best way to invest money?

Question

iam 17 years old. i have 4000 dollars to invest

Answer 1

I'm sorry, these guys are idiots. An investment is not saving money in a bank. Especially, don't put money in an online bank! I suggest purchasing a stock. Today is April 1, 2007. Stocks are at an all time low, 1,000 in a stock would be a good idea. Be smart about it. Also, start your own small business. Many people are buying cheap things and selling it on ebay. Look at the ROI of these ebayers. Some products buy for cheap and sell for more. Everything takes time and effort to learn. Sacrafice the time before you sacrafice the money.

Answer 2

Ud be best of not investing yet...if i were you, i would either put that $4000 in to a compound interest account at a fixed interest rate and by the time you retire ud have a few hundred thousand, or if you were looking more in the medium - long term you could go with either shares or save up a little more money and make a deposit on a small unit/ home...i know it may seem like a stretch, but these days banks can normally finance the full amount but at least 80%...You could find the right deal on a house...get 95-100% financing, and rent out at a higher price then the mortgage payments...giving you long term wealth and maybe some positive cash flow..


But thats probably a litttle out of rich for you, i would suggest either a compound interest account..(long term) or shares..(long/medium/short term)..

good luck...and keep saving your money

Answer 3

HSBC online banking has New money 6% interest until Apr 30. I believe $240 on 4000 after that 5.05%. Go on line www.HSBC.com. You need a do not touch amount of money that will just earn interest. This bank does not charge fees and u can open an account $1. Some of your $4000 could be new money until Apr. 30 and take out the interest. They will mail u your ATM card. Remember your sign-in, pw, etc. the will mail your pin # Until u find out if this money will be a long-term or short term investment. I am impress u are going to be successful at a young age. Keep it to yourself not your so called friends until u obtain your goal. You are probably going to need the money for college. SAVE. Find out what natural skills you have. You could start your own business too and get a degree.

Answer 4

It depends on what you want them money for. For instance do you want to invest to buy a couple of tricked out computers, a new car, college or save for retirement?

Also remember you will want 3 to 6 months of emergency savings. This will give you the cash you need incase you can't work, but you still have to pay the bills.

For retirement , get a Roth IRA. The money you put into it is taxed and the money you take out is never taxed. You will keep more if you are taxed for a total of $90,000 than you would if you were taxed for $2.2 million.

Here are my own personel number crunches:
6 months savings is $16,000

If I put $4,000 a year into a money market account for 5 year at 4.4% interest , every 5 years after that I could buy a new tricked out computer ($4,500 or so including monitor and printer) for free with money returned that I had paid taxes on.

$26,000 at 8% interest (the SP 500 projected future record, tracked by the ETF SPY which will get you more than that because of dividends) will get you a decent medium priced brand-new car every 20 years for free (including all the taxes paid).

$4,000 a year in a Roth IRA from when you are 18 to 65 at 8% interest will give you over $2 million in tax free money. If you factor in a 2% dividend making it 10% compounded, it'll be over $4.2 million in tax free money.

Answer 5

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Answer 6

Hi..

Excellent effort.

What are your aims for the money?

Three ways to go to get a return:

1. Give it to the bank..get the highest possible interest.
Go to the bank and ask them for their high interst deposits.

2. Give it to a manager.
Seek out a financial planner, consultant and ask them to
give you their options.

3. Option 3.
Do it yourself

Here is where you must learn. You invest the money in your
education about money.

You can also start a net business and start to invest in your
business. You will have much to learn..lots of fun too!

Carve out a small budget out of the $4k..for biz expenses and aim to get a return on your investment.

Ideas for biz below:

Try starting your own site based on what you love:
Example here:
http://www.squidoo.com/EarnaLiving

Answer 7

I'd recommend an ETF. They're low risk, small but steady growth, perfect for someone young like you. Piggyback with someone more experienced - someone you trust like a parent, sibling, or close friend.