Can my 14 yr old start investing now?

Question

I would like him to start saving some of his cheques... what can he do with it?

Answer 1

Sure, he can start investing, but it will need your cooperation. You sound cooperative, so it should work out fine. Contact a broker and tell them you want to open an account for a minor child. Then trading in the account is just like any other. If it's online, you can show him how to trade, and there it goes.

Answer 2

you use "cheques" as if you are not in the US. I don't know the minor laws outside of the US- in the US, one can open an account for a minor. A stock trading account. I have opened accounts for each of my childern when they were born. there are rules in the US about gifting monies (and tax-free limits). at age of 14, they will be able to perform their own tax returns. Until then, I have to include interest and dividend payments on my return (and capitol gains/losses).

My parents showed me at the age of 16 how to get most of my taxes back from the govt- IRAs. I have had an IRA for almost 20 years now, and I am eternally grateful to my parents for showing me this legal trick. (I had a part time job at a restaurant and was subject to my own tax return. since I was not eligible for a company 401K, I was entitled to place money into an IRA- for 4 years, I received almost all my federal tax back. I never did the AMT calculation, I was dealing with $500.)

start now, no matter where you are in the world

Answer 3

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Answer 4

Set him up with a high-interest savings account (ie: ING, PC Financial, Manubank, etc etc), and he can put his birthday/gift money into the account. Getting into the habit of saving and budgeting when he is younger will help build good habits when he becomes older.

If you haven't done yet, I recommend an RESP plan for him as well. The government's 20% "top-up" (the CESG) on your contributions into the plan ends at the end of the calender year when he is 17 yrs old. That 20% CESG can really add up over time. You can contribute into this plan, and all gains are exempt from taxes.

Answer 5

You can open an online trading account and co-sign for him. This way he can keep it in cash in the money market fund with a better return than a savings account or invest in bonds/stocks/mutual funds

Answer 6

In binary options you will have the possibility to predict the movement of various assets such as stocks, currency pairs, commodities and indices. Learn how you can make money trading binary options https://tr.im/vmFMh
An option has only two outcomes (hence the name “binary” options). This is because the value of an asset can only go up or down during a given time frame. Your task will be to predict if the value of an asset with either go up or down during a certain amount of time.

Answer 7

At this point he really can't do much without a parent. He's under age and would not be able to sign contracts. All he can do is either get a savings account, bond, or CD. You can try to see if your bank will allow him to invest other ways with your permission but that's at the discretion of the bank.

Answer 8

Here's a great book on trading for beginners:
http://www.best-stock-trading-systems.com/trading_for_beginners_review.html

Here is a good page to learn investing for beginners:
http://www.best-stock-trading-systems.com/internet_stock_investing.html

Answer 9

Have him open a savings account. This way he can watch his money grow and feel the pain of taking some out. That's a good place to start.

Answer 10

You would need to be a cosigner for checking and savings accounts and probably other forms of investment. You may need to even do it for your child and just put both of your names on the account or have it to be turned over to the child at a certain age. You need to speak with your bank and/or investment representative.