i am fifteen years old, and i somewhat understand the power of investing. i want to deposit a larger amount of money so that it may increase over a period of time, obviously, but how should i study to find out where to invest?? any other information??
2007-01-26 16:35:18 · 7 answers · asked by psymon 2 in Business & Finance ➔ Investing
Did you earn the money? Even if it's mowing lawns or tutoring, it counts. You can open a Roth IRA or traditional IRA (Individual Retirement Account) with earned money. This will shelter you from taxes on your gains. If not, then buy it through a regular account - you will probably need your parents help for some part of this.
Open a Roth IRA. Put in the money into a Index stock fund - read about it. Something that tracks the total stock market or S&P 500 is a good idea - it provides a high rate of return.
After five years, you can withdraw the money, without paying any capital gains taxes.
I really like http://www.financialengines.com
You seem like a smart guy, and will go to college. Universities' financial aid guidelines assume that students will spend 35% of their net worth on their own education.
No-load index mutual funds are my favorite investments.
2007-01-26 16:44:59 · answer #1 · answered by John T 6 · 0⤊ 0⤋
I think the best way to get ahead in the stock market is to first see what the best traders 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.
2007-01-27 11:13:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm 15, too, and I'm interested in investing. For me, I just think of companies that I like, have good products and are growing. Then I look on MSN money to look at the charts, history and recent news on the company. At a younger age it's better to be more aggressive, so mutual funds might not be the best idea if you have the time to do a little reseach. Also on MSN money you can look for articles on investing. In my investments, I'm up 34% in 17 months. Just remember that there's always a chance of losing your money so expect anything.
2007-01-27 01:45:56 · answer #3 · answered by zander1331 3 · 1⤊ 0⤋
at fifteen if you are smart enough to start investing,hopefully you know not to fall for scammers like the last post
even just starting an online savings account at ingdirect.com would help, 4.5% or so is better than less than one from a savings account at a regular bank, but mutual funds should be your goal
read books like Mutual funds for Dummies, Investing for Dummies, they lay it out pretty well how to invest,
2007-01-27 01:07:52 · answer #4 · answered by swenjj 4 · 0⤊ 0⤋
Read Rich Dad Poor Dad for kids then read the rest of the Rich Dad series
2007-01-27 02:47:01 · answer #5 · answered by Hawkeye77 2 · 0⤊ 1⤋
Open a brokerage account at TD Ameritrade and drop me a line if you need more detailed FREE Financial Help.
Top 4 Answerer.
2007-01-27 04:54:16 · answer #6 · answered by Anonymous · 0⤊ 2⤋
my friend just go here
http://www.globalpensionplan.net/?id=claudio01
2007-01-29 09:23:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋