misty m
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usually 500-2000 to open an account, but start with a savings account, some can be opened for a little as $5. Good luck. |
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zyberianwarrior
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only american centry funds (something like CWGFX which i own) can you purchase with that little amount. (Their minimum is $250) Is it smart? not really unless you keep putting money in. |
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Veritatum17
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Most discount brokerages require $500 in equity to make any trades. I wouldn't start investing just yet - the costs would eat up any gains. In order to make it worth it, you really should start with $2000 or more and open a mutual fund account. You also need a minimum of $1000 to open a Treasury Direct account (and that is no-fee).
At this point, just put it into a no-fee high-yield savings account. HSBC, ING, and Emigrant Direct all offer savings accounts with no minimum that return 4% and up. In the meantime, take 5% of your paycheck (if you can afford it) and put it into the savings account. Once you have $1000, then start investing by opening a no-maintenance fee discount broker account. Take the intervening few months to read at least three different investment books (borrow them from your library) and get an idea of what you can do and what you should not do. |
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Bill Q
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It is hard to invest $450 dollars. If you have a 401k at work, have $450 dollars slowly withheld from your paycheck and put into a 401k invested in a stock mutual fund. |
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Newbee
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try sharebuilder ($4 to buy w/ no minimum) or zecco ($2500 minimum)
Good Luck! |
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belle f
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Most companies will allow you start an IRA with 250-500. Try your local bank, they may be able to help you. Also you might want to try an online money market account. You can usually earn better interest than in a savings account. |
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Ashley I
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I would suggest opening a high yield money market account and setting up an automatic savings plan. There are a few money market accounts paying close to 5% interest right now. Which is not a bad return. Check out bankrate.com to find the highest yielding account, but watch out for teaser rates that decline after a short period of time.
If you use direct deposit, have a certain percentage or amount of your check deposited into this account to automate your savings. If you "pay yourself first" you will harldy notice the small amounts missing from your paychecks and you will see your savings grow significantly.
Keep saving this way until you have enough money to make the initial deposit for a broadly diversified mutual fund.
They also have some mutual funds that you can invest in with minimal deposits (not the usual 2,000-5,000) as long as you set up a direct deposit into the fund of at least $50/month. |
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?
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It's not enough. You need about 10 times that. Unless you want to try gambling, which is, a gamble. Good luck. Perhaps the best investment at this point is to save the money in an interest bearing savings account and don't touch it except to make deposits of course. |
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Jiggs
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With a small amount like that you should start simple. Try a CD at your bank. You can get 4-6% depending on how long you commit to leaving the money in the CD. that is way more than a savings account. I would not suggest investing in stocks just yet since the fees will eat most of your money. |
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Kat
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CDs are good for shorter-term investments, just in case you need need the money sooner. They will be locked up for some time though, depending on what you choose. Starting amounts vary, and are usually a minimum of 6 months long. These are better than savings because the interest rates are much higher, depending on how long of a CD you choose. |
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Matt Humberto
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MONEY MARKET ACCOUNT! Nuff said. You'll earn 5% or more on your money and you won't have all the hassles that CD's bring. CD's lock in your money for way too long.
A money market account works exactly like a checking account. It's real easy.
By far this is the best option for you. |
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ray z
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scottrade requires a minimum of $500.00. the trades are only 7 dollars.
best place to trade. all online and they have some nice tools.
good luck and kudos for your forsight. |
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Frank Castle
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Open a brokerage account at SogoInvest and invest in the ETF DIA. |
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Sounds of Ed's football game
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Nigeria sends offers all the time. You can make big bucks so they say. Google "Nigerian Money Opportunity". |
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