Invest in stocks at 14?
I want to invest in stocks and im 14.
I know that I am not ready to start investing yet, because I dont know much about it yet.
So I would like your help to give me advice on how to learn how to invest in stocks.Any good books or websites , that are easy to understand.
And also give me some places where I can open an investment account, so that when Im ready I knwo where to go.
I have about 0 and I get /week in allowance, which i dont spend.
Im also thinking about FOREX any comments or suggestion?
If someone could teach me themselves by email that would be great, I would be so happy!
Extra tags:
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Filed under: Forex Books
I started at 14 so why shouldn’t you?
The first thing you should do is take $10 from your weekly allowance and buy a copy of Andrew Tobias’s "The Only Investment Guide You’ll Ever Need."
If you don’t buy his book, you can take my advice, but you get what you pay for!
Go with your parent or guardian to a discount broker like Schwab, Fidelity, or Vanguard. If you "earn" your allowance from chores, have them set up a Roth IRA so that your money grows free of taxes; If you don’t earn money, just set up a regular brokerage account. Rather than investing in individual stocks, you should begin by buying an exchange traded fund ("ETF") such as the iShare S&P500 (ticker symbol "IVV") or a no load large-cap value fund. Then as your money grows, you can start to invest in "blue chip" stocks such as AT&T ("T"), Verizon ("VZ"), and Exxon ("XOM").
you need to be 18 to get a investment account.
So spend the next few years reading library books on investing.
Stay away from Forex, futures market, BB stocks, OTC stocks, Pink sheet stocks, and OB stocks.
If you read enough, you will understand what I said.
What you need to look at are stocks that are managed funds, l don’t know what market you are looking at but here in Australia there are some good ones such as Australian Foundation. Also look for a stock that has a dividend reinvestment plan, that is, instead of paying you a dividend twice yearly they reward you by giving you more stocks. We started all three of our children’s portfolio when they were born. You don’t need much to start and it grows quickly, we are seasoned investors. Each birthday/ Xmas you could ask your family to contribute to your portfolio instead of other gifts. If you drop me an e-mail telling me what market you are in l could look at some suitable stocks for you or simply phone a financial planner, they should be happy to give you some suggestions over the phone.
Let me first say, welcome the investment world! and now go swim with the sharks! :O)
You need a Guardian(your parent) to open an account with you where they will have full rights to your money. even if you put it in the bank, you will need your parent to open the account with you. so you are stuck with them for 4 years more.
But I am sure they will be very happy to do that for you, I know I would, I did it for all my kids when they were borned.
You will want to read up news, articles and maybe newspaper finance sections.
www.yahoo.com has a finance section
www.cnnfn.com, www.cnbc.com, etc…. or you can go to google and type in Finance 101.
Investment account buy and sell stock will have to be done by your parent(I mean they must be the one that pushes the button) until you are 18. Any trade resulting in dispute, your parent will have to be responsible for.
FOREX is just as easy is not easier to trade. There aren’t as many choices. This is definitely a professional’s game, you might not want to start with that. Besides, Minimum to start in a Mini account is $100 and that is "one pull", sometime less than 1 second you will lose it. so… the real minimum is $1000 and most forex will not open an account for you unless you have $250 and up.
You have plenty of time, save your money and read plenty of books, do some "paper" trading(write down the price you bought on paper and wait for a period of time and sell it and see how much you win or lose)… just always remember one thing. No matter what you do, have a "exit" strategy before you "enter" a trade. Good luck.
Hey, I was in your shoes too so I know 400 bux seems like a lot. You know what I did, I just gave my money to my mom and she put in a money market for me which was 7 percent at the time, and when I turned 18, I opened up my trading firm which by allowed me to trade with leverage. Do you know what leverage is?Also, if you want, I can sponsor you for classes if you live in chicago. Let me know.