Can a teen invest in stocks or other stuff?
Question:
if a teen can invest, what is the first thing you should do? like what type of bank account do you need to open and stuff like that, stuff you need to get started with.
what could be some good investment for starters?
Answer:
Invest in stock require business knowledge. You need to know inside out of the company, how it is going, how they compete and what makes them so special.
Warren Buffet selling newspapers from doors to doors in his childhood. he know how difficult business is and what it takes to be successful. With his vast knowledge in business, he only use common sense in his investment decision.
I suggest you learn as much as possible about business too. don't easily get tempted to rush into stock market because many fail trying. and learn how Buffet invest in stock market.
Step-by-Step Stock Investing for Beginners
http://www.stock-investment-made-easy.co...
http://answers.yahoo.com/question/index;...
Yes.
you have to have a bank account, and you will need some training, unless you know, and you have to 18 or older, and lots of money, 5000$ will be good
investing and money making schemes are two different things. There are no rules as to who can invest, certain brokrages will charge more when you have a smaller account (under a million dollars usually) and some mutual funds have minimum investment of say 100 dollars. If you want to trade stocks you need to have an account with a broker, such as etrade, charles schwab, scott trade etc.
You don't even need a bank account. Just walk in to a Scottrade, or Washington Mutual, with a check, and say that you want to open up an investment account. Make sure you ask the following questions though:
What is the minimum account balance?
What are the trading costs?
Is there an account maintenance/annual fee?
What are the trading limits (numbers of trades per month and types of investments)?
Is there a fee for opening and/or closing the account?
Does the account support online access?
Does the account have free investment research service?
How are the balance updated? In real time or at the end of each business day?
What are the margin requirements (in case you decide to shortsell some stocks)?
Lastly, you need to check with your parents on this so that they can report your income from your investment to the IRS in the future. I'm assuming that you are still claimed as a dependent.
IMHO (in my humble opinion)
1. I'd suggest you open a business account
2. the company type better would be limited company Ltd or similar
Q: Why do I need a company?
A: To save taxes
Note: ideally would be if the company also was active/trading with something/consultancy/coaching or whatever you feel comfortable doing
3. try to start with penny stocks
Q: Why?
A: to limit loses at beginning
4. There are plenty penny stocks - search for them and you'll find what you're looking for.
5. Especially at the beginning - invest only the money you can afford to lose.
6. Be prepared to the fact that you will (the word "might" would sound better here but "will" reflects the reality more esp. for the beginners) lose money, NOT only gain them.
7. Good investments at any times is believed are alcohol, tabacco and health medication stocks
There's actually much more to this but it's enough for now.
Please let me know whether this was useful.
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