Greats ways to invest money?

Question

Hi I want to buy a camera and I was wondering if anybody had some good ways to invest (I'm only a teenager) so I could get my camera has fast as possible. ( Btw the camera is about 700 bucks)

Answer 1

Well, investing small amounts of money is a hard thing to do. Their is not a very high rate of return on small amounts of money. My suggestion is to keep it in a saving account and work until you get enough. Once you get older and start to understand the dynamics of investing, you will know what I mean.

Another suggestion, go to your DECCA club counselor or business teacher at school in September and I bet they would actually have some great suggestions.

BEWARE of anyone telling you you can get a high rate of return (over 15% a year) because it is probably a scam, illegal, or too risky (probability of losing all of your hard earned money).

Good luck with the camera!

Answer 2

You didn't say how much you have to invest.

Sorry for some bad news but I think you may want to go for a cheaper camera. If you are 13 now, you could invest $550 now and expect to have $700 in about 5 years with compound interest kicking in to increase your investment to your desired amount.

Wouldn't it be better to look at getting a job to stash money into savings for all the future items you are going to want to buy? You may really have an interest in photography and want to spend that much on a camera someday. But throughout your teenage years, there are going to be a lot of other things I think you will want to buy as well.

Answer 3

If I am understanding you wish to invest money to make money to buy a camera for 700 bucks. Your best way is to put off the camera until you save the money. You might try e-bay . it's posible you could find one half the price.If you only have a small amount of money than compound interest in your saving account is the best way to go.
It's possibl;e tomake money in stocks with a minium of 500 bucks but you coul dalso lose it all and be even futher away from your goal. Unless you get a loan with a co-signer than a savings account is your best shot:)

Answer 4

Depends if your receiving any money parents/job etc. Then its all determined on spending habits. Dont go out to the mall and buy unnecessary stuff, this and that and so forth. Also evaluate and say to yourself "Do I really need this camera model or is there a model that can do the same stuff but for a more reasonable price." Do some evaluating and price searching to get the best value for the best price. Who knows you might find some camera for 450 bucks that does the same thing...Never know..

Have fun

Answer 5

Since you're not exactly investing (investing implies saving money for a long term goal, not short term), I would recommend finding an online money market account like emigrantdirect.com. Their current interest rate is 5.15%; however, your parents will need to open the account for you since you're a minor. You may want to call around some of your local banks, too, and find an account with a decent interest rate.

Good luck!

Answer 6

This isn't investing, but I think your best option might be to take the money you've got and use it to become some sort of merchant.

For instance, buy the ingredients for cookies or brownies or rice crispy treats, make them, and then sell them at a profit at school or ballgames....Or hit flea markets until you find a supply of something very cheap and very cool that you know would be desirable to others and that you could sell (or modify somehow and then sell) to others for a good profit.

Answer 7

Hey i dont know much about investing but u can work part time or as a freelancer for many jobs, why dont u check out my profile and then u can earn some money by working on ur own!

all the best :)

Answer 8

If you plan on doing this fast, investing your money might not be prudent. Investing is a time consuming activity, and to see real growth Patience will be needed. But if you want to increase your money you might want to go talk to your local bank and open a CD.

Good Luck

Answer 9

whats up guy! it rather is encouraging which you're already thinking approximately those products. i might motivate you to invest in a roth IRA. one in each and every of those fund makes you pay for the taxes on your account remarkable away. the earnings of doing it rather is which you heavily isn't charged with taxes once you pull the money out for retirement. this way you keep a lot of money in capital helpful properties taxes and would even have the money obtainable in case you like it for an emergency. you may desire to set one up via any brokerage business enterprise or via a self-administration server like Charles Schwab. i desire this facilitates!

Answer 10

Hi, i know what your question means. i also think stock market is a nice place for investing.

I found some useful tips in stock trading. It includes stock basics, how to protect your profit, find a potential increase share, control and manage stock risk, when to sell/buy stock and so on.

http://www.bernanke.cn/stock-trade/

Best Wishes && Good Luck!