Originally Posted by littleroc
Welcome. First of all compound interest is everyone's best friend when it comes to investing. To put it simply the longer you invest the better because for example if you were to put $416 a month at age 25 which is $5000 a year into a Mutual Fund that averages 10% for 35 years (age 60)you would have 1.5 Million tax free in a Roth IRA. But if lets say you start putting away $416 again starting at age 35 until your 60 into a Mutual Fund that averages 10% for those 25 years then you'd have accumulated $540,000. So you see how starting earlier in life will triple your money because of compound interest.
To get started I would start educating yourself by reading either "Investing for Dummies" or go to Vanguards website and they are very helpful in explaining Mutual funds. Banks don't offer these types of investments, really all they are good for his holding money and loaning money.
Sweet, I'll look into that thanks. Incidentally, are there ways to invest that can increase my income in the short run? I'm not looking to get rich quick, but I would definitely like to move up a bracket or two instead of just working till I can retire comfortably. Seems almost like a waste of a life to be honest. My current goal is to move into a very cheap place, and have next to no expenses, try to save 10, 000 a year but I'd like my money to be moving me up in the world so to speak. Will that book explain how to do that too?