I'm 18 years old, without a job, I've got about $1000 to my name, besides the obvious "get a job" response, I'd appreciate any real suggestions about what to do with my money to make it grow, both over a very short period of time, measuring say months, to a long term lifetime plan.
2006-06-10 08:50:33 · 5 answers · asked by paratechfan 3 in Business & Finance ➔ Investing
Assuming you don't need the money for bills or rent, I would say open up a trading account with Scottrade and then do some research on Morningstar and the Motley Fool and Marketwatch to find some good stocks or funds or ETFs for purchase. The experience you gain will be more valuable than the money you make (or lose) in the short term. Check the ETFs PBW and PHO.
http://www.marketwatch.com/
http://www.fool.com/
http://www.morningstar.com/
2006-06-10 08:55:48 · answer #1 · answered by Yardbird 5 · 1⤊ 0⤋
You need to start investing OPM (other people's money) right away, use this money as your tool-not your $1000. Determine how long you can survive on your savings ($1000) and make sure you have a payday using OPM before you run out. This probably means you have to start investing quickly. Real Estate has quick returns (you could make say $2000, through a contract assignment, in your first month pretty easily) and could be the beginning of your future. Real Estate networks will be your key to survival.
2006-06-10 17:55:59 · answer #2 · answered by realestates_inc 1 · 0⤊ 0⤋
I suggest you to open a brokerage account at Scottrade and invest in the Stock Market with the help of a Portfolio Manager like myself or a Financial Advisor.
Top 3 Answerer in Business & Finance. (Vote for me)
2006-06-10 11:30:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Go to an employment agency. I had a full time job the next day.
2006-06-10 09:19:00 · answer #4 · answered by igotalife2000 2 · 0⤊ 0⤋
START A BUSSNESS EGGHEAD
2006-06-10 08:52:41 · answer #5 · answered by tash 2 · 0⤊ 0⤋