Investing at 17?
Question:
Also for a savings account, is it possible to withdraw, deposit much like a regular checking account into the checking account or is it where you could only put money in and not take out until a certain point?
Thank You
Answer:
You must be 18 years of age to begin investing in securities on your own. However, you can certainly consider a Custodial Account if you are anxious to get started and are several months away from your 18th birthday. If you can comfortably put away $25 per month or more, mutual funds that invest in stocks can be of great value to you, both financially and educationally. Purchasing individual stocks should really be done after you have gained considerable experience from the mutual fund experts or from a qualified investment advisor. You and an older member of your family - such as your father or mother - can open the account and begin your investment career once you have some kind of idea of how the investments work. The Custodial Account can be re-registered in your own name on your 21st birthday. You should also know that an IRA Account (Roth or Traditional) is for people who are employed and earn a minimum of $600 on a W-2 status.
Hawk
Unfortunately, you can not invest at 17, because you are a minor and any contract with a minor is invalid. The best thing to do is keep putting your money into your savings account until you're at a legal age to invest. During this period you should do more research about investing, learn as much as you can. When you're at a legal age, you can withdraw the money from your savings account and start a Roth IRA, and you should also open a Money Market account.
A savings account is a 'in' and 'out' account, simply put, you can make a deposit and withdraw any time. Check with your bank.
More Questions & Answers...