I have never invested before and I have no idea how to begin. I've been given advice on what to invest in, now it's a matter of knowing how to do it, since it's not like going to a store, and I don't want what little I have going to middlemen.
2006-06-16 12:57:00 · 10 answers · asked by scottandrewhutchins 2 in Business & Finance ➔ Investing
The first to responses aren't even responding to what I asked.
2006-06-16 13:35:09 · update #1
You're obviously not reading what I wrote. I'm asking where can I go and how to I do it and I'm not getting thqat answer. I've already been aedvised what commodities are better investments than mutual funds, but I don't know how to buy them, literally.
2006-06-16 13:41:46 · update #2
The only savings account I've been able to get charges $3 a month if you have less than $500. That's a rip-off, and a sure fire way to lose money.
2006-06-16 14:13:19 · update #3
I was told specific commodities are safer inverstments than industry, specifically, uranium, oil, gold, silver, copper, and steel, which are only going to go up in the long term.
2006-06-16 16:53:05 · update #4
You can buy or sell commodity futures on any of the commodity exchanges. The Chicago Board of Trade and the New York Mercantile Exchange are two of the largest.
You can open a commodity account through any mamjor brokerage firm.
However, you will need to have a net worth of several hundred thousand dollars to do so. If you walk in with $50,00 -- they will laugh at you.
In addition, whoever told you that commodities are better investments than mutual funds soesn't know what he is talking about. Sometimes they are, sometimes they aren't -- but on a reward per unit of risk basis, they are about the same.
Also -- you can't buy shares of a commodity -- it isn't like stock.
If you still want to do this -- you might be able to buy $50 worth of gold or silver to take home and hold onto. I wouldn't advise it though -- as the transaction costs would eliminate any profit you can make.
2006-06-16 16:31:42 · answer #1 · answered by Ranto 7 · 1⤊ 0⤋
hmmm. Let's start with what a commodity is. A commodity is anything that is readily substitable that has an efficient market and defined value.....so it could be pretty much any basic material, or baseball cards, or unused pencils, or whatever.
If you really want to invest $50 in a commodity, go to Ebay and purchase a bullion coin. For $50, you cannot even buy 1/10 of an ounce of gold, you could buy silver or something, but consider the following:
If you are doing this as an investment, transaction costs (shipping, etc.) will wipe out a large portion of your investment.
It really does not make sense to bother investing $50. Go buy some baseball cards and then sell the baseball cards individually.
2006-06-17 00:23:27 · answer #2 · answered by Brenton L 2 · 0⤊ 0⤋
I suggest you to stay away from Commodities.
You are a right about commodities are better investments than mutual funds but if you have less than $250,000.00 you should not take those risks because you cannot afford to lose your money.
I suggest you to open a brokerage account at Scottrade with at least $700.00 and invest in a ETF (Exchange Traded Fund)
Keep saving half your paycheck until you have $2,000.00 and then you can open a margin account.
Keep saving half your paycheck until you have $25,000.00 and then you can daytrade.
After that you can invest in options.
Commodities is still way up in the food chain.
I have over a decade of experience in the Stock Market and I really think you should stay away from commodities.
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2006-06-16 22:56:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Commodities are risky even for those who have a lot of investment capital.
Save your money until you have enough to make a difference then find a good low risk high yield mutual fund and stick with it IE [TAVFX}
Another possibility with all of your principal safe would be a CD.
Good Luck I am sorry if I am too conservative for you.
2006-06-16 20:04:15 · answer #4 · answered by loligo1 6 · 0⤊ 0⤋
With $50 you can open an account with kitco.com and start buying gold or other precious metals.
For example, $50 would buy you 4 silver maples (1 oz.).
2006-06-17 00:52:15 · answer #5 · answered by Flush 2 · 0⤊ 0⤋
Drive to the gas station and put 50.00 worth of gas in your car.
And BTW.. The second person did answer your question. It is just that you have no idea what taking an "option" is.
2006-06-16 20:37:01 · answer #6 · answered by guyinus 1 · 0⤊ 0⤋
Take your $50 and go to Las vegas. See if you can get any insight there.
2006-06-29 06:24:29 · answer #7 · answered by ncchan 2 · 0⤊ 0⤋
You could purchase one graded Silver U.S. Peace Dollar. That would get you in.
2006-06-16 21:21:25 · answer #8 · answered by MTB 1 · 0⤊ 0⤋
$50? Don't bother, put your $$$ in a savings account.
2006-06-16 21:05:26 · answer #9 · answered by Nick C 3 · 0⤊ 0⤋
Buy with a option!
2006-06-16 20:24:04 · answer #10 · answered by precede2005 5 · 0⤊ 0⤋