Rising interest rates over the next several years (and yes, I'm willing to make that prediction) will be rough on equities and bonds. In short: "return-free risk" is quite possibly what those markets will offer in the near term.
I'd advise getting in the habit of saving, buy short-term CD's (and yes, the rates are nearly non-existent, but at least they're positive, and it's unlikely you'll experience as sizable a loss as equities and bonds may experience), and bide your time. As rates go up, put your money in intermediate term bonds, corporate preferred stocks, or other equities that pay a reasonable (and secure) dividend. At your young age, slow and steady wins the race.