obviously i can't purchase real estate or stock. Anything else?
2006-12-21 03:40:20 · 9 answers · asked by layla 3 in Business & Finance ➔ Investing
Why can't you invest in real estate or stocks?
2006-12-21 03:50:06 · answer #1 · answered by The Man 5 · 0⤊ 0⤋
Save as much as you can. Now there is three positions you need to take.
1. Emergency fund, which would be 3-6 months of expenses. Who wants to be living paycheck to paycheck and bills are due, but you were fired/forced to move because of natural disaster/you got injured and have to take a month off from work? In today's money that is about $7,200 for 3 months or $14,400 for 6 months for most people.
2. Open up a Roth IRA for retirement at 18 (which is the earliest you can do it). The gains are not taxed. The SP 500 (which SPY tracks) has historically averaged a compounded gain of 12.5% a year. If that 12.5% stays true, if you put in $2,000 a year from when you are 18 to when you are 65, you will have just over $5 million in tax free money for retirement. The cost to you would be $94,000 (plus various fees) over the same period.
3. Open up a short to medium account. This will be your reverse credit card (gaining interest instead of paying it) on big name items such as vehicles, appliances, etc. $16,000 should do it where you basically can get everything for free (paid for by your gaines).
Obviously this requires a lot of money up front and that's why I think you should be saving now so you can make a better push later.
2006-12-21 04:18:29 · answer #2 · answered by gregory_dittman 7 · 0⤊ 0⤋
I have a college savings account for my daughter and she's only 4. You can ask your parents to open a coverdell account for you through Scottrade, then you could tell your parents what stocks to buy.
For investment ideas, see what the best investors are buying and selling at http://www.top10traders.com - this is a free site that lets you create a portfolio of stocks with $100,000 in "play" money. Each day the site ranks the best performing portfolios, so you can see how your picks perform compared to other investors. You can also read posts on investing from the best traders, as well as share your own investing ideas. There is also a charting feature , so you can see how your portfolio performs compared to the S&P 500.
Here are this month's best traders:
http://www.top10traders.com/Top10Standings.aspx
Good luck.
2006-12-21 12:35:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can invest in almost anything - the only catch is that you may have to have a parent or guardian with you. You may be able to invest in cd's or ira's by yourself. I would find the investment vehicle you want, then find out what the purchase requirements are.
2006-12-21 03:58:02 · answer #4 · answered by [><] Rebel 3 · 0⤊ 0⤋
I would suggest starting with a savings account, then perhaps savings bounds. Before you jump to the stock market of real estate.
A penny saved.....Is a penny earned.....
2006-12-21 03:49:01 · answer #5 · answered by DeSaxe 6 · 0⤊ 0⤋
u can purchase savings bonds
or guaranteed investment certificates
or registered education savings plan
u can invest on all of these at a local bank
2006-12-21 03:51:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
save your money but in the meantime learn about charting/trading......read books like this one:
http://www.amazon.com/Rule-Freakin-Markets-Profit-Market/dp/0312303076/sr=8-1/qid=1166780558/ref=pd_bbs_sr_1/102-6493041-3870548?ie=UTF8&s=books
and paper-trade in the meantime with fake money......
2006-12-21 21:09:49 · answer #7 · answered by Sizzle Pizzle 3 · 0⤊ 0⤋
invest in eternal life....ask god into ur life
2006-12-21 03:48:55 · answer #8 · answered by kaf. 1 · 0⤊ 2⤋
You actually can.
2006-12-21 12:49:41 · answer #9 · answered by glenbrent 2 · 0⤊ 0⤋