Quote Originally Posted by Jared View Post
well im 25 so i guess im still kinda young. my job is great excelt there is no retirement package available. so i was looking at stocks to make me som money over the next many years. i currently have an ING savings account at 4.5% but i want to do better. i also have a shitty savings account at our local credit union which i use for my sons savings bonds and college savings account. it is a crappy .5%.

i will have to look into mutual funds a little i guess.

i kinda thought since the market dropped yesterday that this week would be a good time to try it.
yea... like i said, and OneSweetDay backed me up on, the mutual funds are a spectacular way to go.....
If you can set aside even a little bit out of each paycheck right now, by the time you retire, it can really amount to a lot. For example, the "rule of 72" is a very good estimation for how long it takes money to double at a specific interest rate.
72/(100*i) = # of years it takes money to double at a specific interst rate i ...
e.g. at 7.2% interest rate, it will take 72/(100*.072) = 10 years.... so @ age 25, your money will double atleast 4 times before you retire... and since you'd keep adding to it every month... it'll really add up....