http://smallbusiness.chron.com/start-hom...
http://www.wikihow.com/Set-up-a-Home-Tut...
http://k6educators.about.com/od/professi...
http://thetutorreport.com/starting-a-tut...
You definitely are on the right track with your desire to save and invest money for the long term. This is the key to becoming financially independent. However if I were you, I would not put the money into the stock market unless you are sure that you can keep it there for the long term (10 years or more). Over the long term, the stock market is a great place to save money, but because it occasionally crashes, and you don't know exactly when, you should only invest in stocks if you are able to keep the money in there and ride out the bumps.
Long story short, if I were you I would use the money to launch your business or to help position yourself to get a good job. Having been self employed for over a decade as well as working for large corporations, I have found that being self-employed has pros and cons. You do get to be your own boss, and if you are very passionate about your business, it is very rewarding. However working for yourself almost certainly means longer hours (many of which will not be paid), higher taxes, no benefits, and a lot more income uncertainty. It can be nice to be employed because you can walk out at 5PM every day and not have to think about your job.
Get out there and start your business! But don't shoot down the idea of getting a job too. A lot of entrepreneurs start their businesses on the side while working for somebody else. This helps cover your bills so you can get through the difficult early years. That's my opinion anyway. Good luck!
If you have $6,000 IN DEBT you have no money to invest.
You HAVE NO JOB so you have no money to invest.
You need your parents' help. YOU HAVE NO MONEY TO INVEST.
Get the theme of my message?
Use your current money for current expenses. When you are set in life you can put money away in a retirement account. Until then, do not waste money (by paying bank fees, credit card fees, interest on student loans, etc).
... which can include buying business cards to advertise your Homework Help business. Maybe have a dedicated phone and phone number for your business, etc.
For all your studies, you have the financial IQ of a 5 year old. SamDude is spot on. No investing until you have a job, paid the loan, and have an emergency fund.
Please only post your question once, and use a single moniker.
I am currently in my first semester of Graduate school and I have racked up a $6000 debt that has interest attached to it. I didn't accumulate or take out any loans for my undergrad degree. I am working towards becoming a high-school teacher. However, at the present moment I am unemployed, but I would like to start up my own business. A tutoring-business. I am just tired of working for people and would like to utilize my passion of English/Literature/Writing/Public-Speaking.
I haven't filed my taxes yet, but currently I have around $3,000. I want to invest my money. I know that starting my own business would probably be better than trying to do anything else at the time. Once I do get more money, I would like to diversify my money with mutual-funds/stocks/and etc. I'm 21 years old. I thought about starting up a ROTH IRA, but I am currently unemployed and not even self-employed yet.
So, I thought about opening up the following for now:
1. A Charles Schwab's High-Yielding Checking Account attached to a Brokerage Account (minimum deposit of $1,000)
-I have another checking account at another institution that is interest-free
2. Or put some of my money towards creating my own small business instead and start my Roth IRA once I become self-employed.
I have long-term financial goals (pay off student loan, retirement, car, pilgrimage to Mecca and etc), but I need money now too. I really want to make my own business instead of working for someone.
I really do need advice. I've been out of work for 2 months now and sometimes depend on my parents for money. I have my own car, apartment and pay bills. I just need to make enough money to become financially-independent again.
