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Revision History For: How to invest your signing bonus?

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How should recent college graduates invest their money? Assuming they don't have time or the necessary skills to be confident in their stock picking skills, what is the best way to start building a portfolio with limited available capital?

Clearly, we're looking an extremely long-term investment horizon here, as a recent college graduate won't retire for at least 35 years. Equities therefore seem to be the way to go. However, is it wise to just buy the S&P? Would it be smarter to buy diversified emerging markets ETFs? What are your thoughts?