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Saving for the future
I’m a fairly young engineer (almost 25 years old) and I’m trying to figure out how to save for the future besides throwing money into a low interest bank account. I don’t really have any experience in investing – although I was dabbling in fiber optic stocks last month and got burned (thx aaoi). I talked to a financial planner and he was really trying to push his life insurance products on me – that made me a little nervous. Does anyone have any thoughts about taking 1k/month (I can save a little over 2k a month, while still being comfortable) and putting it into a 500 index fund (like a vanguard fund – VFINX)? In a 10 year span, this particular one has averaged ~7%. If I got 5%, I’d be looking at a nice chunk of change in 5-10 years. I’m already maxing out my 401K at work and it is set to a fairly aggressive portfolio. Should I talk to a different FP? Any advice or thoughts would be appreciated. Thanks.
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