I have always been interested in investing money somewhere but I have no idea where or how I would understand the risks and how I could make a good decision about my investment.
Perhaps you should read the following books before "investing" hard earn dough you get from the hobbyists,
-Are you a Stock or a Bond by Moshe A Milevsky (You are a Stock just like i-banker or pro athlete if you ask me)
-Your Money Milestones by Moshe A Milevsky
-The Naked Investor by John Lawrence Reynolds
-Smoke and Mirrors by David Trahair
-Anything written by
Gail Vaz-Oxlade or
Kerry K Taylor
-Enough by John C Bogle
Once you get your spending in check, debts under control and equip yourself reasonable knowledge, you could try to read the following books,
-The Intelligent Investor by Benjamin Graham
-Common Stocks and Uncommon Profits and other Writings by Philip A Fisher
BTW, you could always try to ask duang or John LaRue for guidance.
My definition on an investment at the moment is spending $1000.00 on my hair.
LOL, that's a wanton spending, not investment. No different from spending on real Louis Vuitton or Hermes bag.
Anything spend more than $20 wash and cut is too much for guys anyway IMHO.
Can someone help me understand how to invest my money
See above but make sure you have your debts minimized, eliminated if possible and find qualified professionals before making any decision.
how to know what risks I am taking?
Don't say I haven't warned you.
http://www.retirementoptimizer.com/downloads/URMG/URMGreem.pdf