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Question for the Money Doctors

Question submitted on Jan 20, 2012.

Question

I am 17 years old and have a job at a retail store. I do not have a car, and I''m not sure where I will attend collage. I work about 20 hours a week during the school year and 30 when I''m out. Are there any bonds or stocks that I should invest in? Savings account, checking account or both? Thank you.

Answer

That depends on your objectives and goals.  If you are interested in purchasing a car and/or saving some funds for college, you could open both a checking and savings account.  Use the savings account to "save" for things you will be purchasing and use the checking account for any funds you may be spending in the short term.

If you are thinking about saving for longer time periods (I.e. retirement, first home purchase, etc.) then you could consider other investment vehicles, depending on your risk tolerance.  I would look for an advisor in your area to help with this, preferably a CPA/PFS.


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