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Many young adults are beginning to explore the world of investing and seeking advice online on various forums. A 19-year-old college student has also turned to Reddit for direction on building financial security.
The 19-year-old business major has amassed $70K in a checking account by working as a server during the summer and managing a reselling business during the year.
With so many options available, the server-turned-reseller mentioned he feels stuck as his parents cannot advise him since they aren’t familiar with stock investments.
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“I just turned 19 years old and have very little financial knowledge. I’ve had a credit card for a year now, stayed up-to-date with the payments and have a credit score in the 700s. I’m a business major and a sophomore in college. My parents sadly don’t invest and don’t have much advice to give,” he said.
While he has researched, the many options available confuse him.
“I feel completely stuck in taking the first step in investing and would love some insight and advice,” the 19-year-old said.
Several Redditors have jumped into the comment section of the r/FinancialPlanning community thread, where the confused young man sought guidance and advised him on what they considered the best.
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Let’s see what the Redditors have recommended to the young investor.
Redditors’ Top 3 Suggestions For First-Time Investing
VOO’s S&P 500
Several Redditors have advised the 19-year-old college student that investing in VOO’s S&P 500 is the best long-term strategy.
“At the end of the day, the best long-term strategy is a low-cost S&P 500 index fund,” a comment reads.
Another Redditor was on the same page, recommending the poster read up on Vanguard’s VOO because it is the lowest-cost S&P 500.
“I want you to read up on Vanguard's VOO, which is the lowest-cost S&P 500 Exchange Traded Fund. Learn the difference between an ETF and a mutual fund and why an ETF is better (lower fees and no capital gains distributions),” the Redditor said.