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twodayhangover | Is it possible to purchase just a few shares of stock? what's the cheapest way? it's for a 3 year old w/ a ssn |
I would like to buy a few shares of stock (preferably Microsoft) for a three year old. I plan to add to his "portfolio" as the birthdays pass and would like for everything to be in the child's name. He has a social security number, but I am unsure about age requirements for stock ownership. Aside from an online service called Oneshare.com, i have been unsuccessful at finding a broker online who will handle such a small purchase. I sent an email to Microsoft, but have yet to receive a response. Any ideas? Any other companies? |
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randomjog
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I think you will find that most online brokerages, which are the cheapest way to go, require a minimum dollar denominated investment. I opened my account with Etrade for $1000.
Off topic: since you are earmarking the stock for future college expenses (an extremely prudent move on your part on behalf of a very lucky 3 year old) you might like to consider a Coverdell trust account, which allows you to contribute to the account on a pre-tax basis. Last I checked (about 3 years ago) there was a $2000 limit on annual pre-tax contributions. It may be higher now, but you have 15 more years to save.
Caveat: Colleges typically award grant money on a need-based scoring system that requires that the student contribute his or her own funds first before even considering what his or her family might be required to contribute. The Coverdell trust money would probably be eaten up early on and probably keep the student from getting any need based grants during the first year in college. (Arn't you happy they make this all so easy?)
Good luck! |
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el tonto
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First it needs to a custodial account since he is a minor (under 18). I would suggest sharebuilder ($4) or Scottrade ($7) since you are investing such a small amount that commissions could eat you alive. |
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qman
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I can buy a single share of stock using my Charles Schwab account. It cost $12.95. |
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zyberianwarrior
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oneshare is a novielty store that sells stock certificates not serious investing. Now I agree in THIS case sharebuilder will be your better option because you can have the dividends reinvested and play a flat rate each week/month whatever and you can get fractional shares out of it as well.
Don't subscribe to their plans but go with sharebuilder. |
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jduck1979
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Cheapest I can think of would possibly be http://www.sharebuilder.com - they buy all their customers stocks on a set investment date, and hand out the relavent numbers of shares to their customer's account, so allowing you to get fractions of shares as well as whole shares.
See also: http://www.fool.com/investing.htm for more blurb on buying stocks. |
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sparky
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There are numerous companies that you can purchase stock from without a broker, directly from the corporation. If the stock has dividends, then you can set up a dividend reinvestment program, called a D.R.I.P.
I believe Disney is one of these corporations. |
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kevinjohnbrown
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It does not need to be a custodial account...unless you want your child to legally get their money when they turn 18.....not the best idea. You can simply open an account in your name....knowing that the investment is for your child.
For small accounts you are best off with a broker like sharebuilder. You can have $x per month put into the account and allocated across fractional shares of many different companies. |
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Marcus Thomson
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$5, $7, $12.95 - all too expensive when you are investing a little at a time for your child. On top of that it is risky investing in one company. I would not recomend any one or two stocks to invest due to risk if that particular company to have a problem not directly related to the market such as a lawsuit (e.i. Microsoft or Philip Morris) or a company going bankrupt (hmmm... anyone heard of Enron?)
When you invest in mutual funds, you have a professional money management team that picks which stocks and bonds to invest in depending on the objective strategy of the fund. If you only had $25/month to invest, you would be limited to buying one fund. The more you have allows your strategy to be to diversify among different types of funds (e.i. Growth, Value, Foriegn Stocks and Bonds). And you can invest in mutual funds without any transaction fee.
Real estate, science, technology, health, foreign stocks,... you name it and there are mutual funds to help you in the direction you desire.
Are you ready to start? Would you like more information? Let me know. -Marcus marcuskthomson@yahoo.com |
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Frank Castle
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1) Yes.
2) Zecco.
3) TradeKing costs only $4.95 USD |
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