20k Complete Newbie

Masakik · #1 08-06-2006, 10:11 PM

I'll have 20k in my savings by the end of the summer. 14k is in GIC's, but the interest is so poor. I'm a complete newbie to investing... Any idea as to where I should invest my money?

Thanks

snowbank · #2 08-07-2006, 04:03 AM

[ QUOTE ]
I'll have 20k in my savings by the end of the summer. 14k is in GIC's, but the interest is so poor. I'm a complete newbie to investing... Any idea as to where I should invest my money ?

Thanks

[/ QUOTE ]

I would start with about 5-10(or more) investing books in the type of investing that interests you.

RikaKazak · #3 08-07-2006, 06:18 AM

READ READ READ...put everything in something safe until you find what you like/feel like you're ready to invest in.

Masakik · #4 08-07-2006, 09:58 AM

which books do you recommend?

mwgr5 · #5 08-07-2006, 02:15 PM

Try to make a Roth IRA contribution if you are eligable and have earned income. The maximum amount you can contribute is 4K. Once you contribute money to a Roth IRA the money grows tax free and is not taxed when withdrawn at retirement age.

mattnxtc · #6 08-07-2006, 04:13 PM

theres a big thread on "The Intelligent Investor" and its a great book so far.

Put ur money in something safe like a online savings account take the time to read up and then start investing wisely

Masakik · #7 08-07-2006, 09:27 PM

Okay, I forgot to mention that I live in Canada does that change much?