College Student Looking to Invest - Where to Put My Money?
Like the title says, I'm a 19 year old college student looking to invest what money I've saved over the last year or so. I've managed to save roughly $10,000 to put towards investing (planning to eventually use it for a down-payment on a home), but my question lies in where to put my money.
I know CD's are the safest bet, but I have no problem investing my money in something a little more aggressive for the chance at a higher return. I would love to achieve 10% return on my investment each year, which CD's won't give me. I can open a CD with my bank (Bank of America) with an APY of 5.05% (8 month short term CD), but would really like something more.
Where should I be looking? One option I thought about was self-directed investing using Bank of America. They allow $0 stock/equity trades online for self-directed investors if you have a certain account with them (which I do). While I know this would require me doing my own research, I think I could wind up with a decent return if I do my own research and come up with a balanced portfolio of companies to buy stock in (stick with some big names like GM and such, while also purchasing stock in young up-and-comers). Would this be a smart idea? Or would I be better off handing my money to one of the big-name investment companies to manage and invest for me?
I'm new to this whole investing thing! HELP!