Lux Investing
How can I invest money now for my future?
I'm 15 years old, I have $50 right now and I want to invest it and make money for my future. Where do I invest it and how? Thanks.
Public Comments
- Put it into an interest bearing account or buy a $100 US savings bond with it. There are really a lot of ways to save money and earn interest on it. Then when it matures, you can reinvest it in you 401k or whatever.
- Buy a savings bond or opening a savings a account.
- With $50, I would suggest a savings bond. You can get them at local banks.
- Actually you can invest it in a stock mutual fund. One of your parents has to open the account for you but it will be your account. You can add to it from time to time if you accumulate more money. It will also be a great way for you to learn about investing. Its very easy to do this. Just call an investment advisor and he/she will set the account up for you.
- I wish I would have started investing when I was your age! I am 25 years old and just understanding how to make money work for me through savings and investing in stock, bonds, and mutual funds. The first step for you to invest your money would be to open a savings account through a bank that offers a high rate of return at least 4.5%. There are many of them you can research online, etrade, ing direct, hsbc, etc. These banks have alot higher rate of returns than your standard banks like wells fargo or us bank. I currently have an account with etrade with a 5.05% rate of return. You should leave your invested money in there for a few years adding to it whenever possible and watch it grow in amount. I recomend etrade because you can have a savings account with them and later on when you have enough money open an account to start investing your money. The website is pretty standard to use but I would call a rep. to help you get started. After a few years you should have enough kowledge to understand how investing works and make yourself money!!
- You must be 18 before you can start trading using a broker. You can open an account with your parents if you wanted to trade stocks. With only fifty dollars I would put that in the bank, get a job and wait until you have atleast 1500 before you invest in stocks
- Great! You are on the way to be a millionaire because you start early. Why don't you start business on line? It's only $1.99 to have your website posted and you can get the web building for free, go to www.wealthywinningwomen.com and download it. Then you can even sell your answer to your favourite game. Good luck, stop procrastinating and start taking action!
