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Old 01-23-2016, 10:21 AM
 
1 posts, read 388 times
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Hello everyone...my first post!

I am looking to start investing and wanted to start off with something a little more than just beginners US bonds. I have been following the currency articles and thought I would start there. While still in school and not earning more than $35K at the moment, I really am too intimidated to start using the Forex software...but I thought I would simply find someplace that exchanges physical money.

Do you think spending a $100 to buy ruble or pesos is a good start? I believe $100 would get me about 800 rubles...and some day the ruble would rise, and I could exchange it back for US currency for more than I initially paid. Does this sound like a good way to start off with a hundred dollars?

Thanks
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Old 01-23-2016, 06:11 PM
 
97 posts, read 78,989 times
Reputation: 101
Quote:
Originally Posted by ceve4life View Post
Hello everyone...my first post!

I am looking to start investing and wanted to start off with something a little more than just beginners US bonds. I have been following the currency articles and thought I would start there. While still in school and not earning more than $35K at the moment, I really am too intimidated to start using the Forex software...but I thought I would simply find someplace that exchanges physical money.

Do you think spending a $100 to buy ruble or pesos is a good start? I believe $100 would get me about 800 rubles...and some day the ruble would rise, and I could exchange it back for US currency for more than I initially paid. Does this sound like a good way to start off with a hundred dollars?

Thanks
The best place in town to exchange money is your bank. I bank with chase and there is no transaction fees for currency exchange, but it takes a few days because they don't always have the currency on hand. That said there is still a spread that would probably eat up a bit of that $100, and you have to worry about keeping it safe. You could do it for fun, but it's just gambling, and Forex trading is a really effective way to lose money. It's better to start a Vanguard account and put money you won't need for a few years into an S&P 500 index fund, in a Roth IRA if you don't already have one because your income will go up and you should already be contributing to your employers 401k plan to as much as they match. More reward and risk (but reasonable) than bonds, which are probably on a downward trend anyway (not that you should try to time the market).
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