Balzout Sparkin
+1y
"people at work are saying to invest mostly in bonds to be safe."
Most of the worlds millionaires didn't get that way playing it safe!
Invest in high risk stocks, build up your balance while your young then switch over to the conservative side later in life. Some 401k companies (fidelity does anyway) will allow you to borrow some of your money when you need it and then pay yourself the interest on the loan. This is good to use say, when buying your first home. I did this and it saved my ass. I borrowed 20k from my account for the down payment and some other related shit when I bought my house. Now I do have to pay that back since it is a loan but all the interest gets paid back to my account. Another plus to this (that I plan to take advantage of after I pay back that loan) is that you can play with IRA's or other investments with your 401k money. Simply build up your 401k until you have what you feel to be a pretty good amount, example 10k.
Now that you have 10k, borrow the 2k or whatever it is to open an IRA. Open the IRA then while you are paying back the loan on the 401k weekly or bi-weekly whatever you are paid the IRA is starting to make money (not much at first, but some). When your 401k loan is paid off do the same thing again and again and again. The entire time you are doing this you will be using your money and paying yourself the interest involved. I'm by no means a financial guy and have yet to do this because of my current loan out, but I do plan to use this strategy once that loan is paid. Sooo, if there happens to be a huge hole in this theory that anyone knows about that I don't. Please feel free to enlighten me. LOL