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Need help setting up a financial plan

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Money Talk > Retirement Planning

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dtbilin
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Need help setting up a financial plan  Reply with quote  

I'm 18 years old, going to be a sophomore at Michigan State University next year; studying business.

My parents are paying for tuition, room and board, and 70 meals per semester along with $200 in "spartan cash" each semester. I have to pay for utilities, books, party necessities, and extra food but that's basically it.

I'm currently making $50 to $100 in profit per day with my online business. My current short term plan is to save $1,200 and invest at least $1,500 into expanding my online business every month.

I currently have $2000 in my savings account $1,500 in my checking account .

My goal is to have at least $100,000 saved by the time I graduate from MSU in 2015.

What would your recommendations be for saving, investing, and anything else you would like to share. I'm very excited to hear any thoughts. I want to start saving for retirement now when I'm young and would love the help.

Dave
Post Wed Aug 17, 2011 5:25 am
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coaster
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Shades of Michael Dell; you sound like one hell of an entrepreneur. Very Happy

I guess my only advice would be to not wrap up too much at this point in long-term investments. Things in your life are going to be changing rapidly for some years. Having the resources to take advantage of opportunities you may wish to pursue can't be beat. And I suspect there will be no lack of opportunities to come your way.

~Tim~
Post Wed Aug 17, 2011 6:13 am
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kate032
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Just be sure to not count your chickens before they're hatched. It would be great to have $100,000 in three years, but also realize that it may not occur.

You should certainly start a Roth IRA as soon as you can because at your age, that little nest egg will explode by the time you retire. But also, keep quite a bit liquid for opportunities, investment and otherwise, that may arise in the near future, as coaster so sagely suggested.
Post Wed Aug 17, 2011 2:28 pm
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coaster
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Kate, please check your pm inbox.

~Tim~
Post Sat Aug 20, 2011 3:58 am
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