16yr old wanting to invest stocks?

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xyzed23

16yr old wanting to invest stocks?

Im 16 and dont know anything about stocks. I never did it before. all I have is $7K. what should I do with it?
Additional Details
remember im only 16 and only have a savings account

erom m

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.

sheshu

consult your CFP (Certified Financial Planner)

Barry R

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.

BigBen

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.

destroyerdudes

Invest in Apple, lol.

Philip Augustus

s&p 500 index fund

GoldmanSachs M&A

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.

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