investing, help!?
i have 3000 dollars right now, iam 17 years old, i want to invest it but i dont know what type of investment? maybe CD? or what? any suggestion? please. thanks!
2007-03-24 22:27:20 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
If you can invest the money without pulling it out for a while (a couple of years or longer) and would like to double or more the ROI you would get from a bank, you should consider an index mutual fund, like Vanguard or Acorn.
I applaud your desire to invest. There's not many 17 yr olds that are thinking of the future. If you keep up this mind set, you'll be well on your way to your first million before you know it. Just be patient.
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2007-03-25 05:17:47 · answer #1 · answered by SWH 6 · 0⤊ 0⤋
The answer depends upon what you want to do with the money. If you are saving for a short-term goal, say tuition to college in a year or two, a CD might be the best approach. You could also try a high-yielding internet bank like ING Direct. They are currently plaing 4.5% on passbook savings accounts with low minimums (I think only $100) and you can withdraw the funds at any time.
If you want to learn how to start investing for the rest of your life, that is a more complicated question. The tools for longer term investing include stocks, bonds, mutual funds, ETFs and a variety of other instruments.
The best answers come from the clearest questions.
2007-03-24 22:51:26 · answer #2 · answered by Nolan M 1 · 0⤊ 0⤋
Open a brokerage account at Zecco and invest in the ETF DIA.
2007-03-25 10:28:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
u are sooo rich 17yrs old and 3000 , u doh need a investment cos your family is soooo rich.
2007-03-24 22:30:54 · answer #4 · answered by Tan Boon Hwee k 2 · 0⤊ 1⤋
maybe try www.nystockexc.com
2007-03-25 02:50:03 · answer #5 · answered by Anonymous · 0⤊ 1⤋