No. of Recommendations: 8
It is good that you are taking the right steps to get started in investing but it would be difficult to make any sort of comments about the specifics of your investments selections without knowing more about what your investing goals are. At age 24 the most important thing is probably to avoid bad financial decisions.

Here are some things that have worked well for me.
1) Avoid credit card debt like the plague.
2) Save up to pay cash for your next car. Even the low interest promotions cost you lots of money. I know people who have had one car loan after another for the last 30 years, if they had been investing that money instead I am sure that they would be able to retire years earlier. When you are paying cash for a car you will also tend to purchase more modest cars, which will save you big money over the long term. For example when I bought my last car I could have bought a new one, but partly since I was paying cash, I decided to buy a two year old instead. Somehow, to me, saving a lump sum of $4,000 seems like a lot more important than $100 a month.
4) Each time you get a raise, put at least half of it into a retirement account. You won't ever miss it. Keep your lifestyle a few notches below what you can "afford"
5) Keep your investing simple. Index funds are great, low cost, and very hard to beat after taxes and expenses.

There is a “Military Fools” board where you can probably get some good information about the special aspects of investing for military people.

Greg
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.