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!
2007-03-25 19:49:50 · 5 answers · asked by dahlia m 1 in Business & Finance ➔ Investing
I would first suggest that you put your money into a high yielding savings account and then go and learn as much as you can about the basics of investing and the different kinds of investing.
There are really awesome books for beginner-teen investors. I would recommend you have a look at a book entitled, "Rich Kid, Smart Kid," by Robert Kiyosaki.
The writer talks about the basics of investing, personal finance and the like. Afterwards, see if you can review some of the free online, basic, investing, free, online courses via the stock-exchange website or websites like: "bloomberg university," etc.
If you are seriously interested in becoming an astute investor, one of the 4% that makes 90% of the country's income, those are nice places to start. It will take a lot of self-discipline, but it pays off in a few years.
Both ignorance and knowledge cost money. I think that ignorance costs a lot more money because it makes people consider bad choices and blindly invest in things they don't understand, then they lose a lot of money or "donate" money to the more astute, educated investors.
2007-03-25 19:59:13 · answer #1 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
Well, you might start by setting up an account with ING direct. Direct. (link below) Actually, if you don't already have a local bank account, set that up first so you can link your ING Account to it. ING accounts earn over 4% interest. You can also buy
CDs from them with no minimum that pay at least 5% for a minimum 6 month commiment. But don't buy a CD if you're not sure you'll leave the money alone for 6 months.
You could buy a mutual fund or stock but the market has a lots of ups and downs. At your age, it depends on what your goals are. If you're just saving money to use later, I think a 6-month CD or regular saving account (paying over 4%) is fine.
2007-03-25 19:56:24 · answer #2 · answered by Investor 2006 3 · 0⤊ 0⤋
Will you need the money in the next few years? I'd suggest blue chip or low risk shares. Of if you dont want any risk, a term deposit. First question you need to answer is, how long do you want to invest for?
2007-03-25 19:56:12 · answer #3 · answered by shano 2006 1 · 0⤊ 0⤋
either a high yeild savings account through an online bank like ing direct, or start a cd ladder through a bank.
2007-03-25 20:57:01 · answer #4 · answered by comic book guy 5 · 0⤊ 0⤋
trade in index/commodity future
with chart signal
more on my blog
2007-03-26 04:38:33 · answer #5 · answered by dinu_pawar 5 · 0⤊ 0⤋