I’m seventeen years old, as well as have the summer pursuit where i’m removing around 80-100 dollars the week. I wish to deposit this income over the summer to get the decent volume of profit. What’s the most appropriate ways to deposit tiny volume of income as well as get good results.
I’M 17. I NEED TO KNOW THE BEST WAYS TO INVEST SMALL AMOUNTS OF MONEY TO WEALTH IN 3 MONTHS?
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Just put the money in a savings account, investing it in the stock market isn’t the best choice for a short period of time. I do suggest that you invest part of it in a high yielding stock, a mutual fund or in CD for your retirement ( I know retirement seems a long ways from now but if you start now you will have alot of money when your ready to retire and possibly retire early). Start investing early and diversify.
A savings plan is good.
But also start looking at all aspect of the financial market.
Study it. You could just retire by the time you are 35.
I know that does sound a long way off, that’s why i did not start till I was 55. Just kept putting it off, very bad decision on my part.
Sharebuilder.com. With small amounts of money like that, you really can’t do much with a regular broker, because the commissions will eat you alive. However, sharebuilder is designed for people just like you. You’ll need to have a parent or other adult act as your “custodian” for the account, but there’s no reason to miss out on the potential of stocks. Mind you, you can’t expect overnight success, but if you’re willing to let it ride, it ought to give you long-term success. You’ve just got to be ready to hold on through ups and downs. If you can develop that kind of maturity, and not panic on the downturns, you’ll be ahead of half the older investors. More importantly, you’ll be learning a lot about the most important investment vehicle that will help you in your future. You’re very wise to be thinking about it this young.
Best of luck to you.
Mutual funds are a great way to practise for stocks. You won’t need as much money, and there is less risk. Shop around for a no-load low comission family of funds, with proven results. Best to visit several banks and ask about their fund offerings. Read over the info they give you gefore deciding which fund family to go with. Three months is a pretty short timeframe so expect to learn, not to make great wealth. Remember for every financial action there is a tax-related reaction.
Really nothing short term other than maybe stocks. If your not familiar with the stock market chances are you’ll lose your money. Try investing long term with an IRA or Individual Retirement Account. An IRA is tax deffered until your ready to retire which means that you pay no taxes for your money invested while it gains interest for the duration. The limit or ceiling on investment like this is $4,500 dollars a year. At your age if you were to put your money into an account like this at age 55 you would have accumulated an estimated value of $171,000 dollars plus interest!!!
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