Whats the best way to go about doing this; who should i invest my money with and how do i get started? Can anyone give me some usefull advice?
I'm a college student in Chicago and I work for a major whole sale store.
2006-07-01 17:58:10 · 12 answers · asked by chicagoan86 3 in Business & Finance ➔ Investing
I mean in the market (thats a typo at top).
2006-07-01 18:01:23 · update #1
I mean in the market (thats a typo at the top).
2006-07-01 18:01:31 · update #2
First, edumacate yourself(hee hee).
Educate yourself before you get into this.
If you can afford to buy the Investools education, do it.
www.Investools.com
I've started my education @ 4 months ago, and I've learned so much.
I am now paper trading. It's a pretend account with pretend $, but investing in real stocks. It's awesome for practicing and getting some experience and confidence before investing your hard earned $.
Also believe in yourself, talk to successful investors and keep asking questions!
Do well, John C
2006-07-01 19:50:28 · answer #1 · answered by john-campos@sbcglobal.net 1 · 0⤊ 1⤋
At your age, what you need to do is invest to never lose your principle. After 3 to 5 years you can become your own bank. When you have enough to lose without feeling the loss, than you invest in the market. That will also give you time to learn how. Invest 5 to 10 percent of your annual income after taxes. Or pay yourself 1 hour of pay a day. Pay yourself first. Indexed Universal Life policy will make you wealthy and free of the Governments qualified investments. Good Luck
2006-07-01 21:15:21 · answer #2 · answered by gooey 1 · 0⤊ 0⤋
Spend time reading the messages on some of yahoos financial message boards. try several till you find one where the posters seem knowledgeable. But take nothing as being the gospel truth. Everyone has opinion on how to invest with OTM ( other peoples money).
Watch Business News on TV, you'll learn things, but keep in mind they are there to cheerlead the market. Cramers show is entertaining, but most consider him an idiot, don't follow his advise.
My Advise, if you have money to gamble with get a scotttrade account. Investing In todays market it a gamble, I think its over sold, and is on its way down. But with an account opened you can be ready to invest when YOU think its bottomed out, and will be ready to jump in. If your just looking to get interest on your money, get a CD or put in in a money market fund,The rates are getting better with the rise in interest rates. At this time Im not big on mutual funds. (fees) Being young you can take financial risks, invest in safer vehicles when your older. Decide If your going short or long on your investments. If your in for the long haul, you could invest now and assume They'll go up in the long run. Going short is just gambling, but thats how traders make money.
Good Luck
K
2006-07-01 20:46:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you want to start simply until you learn or if you have limited funds to invest, contact Vanguard in Valley Forge, Penn and sign up for their Automatic Withdrawal Plan. They will take $ 50 ( or any amount you specify ) from your checking account each month. While you re doing this, go to your library and get some books by Peter Lynch, John Templeton, and others. Vanguard also has a wide selection of brochures that they will send to you.
2006-07-01 18:56:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Before you start thinking of investing money in the market try this: set up a safty net account incase one day you need the money, that way you dont have to tap your investments, try setting up an account at www.ing.com. once you have set up an account there andhave say 6 months worth of pay into it then you can start investing, try something like www.sharebuilder.com or scottrade.com
2006-07-03 07:57:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Usually, I don’t care to begin an answer by asking a Q, but with your particular Q, I’m a little confused. Are you referring to “options” as in choices? OR do you mean “options” as in trading stock options? I think you’ll get a more defined response and a more focused response when you make the distinction. Thank you for asking your question. I enjoyed taking the time to answer your question. You did a great job - not only for your information, but for every other person interested in reading my answer. I wish you well! VTY, Ron B.
2016-03-27 00:48:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I wish I could trade places with you!!
1) Live frugally
2) Resist the temptation to use debt to finance your lifestyle.
3) I can recommend a very good book I just read. Rule #1 by Phil Town. Very simple and conservative guide to investing.
2006-07-02 01:02:40 · answer #7 · answered by Danny P, San Antonio, TX 1 · 0⤊ 0⤋
TD Ameritrade- open an account
read books on T/A or go to stockcharts.com
take baby steps with stocks
then open up a margin account w/ stock option's
short stocks
then you're ready for stock options
read books on stock options
buy calls when stocks are oversold
buy puts when stocks are overbought
2006-07-01 18:04:43 · answer #8 · answered by Olivia 4 · 0⤊ 0⤋
Don't take other peoples' advice.
Get educated and make your own decisions.
Start by reading "Common Stocks and Uncommon Profits", by Philip Fisher. Warren Buffet ascribes to his principles, which is a pretty good recommendation.
2006-07-02 00:23:30 · answer #9 · answered by andrew f 3 · 0⤊ 0⤋
scottrade - $7 a trade, only $500 minimum to open, real time info and quotes
get books about investing/trading, technical analysis for dummies
2006-07-01 18:08:38 · answer #10 · answered by johnny c. 3 · 0⤊ 0⤋