I want to invest for my future BUT I can't focus as there are many hindrances that I encounter like buying Loads for my 2 cellphones.PLEASE GIVE ME SOME TIPS ON HOW COULD I WISELY INVEST for my future.I'M 14 yrs.old.PLEASE,!!! NO money making scam?!! form the INTERNET!!!!! THANK YOU & GOD BLESS!!!!!
2007-03-07 00:25:43 · 3 answers · asked by POGI AKO :-) 3 in Business & Finance ➔ Investing
Albert einstein is credited with saying the most powerful thing in human existence is compound interest. The younger you start to save money, and let it sit in the bank earning compound interest the better off you are.
There are several easy things to start doing, but they are hard to keep doing to save money for the future.
the first thing is to open a savings account. I know they have low interest, but they are guaranteed until you get $100,000 in them. As a young person, this is a good place to start.
The second thing you need to do is the 10% rule. take 10% of whatever you make and put it in the saving account. No matter what. If you earn $20 a week, put $2.00 in the bank. it may not seem like much, but once you get used to taking 10% of your salary and saving it, when you start earning more money, it will really add up quickly.
the third thing to do is to go to college and get a degree. College graduates make more money than individuals with just a high school degree on average. More money, means more money deposited in the bank under the 10% rule.
There are lots of different kinds of investing that are available, but to begin with use a savings account. go to the bank and talk to one of their financial planners, and they can give you great individualized information and help you develop a financial plan.
2007-03-07 00:32:19 · answer #1 · answered by Adorabilly 5 · 1⤊ 0⤋
open a Roth or IRA. Your parents may have to start it for you. Take lots of math and business, government, history and civics in school. This will help you understand the stock market. Here is a hint. To understand economics, you MUST understand politics. The government and government policy is the single greatest effector of economics.
2007-03-07 00:36:09 · answer #2 · answered by Fancy That 6 · 0⤊ 0⤋
keep away from ALL coverage plans. coverage is an rate , no longer an highway for investment. choose for a mixture of PPF / SIP in Mutual money / Direct fairness. Having stated this , please have sufficient organic term conceal for your self. ( approx 7-10 situations your annual earnings)
2016-11-23 12:58:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋