Never too old to invest.QA I'm really interested in starting to invest in stocks. I'm 34, and very ambitious, but I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. if I'm too old to start investing. How long does it take before I start to see a change in finances if my yearly income is less than $25,000 a year? I'm also a musician For the popular-music magazine, see . “Instrumentalist” redirects here. For followers of the philosophy, see instrumentalism. A musician is a person who plays or composes music. who believes in putting time and money into a career to make it work. Is that the wrong attitude to have if I'm trying to make a serious commitment to investing at my age? --Keith J. Nelson Atlanta A At BLACK ENTERPRISE, we are staunch advocates of the development of an investment program at any age. At 34, you still have an opportunity to amass enough money through investing to retire comfortably. The best way to start is through your employer's 401(k) plan. Pay yourself first by finding out if your employer can direct a portion of your paycheck to the company-sponsored retirement plan, or, if they don't have one, direct the money yourself into an IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. . Through the process of dollar-cost averaging--setting aside a certain amount of money each month--you can invest in mutual funds and stocks for as little as $25 to $50. One way is through Netstock Direct, one of the largest online direct investing services, in which you can buy shares in dollar amounts and acquire fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. (click to the Direct Investor Center at www.blackenterprise.com), You don't have to sacrifice your music career, but it will probably pay for you to tap a financial planner Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. that can help you take an objective look at your financial position and help you map out goals. To help you sort out these issues, get a free BE Wealth Building Kit by calling 877-WEALTHY. Mail your finance questions to Ask B.E., BLACK ENTERPRISE, 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011, or send an e-mail to dingled@blackenterprise.com |
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