I have $3500. Can you give me any ideas on what I should do to build it up? I'm 16?

Question

I'm trying to find out if there are any ways to build it up. Since I've been told to save it.

Answer 1

At 16, the safest thing to do is go to your bank and buy a CD. Or you could put it in an investment fund.. Make sure the fund is diversified (invests in many things) and is no load (doesn't charge you anything to get in). There is a lot more to investing than that, though. Can you speak to your parents, or someone you trust at school? The marketing and economics teacher maybe?

Answer 2

WAY TO GO KIDDO !!!!

You need to start somewhere and now look at all these opinions you have on what to do with that $$$.

I suggest you start a mutual fund and add to it monthly or quarterly. Next you can start to read up on the stock market... read read read !!!! Email companies and request their prospectus', it is free! Read about the companies that interest you. After a while when you have more money to invest, you can find a company that you can buy directly from them without a broker. EASY EASY !!

Search : "direct stock purchase plans" and it will get you headed in the right direction. Heck... persuade friends to learn this too !! Remember ONLY YOU can make your future SWEET !! Get started NOW!!!

Spend nothing!(whenever possible) Nothing makes money grow more than by adding to it. Soon it is big enough to grow on its own and that is where independent wealth comes from.

Every time you go out to buy something, put that equal amount away into a jar or savings account. Once a month, once every six months or annually, take that money and put it in your mutual fund or buy stock in a company ((that you have done your homework on)).

Its not how much money you make...It is how much you KEEP. Stop spending it all and soon it will grow. Very few people I have met in my life have the discipline to do this. I hoarded as a child, My family has the "hoarding gene", it has worked well for us

MSN money central has a savings calculator that works great for finding out how much you will have if you put away such and such amount! Figure how much you want to live off each year during retirement... double it and add a zero... that is the simple calculation you can do for the amount of money you need to have invested in an IRA, mutual fund or other, and live off its interest.

This "savings caclulator" it will also tell you how much you need to put away each month or annually which ever you prefer... TO get to where you want to be....with the number of years you plan on working yet.

Congratulations on thinking about this NOW rather than when you hit 40 and did nothing for your financial future !!!

Life's an Investment... add to it !!

Answer 3

go online to td ameritrade sign up for a brokerage account.

deposite your money buy oracle shares with half
buy alteon shares with half sell oracle at $40

sell alteon at $2
take money out put in bank cd then learn about the stock market and how to minimize your losses and maximize your profits trade on paper till you feel confident then only invest 5% of you money per stock set a sell point before you buy

Answer 4

I have exactly the same problem im 15, I invested in a really high divedend stock (RHA) makes 20% divedend thats 700 free dollars a year for you.

Answer 5

put it in a C.D. (Certificate of Deposit). If you want to use it right away, that may not be the best way, but if you keep it in the bank for an amount of time in a C.D., it will build interest faster than in a regular account

Answer 6

The heck with saving it. Play the lottery I always say.

Answer 7

Invest in this stock, the ticker symbol is :

" tie "


That should double your money in a year, thank me later kid..

Answer 8

open a sharebuilder account, and buy a few shares of google. Then watch it grow.

Answer 9

I suggest you to save for Harvard more.

Answer 10

Put it into short term CD's.