stock market?
August 30th, 2010
well as you all know the stock market is pretty low right now. i was thinking about putting 0 in stocks! is this smart? im only 17 and wanna make some money!
my dad is gonna buy the stocks for me through a broker
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Good for you! Great time to buy while there is blood on the streets.
Do NOT talk to a broker. You can open up an account with a discount firm for $500. Ameritrade has $2k minimum, but Scott-Trade only has $500 minimum. You may need parental consent, but I’m not certain.
Keep in mind that investing is a slow process. If your $500 becomes $550 this year, you will likely be ahead of 90% of all investors!
Good luck!
start with a mutual fund….
safer and you get to own stock with someone else doing the research…
try one of these or at least check it out through YAHOO FINANCE… I recommend Large Cap Blend funds or a Large Cap Value (do good in good times and don’t tend to loose as much in bad times)…
Vanguard Windsor II
Oakmark Select Fund
T Rowe Price Equity Income
As far as the small investment you are making… most have minimums that are higher, but you can buy mutuals if it is an IRA account… talk to a customer service account rep at AMERITRADE or E*TRADE… they will help you… tell them you are a minor….
$500 isn’t much, most brokers won’t even talk to you unless your ready to cough up a grand or two.
See my page: commonsensetrading.googlepages.com
might i suggest:
go to : low-cost-stock-recommendations
.com
Click on the "DRIP’s" Button on the Navigation Bar……..have your father read the page with you ….and if you are interested….then click on the advertisement that is on the same page…….it will tell you how to purchase your stocks for a very low price…..do not pay full price at a broker
These DRIP Plans are one of the most powerful long-term investment strategies on Wall STreet
Check it out
I agree with starting with mutual funds or CD’s. I would never invest stocks on my own, I have an investment broker for that, but they charge you to manage it. With only $500.00, you wouldn’t have much to invest after they take their fee. You can get short term CD’s that pay out more than a savings account. They are safe and if you need your money back for something, you don’t have it locked up long term.