Reddit mentions of Investing For Dummies

Take that money and go buy this: http://www.amazon.com/Investing-Dummies-Eric-Tyson/dp/1118884922/ref=sr_1_1?ie=UTF8&qid=1425342332&sr=8-1&keywords=investing+for+dummies

Read it, cover to cover. Then read it again. Or just toss your money into the street and set fire to it. Your choice.

You make money off of an IRA because the price of your share increases (capital appreciation) and you receive dividends that can be reinvested. To make the most profit, you buy low and sell high, meaning you invest early in life and over a long period of time. Then when you retire, you sell your fund at a value higher than when you bought it.

Investing is different than banking. I only explained a very small part of it, so I would encourage watching YouTube explainer videos and reading the book Investing for Dummies.

Since you're 20, you would look at opening a Roth IRA with something like this: Vanguard Target Retirement 2065 Fund (VLXVX) (other brokerage firms like Fidelity and Schwab have similar products)

Kudos, you're doing awesome then!

I have a degree in Finance and I love financial planning.

If you want advice, I'm glad to help and point you in directions that might benefit you in the long run.

Investing is scary but honestly it's not that difficult.

This looks like a pretty good starter book: http://www.amazon.com/Investing-For-Dummies-Eric-Tyson/dp/1118884922

Really it's just understanding that stocks will go up and down, but over the long run you should be just fine. Buy when it's going up, buy when it's going down. If you want to be aggressive, buy stocks you like too. Do dividend reinvestment as well.

Happy New Year!