how to invest besides direct savings?

[Semidevil]

I already have an ING direct savings, but I want something more.....something that I can put in for many many years, and take it out when I need, whether for my future kids, towards a house, retirement, or emergency funds.

I'm 22 years old, and I guess might as well start for the future. I have no idea what a 401k, IRA, mutual funds, or any of those are....

so I need your advice....what do you guys suggest for long long term savings?

 

[vi edit]

Really depends on how much risk you want to assume.

 

[iwantanewcomputer]

repost ... but to summarise, put 4k in a roth ira account at vanguard and buy an index fund. put as much as you can in a 401k

 

[GTaudiophile]

REPOST

 

[HardcoreRobot]

put into your 401k what your company will match, open a roth ira and max out the contributions every year. forget about all this money until you retire and you will be rich

 

[RossMAN]

If you have a job, does your employer offer a 401k?

 

[Dulanic]

Roth IRA is a great idea especially if you want to get a house, you can use the money for a house without being penalized. Vanguard is a great choice for a Roth IRA.

 

[StageLeft]

Originally posted by: GTaudiophile
REPOST

Yeah, read through that, then come back with questions.

Remember, unless you want this money for retirement or a house (under very strict conditions), you will get penalized when you take it out, so in addition to retirement funds you may or may not want an unsheltered investment account, which as mentioned should be fully invested into an index fund...not individual stocks, and not high-cost mutual funds.

Read that other thread and you'll get it!

 

[Yossarian]

spend it all, you may die tomorrow.