Lux Investing

im 16 and i work for subway but i want to invest my income on something?

hi,,,im phil from Virginia I started working on Subway rite after i turned 16 and its been nearly 8 months now so i saved up some money in my bank and live off of like 2 cent interest per month =P wel recently one of my friends told me about this thing where i could use my money to do some sort of stock or something to risk my money but potentially make more but i have no clue about it and nor does my friend. he "heard" it from someone (just like rumors, eh?) so could u ppl give me some tips on how to invest money or give me a link to a related website that would help me out with my plan? thankss

Public Comments

1. Find a successful businessman among your friends and invest with him. I have invested in my friend's business and now I am getting guaranteed 40% annual interest. He still needs investments. I wish you success!
2. It really depends on your situation and how liquid you want your investment to be. If you will need this cash in a month or so or maybe in a year then I would recommend opening up a money market account where you can earn a bit more than you do in your savings/checking account a place I recommend is http://www.vanguard.com. Another option you could look into since your gainfully employed you can know open up a Roth IRA which is an awesome vehicle to secure wealth without paying any taxes once you open it up. Places like http://www.etrade.com or http://www.scottrade.com offer accounts for this if you want to do the investing or trading yourself. If you don't want your money wrapped up for the long term you could always open up just a regular on-line trading account at Scottrade or E-Trade but do your homework before buying any stock alone. Depending on your risk tolerance chose something that fits your needs. I suggest investing in ETF's (exchange traded funds) which are just shares of a mutual fund with lower and cheaper expenses than a typical mutual fund and these vehicles are more liquid i.e. you can trade them anytime the market is open versus just selling at the end of the day price with a normal mutual fund. If all else fails just go talk to the people at Scottrade or E-trade they are all fairly knowledgeable and helpful especially to new investors. In fair disclosure I don't work for any of these places but do have accounts with them and have had them for several years. Lastly congrats on the savings because that is a good habit to have, most of your peers are in the consumer phase and will continue on that trend (just look at the recent US savings rate where it says we crossed into the negative side!).
3. It seems like you are hard working, as well as industrious. If you want to try out forex investing, that might suit you well. Forex investing is the perfect high risk/ short term investment that might suit you well. You could look up "forex" or "currency trade" in your search engine. One of the software packages that I use is "4x Made Easy". It is a nice, simple program, using lagging indicators. But it is a rather expensive software package. Good luck and happy investing!