• Where NOT to Ask for Financial Advice

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    Recently on Slashdot, a reader asked this question:

    “I am a rising junior in college and decided to take out loans to cover all my costs so I could graduate with money in the bank. My tuition bill is minimal as I have a nearly full ride, but living is always expensive. With that said, I feel like my thousands sitting in the bank could be doing work for me instead of collecting dust till the day I graduate. I have been researching how I could best invest my money so I have immediate access to it if needed, but still do better than a mere savings account. There seems to be a lot of mixed advice and some obvious scams out there. So I ask Slashdot, what is the best plan for a college student to do with his money?”

    Of all places to ask a question like this, why on a tech oriented website? I don’t ask computer advice from a financial planner.

    Some of the comments surprised me with suggestions of frugality, as I assumed the audience was a tech-savvy gadget-hungry kind of people. There’s a lot of good advice, but then there’s also a lot of bad advice.

    What would your advice to this kid be?

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