How can a 17 year old make $1000 grow?

I have managed to save $1000 of my hard earned money, and i was wondering what is the smartest thing to do with it to make my money grow; like invest or put it into CDs.

Im young, but i have nothing but time..

what can i do to profit off of that 1g?

In the beginning â€œnewbieâ€ traders and investors DO NOT INVEST THE FIRST cent or dollar. No amount of money.

In the beginning you LEARN HOW:
A] the stock market works.

B] to invest in many, many various ways.

C] to properly trade

D] many other concepts and aspects.

Beginning or novice ['newbies"] investors and traders ALWAYS make mistakes. In fact, throughout a person's avocation or hobby to do trading, he/she will make mistakes.

In the very beginning, you READ AND LEARN about the market and how it works:
Read "Investing for Dummies"
As you are reading and doing research about the investments you are interested in, sometimes you'll come across a financial or investment term you never heard before.

You can usually find excellent, easy-to-understand definitions of many financial and investment terms by going to Investopediaâ€™s dictionary.

http://investopedia.com is a free site. Itâ€™s recognized by Y! A as a "Featured Knowledge Partner".

It probably wonâ€™t be long when youâ€™ll feel youâ€™re ready to invest your hard-earned money. Before taking that step, you really should do research about what you are investing in. It also has a free, paper trading platform. You can set up a virtual account and almost trade as though you were trading with real money.

http://finance.yahoo.com is also recognized by Y! A as a "Featured Knowledge Partner"

The thought processes are:
1] to have more successful trades than failing trades.
2] to minimize the losses of those losing trades.
3] "To live to trade another day." Having enough money in the trading account to return to the market.

ALL this is accomplished by a few true expressions used on Wall Street:
Some trading expressions come to mind:
A] "On Wall Street there aren't any gifts."
No one gives anyone else anything - not even stock tips.

B] BUlls [BUyers] earn money.
BEars [SEllers] earn money.
Pigs get fat.
Hogs [Greedy Traders] get slaughtered. They lose the money in their trading accounts.

C] "Trees don't grow to Heaven. Neither do stocks or any other investments."
In other words: What goes up, MUST come down!

D] "Plan your trade. THEN trade your plan!"
Have a trading plan with rules for that plan for each strategy.

$1,000 is barely enough for you to get started. I want everyone to know I DO NOT own any portion of this manâ€™s estate, nor am I associated with him or any one else connected with him in any way. I am not part of the publishing company or an agent or anything else. This man does not know me from Adam AND I donâ€™t know him. I know of him and the wonderful book he wrote. THIS IS NOT SPAM.
You should buy a copy of this book:
â€œThe Richest Man in Babylonâ€ by George S. Classon. You can get the book on http://amazon.com
Its very easy to read. Its very easy to follow. You can write in it. You can make notes in it. All you have to do is to read five [5] pages - Letâ€™s count
1 - 2 - 3 - 4 - 5 pages of this book - or any book - each and every day.
OR You can leave it sit on the shelf, on a table or on the floor and let it collect dust.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

You are smart!
Go to an investment firm, like Fidelity or Scotttrade, and try to invest in something like a Mutual Fund.
Then leave it in there, and don't touch it, unless you are adding money to it!

You can put in in a Periodic/time/CD savings account for a period of one or more years compounded monthly it will make you good money in a longer time.

Put it in a savings account which gives interest or buy a government bond.

The smartest thing you can do is invest it. You're never too young to start on the path of investing.

You could look into the various mutual funds, I'm a big fan of Vanguard, but there's also Fidelity, American Funds etc etc.

Since you have limited knowledge and monies, you could put into a mutual fund type product and let the fund company manage your money.
You can go to MSN Money and find a mutual fund that has a 4 or 5 star Morningstar rating. you can search by fmaily (Vanguard, Fidelity etc etc)

At least get you investing started, 17 is not too young and don't let anyone tell you differently

Good luck

honestly, if you really want to be financially set, it is going to take a long time and a lot of hard work. The $1000 is a good start. I am going to make a two assumptions:
1) You have no debt.
2) You are planning to go to college.

If these are both correct, then here is some advice for you:

1) Do NOT get a credit card. You don't need one and they only lead to trouble. Forget what most people tell you about building a good credit score, most people are BROKE.

2) Budget your money and don't spend what you don't have.

3) There are a LOT of scholarships and grants out there. Look around and apply for as many as you can. I'm talking about applying for dozens if not hundreds. You won't get all or even most of them, but the few you do get will be worth it.

4) Stay away from student loans. They will be an anchor around your financial neck for years to come. Most students (including me when I was younger) don't use student loans to pay for college, the use them to pay for their lifestyle when they are in college. You may not want to live like you are poor in college, but guess what? You are. Live within your means now and I promise you won't regret it later.

5) Don't buy a new car and NEVER lease a car. Again, don't believe the hype. Save up and pay cash for a good used car.

That all being said, the best place for the first $1000 you have is in an emergency fund. Emergency funds are to be used for true emergencies. Losing your job and needing to buy food and pay rent until you get another one is an emergency. A pair of shoes or a PS3 on sale at the mall is not. The radiator on your car blowing is an emergency. Christmas presents are not.

Invest in prostitution, automatic weapons, drugs, gambling.

Read "The Warren Buffett Way" by Hagstrom.

There are several things you can do.

CD's generally have very low interest but are very secure.

Your trade off is always going to be between secutiry (risk) and interenst (earnings).

The higher the risk the more money you will make but also the larger the chance you have of loseing it.

If you want your money to be very secure and you have a long period of time you can check out a some differnt CDs at:

http://personal.fidelity.com/products/funds/funds_frame.shtml.cvsr

You could also check out some stocks, big secure stocks like GE, Coca Cola, and Walmart. But remember no stock is 100% secure and you are going to have to leave it in there a long time to make some good money. To trade stocks you also will need a stock trading account at a place like ing.com.
You will have broker fees and you will have to pay taxes on your earnings once you sell the stock.

It all depends on what you are comfortable with. If your not good with finances maybe stick with a CD or a Money Market.

IF your good with cars, find a hell of a deal on craigslist and resell it for a couple grand more.

If you good at baking by some flour and make some cookies.

There are a lot of differnt ways to slice the pie.

MAKE A SMART INVESTMENT
Don't invest in stocks. The risk to lose your money is too high.
I have invested in my friend's business and now I am getting guaranteed 40% annual interest. Send me email through my profile for more information.

I wish you success!

Stocks might be a good thing since they are low right now. Make sure to do major research before buying. Also be sure not to bail on it and pull out when it's going bad. Stocks has it's ups and downs and in the long run always ends up higher than before. Unless it goes to bankruptcy.

Something that many people do when the economy is down (and it is) is buy bonds. The mature times is different for each one but on the most part it's pretty good.

put it in a savings account that yields interest

INVEST IN TAX LEINS!!! If someone doesn't pay their property taxes then you go to the county and give them what the home owner owes. Each county has a return rate from bewteen 8%-50% a year!!!!! These interest rates are MANDATED BY THE STATE which makes them safe to invest in! The lein can cost anywhere from a few hundred dollars to millions. There is a redemption period where the home owner can pay back what they owe, but if they fail to pay their taxes, the investor has the right to foreclose the house and take ownership of the property free and clear of all other liens. A mortgage is a kind of lien, therefore, you dont have to pay it!!!

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