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Additional Details
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Additional Details
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DAVE | Where could I invest my money? |
I am sixteen years old and I just got a job. I want to save at least 50% of each paycheck and put it away. What should I invest my money in or where should I put it so my money will grow so when I am older I will have a large amount of money. |
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das_coon
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It sounds like for your post you are saving this money for the long term.
If this is the case, I would open a ROTH IRA, and put all the money you don't need to be readily available in there.
Then, within the ROTH IRA buy index funds, examples are exchange trades funds such as S&P 500 (SPY) or Nasdaq (QQQQ). Stocks have hisortically retuned about 8-10% in inflation adjusted dollars. This means that your money will double about even 7-8 years.
A ROTH IRA is an investment vechile that takes after tax income, and lets you save tax free till retirement. You can donate up to $5000 dollars next year, and $4000 dollars for 2007 up till late April. At any time you can remove the prinicpal from the account without penalties. If you try and remove more than you have put into the account, than the extra amount will be subject to penatly fees by the IRS.
If you had 2,000 dollars in the ROTH now, by 66 you could expect to have around 256,000 inflation adjusted dollars assuming a return of ~9%. All this money you could withdraw tax FREE.
* Added in Edit
I would recommend you open an account with a company like Scottrade due to the low commissions. Both myself and my wife have ROTHs with them, and they were easy to set up, you may need a parent or gaurdian to assist in setting it up (to sign papers on your behalf) |
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buddingconductor
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You are one smart kid, Dave. Send your question to Suze Orman and she will direct you exactly to where you need to invest to protect your savings. She knows her stuff and she is legit. She will love that you are 16 and thinking about this, and will probably put every ounce of her team and its effort into not only advising you, but also watching over your first year. |
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northnode3g
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Open a high yield savings account (available online with Citi, HSBC, ING, etc) |
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cramsib
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stock mutual funds..invest in longterm growth funds either technology orbiotech or alternative energy funds. stocks invested over a life time are the best investment even beating real estate..since 1900, stocks have outperformed all other classes of cash, cd's, bonds, and real-estate. the earlier you start, the better off you'll be.. |
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Big Bob
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Im 17 and have had a job for a year. At 16/17 its kind of hard to build enough money to put into the stock market so it would be helpful to know how much 50% of a monthly salary would be because you could also lose a money with stocks. I invest my money in a credit union at around 4% interest (a public bank is usually at 2%). At the credit union you can also open CD's which require a $500 investment that can not be touched for 6 months but you can get up to 7% interest on these.
again, a lot of these people are suggesting you invest in stocks, but usually to open a stock portfolio you need at least 1,000 to start and there is a high chance you can lose it all. So if you just started working at 16 i guess you are making minimum wage ($6.85 give or take some cents) and if you work 10 hours in a week thats about $70. half of that is $35 so it might take a while to get up to $1000 with the possibility of losing it all. Start with CD's and interest to help build up money before you start risking it. |
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Z
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that is so incredible especially coming from a 16 year old, im not sure myself but im sure investment agencies can help you. |
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Joe T
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I advise you to put it into a savings account before you invest into anything, because they all have their risk, and then plan and research investments that you may consider. I am 18 and in college and as for me I would use some to start a business, which I am doing already, and consider investing in stocks, CDs and etc. when I have enough money saved (at least $5000). Find something you are good at and create a business, thats what I'm doing. |
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Mr. Gong
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You have many options:
1. Save it in a bank.
2. Entrust it to your parents.
3. Invest in a business. |
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fbklepper
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E-Trade. Use it as a bank account till you figure things out. |
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Bumblebee
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It depends on why you want to save money. If you want to save for a car or college, or even a rainy day you should put the money in a CD. Six month CD's are higher than long term CD's these days, which is unusual, so you'll be able to make the most money and have access to it within half a year if you need it. If you don't need it, it would renew without having to bother setting up a new one. :)
If you don't want the money any time soon and just want it to grow, you should look into putting it into a high yield mutual fund that would earn higher interest than a CD but not require you to study and valuate stocks yourself. There are many out there. Look into Vanguards funds or some other popular fund..
You could also consider doing both. I would recommend putting half your savings in a CD and half into a mutual fund.
Another suggestion would be to use etrade for the half your not investing since its out of site. Think about setting up direct deposit into an etrade high interest savings account, which is nearly as high interest as CDs and transfer the money to their checking account to pay the bills. |
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big sir
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Certificates of Deposit (Cd's). Check rates and terms at local banks. After the term is up, you can cash out or roll over and keep earning money with no risk. |
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Taylor's Dad
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Put half of your savings in a bank (insured savings) and invest the other half in a good, established mutual fund. |
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Jkson
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If you save at the bank, you'll get little interest and sometimes, it can't compensate to the lose of inflation rate.
Feel the power of mutual funds. Since you have a long term to run, it would be the safest and best way to save. When you invest in funds, your money turns into a product or a part of that country's fund. Thus, when inflation rate hikes up, so does your money. Furthermore, your interest will also hike up due to the economy.
Risk is not define on how much you put into funds but rather how much part of your budget. Normally, when you invest something, there will be a time restriction on when can you start collecting your returns. You are not advice to put all your budget because you have to have something for yourself in times of needs.
Chinese and Indian markets are doing great. Korean market has just started to increase last year due to the cheap trading there.
I'm Jackson from Hong Kong. Nice to meet you. Anyways, good luck! Happy New Year dude. |
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Jeffari-al-Texani
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You should invest it in the Bank of Jeffari...
I'll put it to good use...
I've been meaning to purchase a second HDTV for the house...
erm...I mean, I will put it in a mix of municipal bonds...foreign stocks...blah blah blah... |
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cookie-holic
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Wal-Mart stocks.
or just open a second bank account and let interest do its thing.
Bear in mind its gonna be the most tempting thing to spend. |
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yapper12
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invest in something simply or extrodinary
simple: a popular gel pen variety of colors
extrordinary: a possible restraunt that has a huge theme example: japenese; people dress up real japenese, the menu doesn't have chicken fingers or any kid meals. hire real people from japan to help you with a menu NO FORKS, SPOONS, KNIFES, ETC. for children under 3 silverwear is available. in japan clidren under 3 eat with silverwear.
i hope i have sparked an idea in your mind. |
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