I'll somewhat second the recommendation above from Cynthetiq on investing in real estate. I wouldn't neccesarily go into rental real estate as my first choice though. Do you own your own place right now? Depending on where you are in your education or career, you might consider buying a place of your own instead of renting. If you have just started a 4-year college degree, buy a house now! I did the same exact thing when I was 19. I thought to myself: I know that I am going to be in this same town for the next 3 years minimum. I can continue to pay higher rent to some landlord, or I can invest in a house, have lower payments than rent, build equity and come out ahead.
In my situation, I ended up buying a 4 bedroom house and renting the other rooms out to fellow students. I had some good and some bad experiences with doing that. I also ended up staying in the same place for longer than I originally planned. But when I did sell the house, I came out WAY ahead. Plus the whole time I lived there, I rarely paid the mortgage myself since I had renters in the other three rooms of the house. Something to consider...
__________________
---
You do not really understand something unless you can explain it to your grandmother.
- Albert Einstein
---
|