I am familiar with stocks but i track mine every day. Also some are volatile and etc. My question is other than education stocks, mutual funds, having a business etc. What other things can a 15 year old do to ensure financial well being?
2007-07-21 21:27:17 · 8 answers · asked by armenharoutunian 2 in Business & Finance ➔ Investing
This is coming from a 50 year old who wishes I had done this: enroll in your employer's 401(k) at the first opportunity and contribute as much as you can stand from every paycheck (EVERY paycheck), at least 10%, AND start a Roth IRA and contribute the maximum allowed each and every year. 401(k)s should be funded through payroll deduction; set up your Roth IRA the same way (either through your employer or through your bank where the Roth is funded by your checking or savings account). Setting up both accounts this way makes them automatic so you won't have to remember to contribute to them every payday or be tempted to skip some contributions. Keep doing this and the "miracle" of compound interest will make you financially secure when you retire (much younger than I can afford to). If you go into business for yourself you can still have a 401(k) account but there is a limit on yearly earnings that will disqualify you from IRAs. By age 30? The lottery or some fantastic invention you can sell for millions. Good luck on that.
2007-07-21 21:54:22 · answer #1 · answered by The Dragon 7 · 0⤊ 0⤋
Your really thinking ahead.. that great! For one thing I have learned from my future husband is that Roth IRAs at the way to go. The make you a guaranteed 10% and they are tax free. Have your mom or dad look into Capital Choice , they offer that and also life insurance as well as re-finance, and mortgages. This a great company!
2007-07-22 17:17:54 · answer #2 · answered by Leslie 1 · 0⤊ 0⤋
Savings and pensions. But financial security before the age of 30? Invent something that millions of people want and need. Good luck!
2007-07-22 04:31:42 · answer #3 · answered by ? 7 · 0⤊ 0⤋
Learn something that you can teach others. People who speak on subjects, conduct trainings, etc., make a lot of money, like $1,000 for less than a day's work. If you understand investing and can explain it to others, you can make money teaching that. I'd suggest reading "Rich Dad Poor Dad" for more ideas.
2007-07-22 05:34:00 · answer #4 · answered by Katherine W 7 · 0⤊ 0⤋
Learn more and more about stocks, keep up with the main news of the economy (CNBC) and think about getting into Options trading later on.
2007-07-22 07:58:27 · answer #5 · answered by Dean * 4 · 0⤊ 0⤋
You can easily bring in a lot of legitimate cash completing free offers on GPT sites. GPT (Get Paid To) websites are a good and easy way to make fast and free money online. A good site to learn about them is http://www.gptcentral.net/.
2007-07-22 04:33:40 · answer #6 · answered by catsandicecream21 1 · 0⤊ 1⤋
get a visa and put ten years working in the mines in australia
you will clean up
hard work and no social life
youll go home a millionaire
2007-07-22 04:36:45 · answer #7 · answered by mobbzee 3 · 0⤊ 0⤋
Buy Life Insurance for your grandparents
2007-07-22 13:12:54 · answer #8 · answered by Anonymous · 0⤊ 3⤋