It's a pretty good amount - it's more than most kids your age would have, I'd guess.
If you don't have a college degree, I'd consider spending at least part of it for that. The best investment a person can make is usually to improve themselves. You'd be hard pressed to find an investment that will give you a better return on your money.
Go Pro is a good investment. but would only put about 3,000 in Go Pro. But, People might not a agree but, Apple. Their company has the highest revenue around and yes you should invest into oil, electric, and gas companies as well because that stuff will be here for ever. But, think about when Apple comes out with TVs…They target people with money and there return is the richest company in the US. there a 600 billion dollar company. Think about when they make game systems? every kid in america is going to want the new apple game system. You'll be rich by the time your 35 and i mean loaded. There stock will Triple not double. But, Go Pros stock tripled. they just went public. Long story short people I encourage you to put a could grand in oil electric and gas for comfort and to make an "investment" put a good amount in Apple.
be sure you get at least 3% or more on this money. start by always paying yourself first if you have a job, to add to this amount. Then you diversify, some money in stocks, some in the checking account, some in the mutual fund, save for a place of your own
Buy the "Blue Chips" and hold until you retire.
Consider: XOM, IBM, JNJ, PG or DIA, SPY, DVY
If the American economy is not ruined by the idiots in Washington you will be wealthy when you retire.
(day trade, penny stocks, tips from your barber, options - you will be older, wiser, and poorer)
It is good to start saving. Saving is continuous process. Keep it up. Never stop saving habit.
Is this a good amount to have in savings for a 23 year old? What investments can I make or what should I do to get the most out of this money?
