i dont know where to start. everywhere i go i see hidden fees and monthly fees. too confusing. where is a good place to start?
2006-09-30 16:23:38 · 10 answers · asked by hurricanes72004 2 in Business & Finance ➔ Investing
You my friend are the perfect age to get involved. As others have said, if you don't have a great deal of cash and you are looking to make a quick and easy dollar then buy a lottery ticket. However, if you are being smart and it sounds like you are you will want to think about mutual funds. A fund is a group of stocks/bonds that spreads out your risk. Your not going to get rich quick, but if you invest over the long haul you will do quite well. You are at the perfect age to get started. Let's say you invested $3000 dollars now in a fund that earns a 10% yield, without putting in another cent this would be worth over $100,000 at age 55. If you continued to give 3000 each year after that you'd have over 1 million at 55. I think the best fund company is VANGUARD. It has the lowest fees in the business and are 'no load' funds, meaning no feed on the front or back end. You won't get rich quick, but you will be verrry happy in just a few years. Go to vanguard.com and read some of their info...I also highly recommend 'Investing for Dummies' (don't laugh) to get a good start on your knowledge base. You are very wise to be thinking of this at your age. And don't think you are too young to start saving for retirement. Go to the Yahoo finance page...in the retirement section and read about the miracle of starting early. You will lose hundreds of thousands of dollars by waiting only ten years.
Good luck
2006-09-30 17:04:23 · answer #1 · answered by Scout 2 · 0⤊ 0⤋
low cost test eh? Ok I'll give you a FREE site www.marketocracy.com you can buy any stock you want sell it anytime and you can even see how other "investors" are doing. In time you may get into the top 25 or better (as I have)
another free site that is really fun to get involved in is www.hsx.com the hollywood stock exchange this site is like the stock market except for stocks and companies you have actors and movies to invest in. This is also a good fun way to learn about calls and puts.
Both i use both I recommend marketocracy has what you are looking for though and when you get ready start with a low actual dollar amount say $500 and go from there.
2006-10-01 13:05:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I was in the same situation as you were about a year ago... I am now 20 and I approached my economics teacher and he explained it to me. If you dont have loads of money to invest I suggest a online trading company like scottrade. Many other places charge you monthly fees...but if your like me (which I think you might be). You might only have time to check your stocks on certain occasions and do not want to pay monthly fees all the darn time.
Try scottrade becasue there commsion is really really low and they only charge 7 bucks for a trade. Its really the best deal if your starting out like I was.
2006-09-30 23:45:20 · answer #3 · answered by Fres-YES!!! 3 · 0⤊ 0⤋
Start watching Jim Kramer's Mad Money on CNBC. Worked for my husband! :) You may also want to get an ETrade account. They can help you get it set up. Sometimes my husband can only buy 1-2 stocks at a time, so not a lot of money made, but not a lot lost either. I think this may be a case of learning by doing. There are a ton of good day trading books out, my husband has a whole shelf of them, but I don't think he has read even one of them. LOL You could also try finding a forum about day trading, and get some good information from old school traders. Good luck!
2006-09-30 23:35:41 · answer #4 · answered by Choochie Larue 3 · 0⤊ 0⤋
Stock market is OK, however I recommend taking a look at the precious metals market. Very bullish right now with the high demand of precious metals from emerging markets like China, India and Brazil. Check the site below and some of the links inside for more information on precious metals trading.
http://preciousmetalsinvesting.blogspot.com/
2006-09-30 23:30:44 · answer #5 · answered by MADELINE F 1 · 0⤊ 1⤋
Find a Barnes and Nobles with a Starbucks, find the book "How To Make Money In Stocks" by Bill O'Neil. Bill O'Neil actually did it. If your not willing to invest time in learning the stock market your wasting your time.
2006-10-01 09:43:05 · answer #6 · answered by NaturesDoctor 5 · 0⤊ 0⤋
don't do it if you don't have serious money. It is gambling on a bigger scale, and you will be eaten alive if you don't have much cash.
If you want to learn do it pretend for a few months, only then think about putting real money in. If you have less then at least $5000 though, I would suggest you just find a mutual fund or two and let your money grow there.
2006-09-30 23:33:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The Stock Market IS NOT A GAME.
2006-09-30 23:32:23 · answer #8 · answered by Anonymous · 2⤊ 0⤋
Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.
http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com section university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:
fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy
technical analysis==(chart+indicator)>> when to buy
Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live
At the age of 32. my 401k is amassed 75,000.00 and 30000.00 in taxble account. by follow simple rule
2006-10-01 01:49:33 · answer #9 · answered by Hoa N 6 · 0⤊ 0⤋
Theres something called "paper stocks", which means u play only on ur own , not with money. Keep scores, track em, and see how u do for about a week. :)
2006-09-30 23:27:30 · answer #10 · answered by pickemeeeeeeeeeeee 2 · 1⤊ 0⤋