If I make $5,000 between now and when college starts in the Fall (as a freshman), what should I do with it? I want to invest it in something. I'm going to do everything I can not to spend it. I thought about a mutual fund, since it could gain interest while I was in college and beyond (hopefully), but with the economy the way it is, I don't know. Also, I know it's not good to put all of your eggs in one basket, but the more money in the fund, the more it can make. Would it be smarter to put 1/2 or a 1/3 of it into a mutual fund and then add more as I make more through the next several years, and put the other 1/2 or 2/3 into a Roth IRA (or do I have to be employed to get one of those?). Sorry for all of the questions at once. Thanks for help with any of them.
Also, with the economy the way it is, is it extremely risky to invest in anything? Should I just put it under the mattress?
Also, with the economy the way it is, is it extremely risky to invest in anything? Should I just put it under the mattress?