Hello! I am currently a senior in college and I have just won a monetary prize of $1,000 for some of my creative work. I am wondering whether I should invest all of my prize money into personal investments, seeing that I’ve never invested before. Or whether I should use the money to purchase something special for myself. When is a good time to begin personal investments?

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Posted by Dana Fang (MONEY FORUMS: 1, Answers: 0)
Asked on April 22, 2016 10:21 am
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Hi Dana! My first question would be if you have student loans? I am a big believer that before you invest, you should take care of debt, even if you aren’t actively paying them yet as a college student. Even knocking off $1k of a huge bill could save you tons of time and interest in the long run and should therefore be thought of as an investment in your future.

If you dont have loans or other debts, why not look into platforms like Acorn that make investing simple! You can also set up an IRA towards retirement if that is your ultimate goal. It’s never, ever too early to save for the future!

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Posted by Michelle Diamond (MONEY FORUMS: 0, Answers: 26)
Answered: April 24, 2016 2:19 pm