What is the fastest way that an initial investment of $500 grow for an 18 year old ?

Question

What are good investments for earning the highest interest over a 7 year period of time?

Answer 1

See if you can open an account on E-trade..application on-line..send them a check..you got an account..
Then, learn a little about " investing" at yahoo/finance or moneycentral/msn
With $ 500. you'll be limited in what you can buy, but don't let that intimidate you!! You can make that money work...amd when you see some good results/returns, you'll be itching to add a little more now and again!!
Look into ETF's ( exchange traded funds) they are like " mutual funds" but you can buy shares in small blocks ( perfect for a " newbie".).....They spread your money among different companies, but in a certain grouping....A bunch of tech stocks, or abunch of energy stocks, or a certain country or part of the world.
A list of them is at:http://best-of-etfs.com/family.asp?fam=EXTRADED
Think about what you want to invest in... then shop for a price range..and get 10 shares of this and/or 15 shares of that....learn to watch 'em on-line and you're on your way
Be patient..don't let a loss for a couple of days bother you ( or a week)...
P.S. On that moneycentral site are links to all kinds of different news articles..learn to look for good/bad news...and look at the "Strategy Lab"...what some other people are picking,etc.
YOU WILL get the "hang of it" and be way ahead of your peers.
Best of luck.

Answer 2

Check with the banks in your area to see who has the highest rate for 6 month cds. I think you will have to have a parent open the account. Once you are up to $1000 put it in a Money Market Mutual Fund at Vanguard.

Good luck!

Answer 3

Vega$

Answer 4

Have you looked at online trading? There is a risk but the fun part is that you're YOUNG and have bunches to gain!!!

Answer 5

stock market