am 15 years old and live in miami what can i invest in now so by the time am older am rich?

Question

am 15 years old and live in miami what can i do or invest in so by a certin age i can have a good deal of money please be detailed on what and how to invest in whatever your telling me to do. please give ideas

Answer 1

getting rich won't happen without effort and it takes years of dedication. you usually can't just buy a stock and watch it make you rich.

Invest in yourself. rich people knew stuff to help them set up businesses or run a company.

Get an education both academic and practical. consider going to business school, or law, medicine, engineering. These will provide you with skills that can turn into money.

Start paying attention to how business and advertising works. Look at businesses in your community. How did they start and how are they doing. Businesses like the art gallery, or gas station, or the apartment or house for rent. Read books about business from your book store.

Start making money and invest with advice at the start. Initially in mutual funds or some stocks, something that you can afford. Banks sell mutual funds. Go there with your parents since you have to be over 18 to invest/sign a contract and your parents have to do it for you. A mutual fund advisor should be there to help you buy the funds.

When you have more money you can make better investments by having more opportunities to buy better deals and you can afford to have good financial advisors.

If you have more money you can also start a business which costs a lot sometimes. This is where your overall education will also be important.

for starters educate yourself, don't spend money on things you don't need, invest first in little things and then bigger ones.

watch out for people who have get rich schemes.

Answer 2

First of all the best thing you can invest in right now is your financial education, I strongly recommend that you read Robert Kiyosaki's Rich Dad/Poor Dad and then everything else that he writes.

Real estate is the best long term investment, but due to your age, you would need to get a good agent and property manager behind you. Find anything that will provide you monthly cash flow (more money in than you need to make the mortgage) and sit on it for a while.

If that is too large scale, get an account on ShareBuilder and put your money into a money market account while you spend some time getting to know the market. Don't take anyone's advice on anything until you spend time researching. Read Peter Lynch's Beating the Street and start playing with stocks in small amounts while you figure out your own niche and strategy.

Above all, congratulations on thinking about these things at your age. Much success awaits you!

Answer 3

Without knowing your personal circumstances it is difficult to recommend specific products. But here are some general principles that every successful investor in the world knows:

- the sooner you start investing, the better. If you start now at age 15, you will have a huge advantage over your peers, such is the magic of compound interest

- shares and property have always outperformed other asset classes over the long term

- if you want to be super-rich, the only way to go is to start a business

- tax is your single biggest expense. Find a good accountant to help minimise it.

- never incur "bad" debt such as credit card or hire purchase debt. "Good" debt is ok such as mortgage, business loans, where you are building wealth.

- always pay cash for consumables (car, TV, clothes etc)

- get financially educated, even if this means reading about money for 15 minutes a day every day. Imagine how much knowledge you would acquire in a year!

- don't spend money

- automatically invest at least 10% of your income every week

- always pay for financial advice. This is the only way to ensure independent advice.

I would wish you good luck, but you don't get rich with luck, you get rich by planning to get rich.

(note: I am 40 years old and retired. I put plans in place to get where I am today)

Answer 4

As soon as you have your first paying job you can set up a Roth IRA retirement account, or have your parent help you with this. Since you are so young, even if you contribute small amounts of money each month you will be able to retire early with plenty of money. I am 24 and just opened one, I wish I would have started even earlier. You are a very responsible 15 year old, good for you.

To get started go to mutual fund websites where you can open an account such as vanguard or others. Vanguard is what I opened since it is the easiest and has the lowest fees. You can pick the fund by your expected retirement year and make deposits. They will take care of everything else. Don't worry about picking riskier stocks since you have a long time to ride out any dips in the market.

Answer 5

If you open a Roth IRA and put in $2000 every year for the next ten years or so, you'll end up with a million dollars by the time you retire at age 65. I know it sounds like a lot, but by starting early you have such a huge advantage over so many adults - you can put in less money over less time and still end up with more money than most adults!

Some summer reading to inspire you:
-The Complete Idiot's Guide to Personal Finance in your 20s and 30s
-Smart Women Finish Rich, by David Bach
-any Suzy Orman books

Answer 6

Put some money in Cd's and Government Bonds at your bank now. When you turn 18 start putting money every year towards a Roth IRA (which is essentially tax free on money gained), and you will be a millionaire by the time you retire. Most things you cannot invest in until you are 18, but bonds and Cd's should be available to you now through your bank.

Answer 7

Why not just go to the bank and get a GIC?? or put a certain amount of money into an account that you state to the teller that you cannot withdraw from at any point in time???

I live in Canada so I don't know all your banking stuff but I know I've had money put into an account before with a note put directly on the account not to allow withdrawls.

Although, I have to say, I find it hard to believe that at 15 you have enough money to invest in something.... I think most places for any investments, GIC included, is minimum $100.

Answer 8

your education.

seriously, the estimated returns, even after income taxes, to getting a good education are positive and over 15% per year for every level of education out through law school. [Calculations include lost wages, living expenses and tuition, books, etc. at state supported colleges.]

Without specialized knowledge, you can't begin to top that in any market or 'investment'.

GL

Answer 9

Education. They say, "Do what you love, the money will follow". Ask career counselors what sort of education will lead to a life where you can do the things you love. When you're older, you will measure wealth in different ways.

Answer 10

Buy beach front property in Miami or the Florida Keys....