I'm 18 and I would like to grow my money. How can I do this best?
by Gary James on Wednesday, August 25th, 2010 | 5 Comments
I have a savings account which I consistently add money to, and will continue to do so at a rate of 0/month. However, I also have ,000 that is fairly expendable. I would like to grow that money via investing. I have heard something about mutual funds, blue chip stocks, etc… what should I be looking for? My father suggested penny stocks, but they look awfully risky.
Hey everyone, Gary here. Stock trading was never my forte'. I lost tens of thousands of dollars listening to stupid advice and letting other people trade for me.
You can start with two hard core realities: (1) for every way to grow your money there are twenty-five ways to lose it and, (2) you will never grow your money asking other people what you should invest in. Put it in a savings account and add to it. Leave it there until you are twenty and have spent a whole bunch of time educating yourself about investments.
For you, there are two things far more important than investments. By NOT doing two things you will avoid about $10,000 of debt and five to ten years of total regret and misery. First, don’t buy a car until you can walk in and pay all cash. Second, don’t get a credit card until you are 25, have a very good job and can pay off the total balance every month.
Buy 2000 dollars worth of marijuana. You could sell it on the street for over 15 grand, quite a bit of profit.
If I were you I would do a Certificate of Deposit, they are secured, although low yielding, you will never lose money on them and the longer you keep them for the more they are worth when they mature. Shop around to find the best rate. Everything else is just a calculated risk.
I have to disagree with most of the replys so far. Do not put it in a savings account. Sounds to me you have no plans for the money and given your age, time is on your side. Do not take the 0 interests rate.
First things first. Invest in your education.
get more details ;open the second & fourth link on: http://www.all-investing-money.co.cc