Home
Forums
New Posts
Illini Basketball
Illini Football
Sports Talk
Log in
Register
What's new
Menu
Log in
Register
Install the app
Install
Forums
General
Chat
Trading Stock/Investing
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="gibb52" data-source="post: 907631" data-attributes="member: 6471"><p>Since I'm in this business I'll weigh in for a moment then butt out. Not having a lot of dispensable money means it's not a good idea to have an investment account at this time. Save your money. Pay off all your debts other than car and house. Once you have no other debts and a tidy amount of savings (think $5,000 - $10,000) then you can move on to investment accounts.</p><p></p><p>Investment accounts should be intended for long term wealth building so try setting up an IRA/Roth IRA to hold the funds. Then you don't have tax issues causing problems.</p><p></p><p>In closing, make sure you have all of your other ducks in order before getting into anything that puts your money at risk.</p></blockquote><p></p>
[QUOTE="gibb52, post: 907631, member: 6471"] Since I'm in this business I'll weigh in for a moment then butt out. Not having a lot of dispensable money means it's not a good idea to have an investment account at this time. Save your money. Pay off all your debts other than car and house. Once you have no other debts and a tidy amount of savings (think $5,000 - $10,000) then you can move on to investment accounts. Investment accounts should be intended for long term wealth building so try setting up an IRA/Roth IRA to hold the funds. Then you don't have tax issues causing problems. In closing, make sure you have all of your other ducks in order before getting into anything that puts your money at risk. [/QUOTE]
Verification
Post reply
Forums
General
Chat
Trading Stock/Investing
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…