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Stock Market

Postby Spiegs1106 » Mon Jul 18, 2005 4:26 pm

I was reading the post in this forum about the stock market and became curious. I started doing research and would like to join the market. It seems that a mutual fund would be my best safe bet. I have about 1000 I could potentially put in the market and would highly be interested in doing it.

Does anyone have any other suggestions or stradegies or advica a 17 year old kid could use when entering the market? Also how would I do it. Thanx...Patrick
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Re: Stock Market

Postby RugbyD » Mon Jul 18, 2005 5:15 pm

Spiegs1106 wrote:I was reading the post in this forum about the stock market and became curious. I started doing research and would like to join the market. It seems that a mutual fund would be my best safe bet. I have about 1000 I could potentially put in the market and would highly be interested in doing it.

Does anyone have any other suggestions or stradegies or advica a 17 year old kid could use when entering the market? Also how would I do it. Thanx...Patrick


The first hurdle to overcome is to find a mutual fund company that will allow you to start a no-load account with $1000. Usually minimums are higher, but I'nm not up to speed with a lot lately. Often there will be lower mins if you open an IRA instead of a non-IRA account. Given your age, your parents may have to open one for you. I'm not sure how it works for those below 18. Either way you'll want to do a Roth IRA at this opint, assuming you can.
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Postby mtryanks12 » Mon Jul 18, 2005 10:47 pm

The best investments you will ever make is to put $500 you get in every mutual savings bank in your area. When you go on vacation, find these banks in the area and put money in them. When they go public, ca-ching!! I'm 13 and my dad taught me this: it pays off quite nicely.
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Postby beltrans_boy » Mon Jul 18, 2005 11:25 pm

The miracle of compound interest is a beautiful thing. Starting on my 21st birthday, I'll be investing 2k/year into an IRA for about 5 or 6 years...and once that interest compounds, baby...


CHA-CHING!

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Postby Laurence » Tue Jul 19, 2005 11:08 am

mutual funds are the safest, but you want make any money of them


"the greatest risk is not taking one." ;-D
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Postby Spiegs1106 » Tue Jul 19, 2005 2:24 pm

mtryanks12 wrote:The best investments you will ever make is to put $500 you get in every mutual savings bank in your area. When you go on vacation, find these banks in the area and put money in them. When they go public, ca-ching!! I'm 13 and my dad taught me this: it pays off quite nicely.


IM kind of confused by this. Why do you make money when the banks go public?
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Re: Stock Market

Postby AT » Tue Jul 19, 2005 3:09 pm

RugbyD wrote:
Spiegs1106 wrote:I was reading the post in this forum about the stock market and became curious. I started doing research and would like to join the market. It seems that a mutual fund would be my best safe bet. I have about 1000 I could potentially put in the market and would highly be interested in doing it.

Does anyone have any other suggestions or stradegies or advica a 17 year old kid could use when entering the market? Also how would I do it. Thanx...Patrick


The first hurdle to overcome is to find a mutual fund company that will allow you to start a no-load account with $1000. Usually minimums are higher, but I'nm not up to speed with a lot lately. Often there will be lower mins if you open an IRA instead of a non-IRA account. Given your age, your parents may have to open one for you. I'm not sure how it works for those below 18. Either way you'll want to do a Roth IRA at this opint, assuming you can.


That's good advice. If you're curious, do a ROTH IRA instead of a Traditional IRA because with a ROTH you can withdraw contributions (not profits) to the account at any time where in a Traditional IRA you can't touch your contributions OR your profits on the investments until age 59 1/2 without a 10% tax penalty. Starting a no-load account isn't always the best, it depends on what the management fees are compared to the amount they charge you for commission fees. Sometimes they don't balance out. You can learn a lot about this stuff at the NASD website. It might be a little complicated at first but that's what college business classes are for.
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