Im 16 and dont know anything about stocks. I never did it before. all I have is $7K. what should I do with it?
2007-09-23 04:30:20 · 8 answers · asked by xyzed23 3 in Business & Finance ➔ Investing
remember im only 16 and only have a savings account
2007-09-23 07:38:49 · update #1
I would like you to invest in a website since I create them, but guess I should unbiasly suggest ING direct until you can find something better, especially since they don't hold on to it when you want tranfer it somewhere else. While you have it at ING direct, go around to banks and investers and tell them you want to invest $7,000 out of you $500,000 (that will have them wanting your imaginary full amount eventually and cause them to be interested in you) when they happily give you all the information you need (make sure they don't discuss anything more than the $7k with you) then you can make a more educated decision on how to invest.
The reason it is important to mention the $500K is that the investor will have that in his head while talking to you, and will now give you his/her undivided attention - may even call you at home.
2007-09-23 04:42:37 · answer #1 · answered by erom m 2 · 0⤊ 0⤋
Hey dude,
I invested in my first stock when I was eleven so I could help you. First, you are too young to be trading, so you will need your parent to be the custodian of the account. You could open an internet account or go in person with your parents to the brokerage firm. 7k will not be much to invest if you go with the latter because it is more expensive. If you have any brain capacity, I would recommend you put all your money into the Chinese currency and just wait. Then you will become very rich.
2007-09-23 04:42:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This is not legal but who cares. In my opinion, age is nothing but a number. And feelings are much more powerful than numbers. If this friend of yours feels the same way as you do, then don't be afraid to express them. But don;t expect others in your life to accept it and be alright with it. If i were you I would keep this relationship between the two of you, but otherwise let your feelings go where they need to and love who you want to love.
2016-04-05 21:36:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You might want to first create a "practice" portfolio at http://www.top10traders.com - it's free and it is a great way to learn about investing - each month the site ranks the best performing investors.
2007-09-23 06:12:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
don't get excited so much yet. honestly, $7k is not that much. mutual funds or CD might fit your needs. but you can still get started with stocks by studying about them first.
2007-09-23 13:46:14 · answer #5 · answered by BigBen 5 · 0⤊ 0⤋
Invest in Apple, lol.
2007-09-23 04:57:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
s&p 500 index fund
2007-09-23 05:55:47 · answer #7 · answered by Philip Augustus 3 · 0⤊ 0⤋
consult your CFP (Certified Financial Planner)
2007-09-23 06:01:16 · answer #8 · answered by sheshu 2 · 0⤊ 0⤋