I am 18 and what is the best way to learn more about saving money and investing in stocks or anything else?

Question

So far I am going to try to work every summer and make 2 grand each summer. I am clueless about investing money, i want to learn how to start a business with friends(not those pyramid scams stuff), i want to learn how to start managing my money, i want to learn how to start saving. I am 18 years old and what tips do you guys have for me to start doing?

Answer 1

I started about the same time you did (though unintentionally). The time/value of money is a very powerful tool if you can understand it. Though quite simple, most people refuse to grasp its meaning. Given that you are 18, you have a great chance to save money now to be very wealthy by the time you are ready to retire. Your best course of action is to read up on investing, there is no end to it. I used to be a big fan of the Motley Fool (referenced below). I also lucked into a mentor at a very early age (my stock broker). She helped me learn to make a lot of money.

Best of luck.

Answer 2

You have a great attitude. Just stay away from drugs and you are going to be successful. Starting a business is a great idea, but it has to be in an area where you are an expert.

To learn about investing in the stock market, I suggest reading "The Little Book that Beats the Market". I would also suggest that you see the movie "An Inconvenient Truth". Then you should start studying what the best investors are buying and selling and why. You can find this information 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.

Answer 3

$100 is not enough to start investing. Your money will get eaten up by charges. A young person like yourself should concentrate on your career. That is the most important consideration which will help your future. You may need a car, a holiday, clothes or accomadation in the near future. These are the things you need to prepare for at the moment. Investing can come later when you are ready and more financially secure. Please don't worry about where you should be investing $100 or so.

Answer 4

If you are starting with limited funds to invest, start with Vanguard funds and invest in a balanced fund or the Windsor Fund.

You need to study the market. There are several approaches: Dollar-cost averaging, buy-and-hold, follow the trend, allocate your funds in different market sectors.

Surf the internet and read material by different people who recommend different approaches.

Go to Yahoo Finance and set up a hypothetical portfolio containing SPY, MDY, QQQ, EEM, EFA, EEB, IWO and several others. I have several hypothetical portfolios, some with almost 100 stocks or exchange traded funds. Some are big-time losers like TKF. Some are not index fund and trade at large premiums over their net asset value such as TRF and IF.

If TKF ever turns around, it could be a big winner. Don't buy unless it crosses it's 100 day EMA, which is available in Yahoo finance charts.

Answer 5

Two great sources of information I have found on learning some of the basics of personal finance are the magazine, Money, and also watching Suze Orman on MSNBC TV.

You learn the basics about what situations to avoid and what you should be doing. These two sources have definately helped my familily increase our personal finance IQs.

Answer 6

Hi,

I hope those books help you to understand online trading

Market Wizards by Jack D. Schwager;
Technical Analysis by Jack D. Schwager;

Comprehensive Course on The Wave Principle by A.J. Frost and Robert Prechter;

Candlestick Charting Explained- Timeless Techniques for Trading Stocks and Futures by Gregory L. Morris;

Trading Chaos – Applying Expert Techniques to Maximize Your Profit by Bill M. Williams;
New Trading Dimensions by Bill M. Williams
Trading Chaos II by Bill Williams – Maximize Profits with Proven Technical Techniques by Justin Gregory-Williams and Bill M. Williams

I could help you to open trading account in one Austrian brokerage company. If you open account under my referral I provide you with trading techniques that I successfully use for several years.
If you are interesting then please pm or e-mail me (press on my name) and I provide you with further details.
Good luck!

Answer 7

At your age I would more concerned with college expenses. Save investing and starting a business after college especially after you gain knowledge from your class.

Second,

NEVER START A BUSINESS WITH FRIENDS!!!!!!!!!

Answer 8

i would go to the book store or library and get books on the subject. A lot of on line info is biased

Answer 9

pl go thr my best answers & blog

do homewor on stock ebooks

Answer 10

Visit www.daveramsey.com He will inspire, teach and motivate you.