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 22:47:31 · 6 answers · asked by dahlia m 1 in Business & Finance ➔ Investing
cd's are ok but your money is tied up for x months. I rather use online banks (ING, HSBC, Emigrant direct etc) all pays about teh same as a CD and your money is easily transferable.
2007-03-25 10:12:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It really depends on your time line? How soon do you want to be able to use the money?
How do you feel about risk? (be honest with yourself)
These are very important decisions you need to make
BEFORE you invest.
If you can find a reputable Broker (ask your friends - experienced investors and/or your parents for a referal.) Don't walk in and speak to just anyone) THIS IS VERY IMPORTANT!! A good broker will ask you the questions I did above, and even more. And don't forget you may be unable to buy certain products as you are still considered a minor.
A broker can explain the alternatives, ie a custodial account, where your parents are on the account essentially.(only till you are 18) But I have a feeling that you are a very independent young person and want complete control.
The alternatives are too great for me to try to list them here.
You should be very pleased with yourself for having saved that
much!!! I won't even say "for your age." Many people much older than you can't do it!
I wish you the best and hope you can find an investment advisor that you can trust. Remember, you are free to "audition" as many advisors as you want. Feel free to ask them what their investment philosophy is, how long they have been in business etc. You can also check on any Brokers
background by going to the NASD's website. They also have lots of info there directed at investor education.
Best of luck!!!
p.s. - "if it sounds to good to be true.....Run!"
and anyone giving you advice without knowing more about you and your goals? Do not listen!!!
2007-03-25 06:26:27 · answer #2 · answered by susie 3 · 1⤊ 0⤋
Hi! How ru doing? I read your question. Well, if you have 3000 dollars at present, then i would like to say that instead of putting in any short business, at present put in a trading cycle for example commodity or currency trading. and slowly increase it to a sizeable amount where u can really make a genuine use of it. u can make another 3000 within a time period over ur principle amount, if u play things carefully. Let me know if u have further query. www.stoxandmore.com
2007-03-25 06:47:49 · answer #3 · answered by Stox and More 1 · 0⤊ 2⤋
Since you are only 17, a CD would be nice.
2007-03-25 05:59:11 · answer #4 · answered by c00kies 5 · 0⤊ 0⤋
Or have a look at a managed fund. Gives you good diversification with low fees,
2007-03-25 06:24:37 · answer #5 · answered by Kaizen 1 · 0⤊ 1⤋
yeah.. cash deposit is best for you at this point in time..
2007-03-25 07:28:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋