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u/theberkshire ยท 3 pointsr/Investments

Congratulations on being wise enough with your money at such a young age to do your research and ask questions. That's exactly what you should continue doing, as it will pay off in the long run far more than any single investment you can make right now.

Along those lines I would invest a small amount of that money in some basic books about money that will help you develop a fundamental philosophy about your relationship with money and building wealth. Ebook, blogs and apps all have their benefits, but you really should have a basic financial library of physical books you can have on hand.

Your Money or Your Life:
https://www.indiebound.org/book/9780143115762

The Simple Path to Wealth: Your road map to financial independence and a rich, free life:

https://www.amazon.com/dp/1533667926%5D(https://www.amazon.com/dp/1533667926/

The Bogleheads' Guide to Investing https://www.amazon.com/dp/1118921283/

The Millionaire Next Door: The Surprising Secrets of America's Wealthy https://www.amazon.com/dp/1589795474/

That short list is in no way complete, but will get you started.

As far as websites/blogs/free reads here's a few to consider:

http://www.bogleheads.org/wiki/Main_Page

https://yourmoneyoryourlife.com/book-summary/

http://www.mrmoneymustache.com/blog/

https://www.thesimpledollar.com/

It's great that you have a nice little lump sum of money to invest right now, but the key to building wealth generally won't involve lump sums every now and then and finding places to put them. The key is to discipline yourself to set aside portions of any amount money that comes in and have an automatic system to invest it and let it grow without touching it.

Have a plan for every paycheck, bonus, tax refund, inheritance, bank heist money :) you come into to have a portion funneled into your investments before you're tempted to find other, unlimited, things to do with it.

This is the greatest book probably ever written on that concept:

http://www.ccsales.com/the_richest_man_in_babylon.pdf

Having a goal, a plan for getting there, and the discipline to actually execute it will make you wealthy. Wealth gives you choices, freedom, and opportunity, and the earlier you start building it, the easier it will be to have these things. If you don't appreciate how important those are to living a good life, I guarantee you will in the years ahead.

At some point you will hear the name Warren Buffett (if you haven't already). He's the single greatest investor who's ever lived and my personal favorite. Once you have the basics down, and you might have further interest in investing I would recommend studying him. Even though there are countless books and websites devoted to him, he's already left us nearly everything you need to know about investing right there on his simple company website in the form of his annual letters--basically a free master class on investing, written by a genious who also happens to have great wit:

http://berkshirehathaway.com/letters/letters.html

In a much broader sense beyond investing, there is a book more than a hundred years old that discusses getting to wealth in a very interesting and powerful way. I've used it as inspiration from a standpoint as a business person, but I think it's worth studying seriously for anyone trying to build wealth.

I believe you can still get a free copy here:

http://scienceofgettingrich.net/subscribe.html

If you don't want to subscribe, just Google "The Science of Getting Rich".

And here's a good audio version as well:

https://archive.org/details/TheScienceofGettingRich

No matter what philosophy and path you take, I always include another personal recommendation to set aside a small portion of your portfolio into something "alternative" that interests you and might have the potential to build or at least preserve wealth. For me it's basically precious metals, and more specifically collectible silver and gold coins. I've also collected old paper money, stamps, stock certificates, rare books, and music and movie memorabilia all to a lesser degree. Keeps things interesting, and sometimes you can do pretty well with experience and a little luck.

And best of luck to you!


*Edit: Sp+fixed links, and here's my best TLDL:


Buy physical copies of some basic wealth building books. Consider :

Your Money or Your Life: https://www.indiebound.org/book/9780143115762

The Simple Path to Wealth: Your road map to financial independence and a rich, free life:

https://www.amazon.com/dp/1533667926/

The Bogleheads' Guide to Investing https://www.amazon.com/dp/1118921283/

Read "The Richest Man in Babylon" and follow the concept of always paying yourself first:

http://www.ccsales.com/the_richest_man_in_babylon.pdf

Warren Buffett is an investing God. If/when you're ready to learn more, just start here:
http://berkshirehathaway.com/letters/letters.html

Read and/or listen to "The Science of Getting Rich":

http://scienceofgettingrich.net/subscribe.html

https://archive.org/details/TheScienceofGettingRich

Diversify a small portion of your wealth with physical assets you can hold and that might have a lifelong interest to you. A quick recommendation would be to start with 5% of your portfolio in precious metals, perhaps a small variety of silver bullion coins and bars. (I'd be happy to give you specific suggestions on these if wanted).