal plan and other small items I buy. I've been watching my accounts and this is pretty much correct for most months since one of my jobs allows me to get extra hours throughout each month.
How do I invest with this income? Penny stocks seem way to risky, but many stable stocks have a high unit price. Would it be better to invest alone or should I consider finding a broker? I have lots of time on my hands, so I could probably manage a simple personal portfolio if I knew more about how trading works. What are some good resources for learning the "modern" stock market? What about mutual funds? If I can get a few friends to pool our money and invest together, is that a viable/healthy option? If you could do it all (investing) over again, how would you set up your first portfolio?
My future career options all pay decently, and there are lots of options even if I don't get a graduate degree. I have been putting money in a savings account regularly for the past couple of years, so I have some capital to start, but it's still very small (<$2,000).
I apologize if this is a common post here on /biz/, I don't frequent this board.
Pic not related
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>>1795034
>inb4
>"why do you only have $2,000 if you make that much a month and don't spend it?"
I didn't have two jobs until recently.
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>>1795034
kneepads
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my advice to you is to invest it back into yourself to multiple your income income you have enough money where you can "actually" invest it and make it work for you. $400/month is a joke.
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>>1795041
I know $400/month is a joke, that's why I'm asking.
Are you saying just save it until I have enough to invest?
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>>1795034
Open up a Roth IRA and fill it with Vanguard products. It's boring but effective.
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>>1795042
Look man, realistically you're going to get better returns by investing that money in to learning some skill.
If you want to invest for the mems like I do, just put $50 on a robinhood account and fuck around with it. (I put in $35, and have earned enough to buy myself a coffee if I wanted to.)
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>>1795048
Or he could just put it into a tax deferred account and go about his schooling like normal. If he actually sticks to his contributions he'll emerge from grad school with 30-40k in there which is a pretty good start.
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Go to a coin show and buy an ounce of silver.
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>>1795034
I'm in the same boat, kind of.
I just work to pay the bills and live. After the bills I have a bit of extra cash to do whatever.
I suggest just making a robin hood account and putting your extra money there and investing some stocks.
I know there is some that are priced like $50 to like $900 a stock but there is some that cost less than $20.
Just do research on the companies you want to invest in and if you like it, invest in them. That's why people say it's a gamble because any bit of news can effect the price of stock.
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>>1795052
How do I do this?
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- look for a good market you trust in (let's say s&p500)
- find an etf that replicates this market
- put up a savings plan
- win
- if you're lucky you make 20% after 1 year without that much risk like robinhood stock gambling if you have no idea what you do
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>>1795353
>Open a Roth IRA
>Contribute $400 every month
>Invest in whatever you like that isn't retarded
>Go to school 6-8 years
People really should be utilizing this kind of account as early as possible. When you finally get established with a decent lifestyle (likely this will be in your early 30's) the $5500 limit on contributions is a drag.
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Guys help me too. I have pic related. Get rich tips?
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>>1795481
Will pay for a set of kneepads and some mouthwash
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