Welcome to our new beta design! Click here to go back to the old Newschoolers.
mikeystarkIf you are looking into minimizing tax consequences you may want to look into an ETF instead of a mutual fund. They are almost the same except ETF's are traded like a stock on an exchange. ETF's also disclose their holdings daily unlike Mutual Funds which disclose holdings quarterly.
jensenWhat are your goals for investing? Are you trying to save for retirement or are you trying to have liquid funds you can draw on? If you are trying to save for retirement you should be opening an IRA and investing through that so you can save on taxes.
As for the ETFs, you can find an ETF for most any index. The S&P 500 is solid indicator of the overall health of the economy. The ticker for Vanguard's S&P 500 index is VOO.
Also, anything that is exchange traded you don't need a minimum to buy into, so long as you can afford one share.
If you aren't familiar with trading I'd recommend opening a fake money account to mess around with for a month or two before you start tossing around real money. You can gain some valuable knowledge before it really counts.