Quote:
Originally Posted by RedBaron
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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The Bogleheads' guide to investing
by Taylor Larimore/Mel Lindauer/Michael LeBoeuf
It is chock full of investing knowledge. Explaining terms & investing tools in a language anyone can easily understand. Before you give anyone money, understand what you are getting into.
Vanguard is a great fund family.
I congratulate you for starting so young! This gives you time to ride out any sudden downturns.
(edit) This forum isn't the best for investing info. Some here are savvy, some not so much. To participate with those who do put their money where their mouths are, you might want to sign up here:
https://www.bogleheads.org/forum/index.php