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AKwolfeEng
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I have no experience investing in stocks or otherwise. I'm 17 and it seems a good way to help control money and have something to look forward to later in life.
Where to begin though?
Where to begin though?
Do you have a parent that is currently investing? If so, they may have access to a financial adviser that could assess your risk-tolerance and long-term goals, and give you some guidance. I have a money-market account, IRA (rolled over from several 401Ks), and other accounts in an investment bank. As I set up those accounts, I got access to an adviser. I have his phone extension, and when I call, he always gets back to me within 30 minutes or less.AKwolfeEng said:I have no experience investing in stocks or otherwise. I'm 17 and it seems a good way to help control money and have something to look forward to later in life.
Where to begin though?
turbo said:Do you have a parent that is currently investing? If so, they may have access to a financial adviser that could assess your risk-tolerance and long-term goals, and give you some guidance. I have a money-market account, IRA (rolled over from several 401Ks), and other accounts in an investment bank. As I set up those accounts, I got access to an adviser. I have his phone extension, and when I call, he always gets back to me within 30 minutes or less.
If a parent has such access to a financial adviser, and (s)he knows you intend to stay in for the long haul and make regular contributions to your account, you may get the benefit of some decent guidance.
BTW, you have gotten some good advice so far. I just wanted to add the caveat that you might be able to leverage a parent's investment accounts and get some professional advice. The "investment counselors" in this area are generally unreliable, and want to sell you investment vehicles that supply the best sales commissions to themselves. Paying them for "advice" is a waste of money, IMO.
AKwolfeEng said:I have no experience investing in stocks or otherwise. I'm 17 and it seems a good way to help control money and have something to look forward to later in life.
Where to begin though?
First, get a whole lot of money. Say a couple of million ... minimum. Investing in the various stock etc. markets is gambling (assuming you don't have access to inside info). So, if you can't afford to lose what you're thinking about investing, then you shouldn't invest it in the stock etc. markets. If you can, then have fun investing.AKwolfeEng said:I have no experience investing in stocks or otherwise. I'm 17 and it seems a good way to help control money and have something to look forward to later in life.
Where to begin though?
The amount of money you need to start investing will depend on your personal financial situation and investment goals. However, you can start investing with as little as $100, and many investment platforms have no minimum balance requirements. It's important to remember that starting with a small amount and consistently adding to your investments over time can still lead to significant returns.
For beginners, it's important to choose investments that are relatively low risk and easy to understand. Some good options include index funds, which are a type of mutual fund that tracks a specific market index, and exchange-traded funds (ETFs), which are similar to index funds but can be traded like stocks. It's also a good idea to diversify your investments by choosing a mix of stocks, bonds, and cash.
Investing in individual stocks can be more risky and requires more research and knowledge of the stock market. Mutual funds, on the other hand, offer a more diversified approach and are managed by professionals who make investment decisions on behalf of the fund's investors. It's generally recommended for beginners to start with mutual funds and then move on to individual stocks as they gain more experience and knowledge.
There are many investment platforms available, so it's important to do your research and compare fees, investment options, and user reviews. Some popular investment platforms for beginners include Acorns, Betterment, and Robinhood. It's also a good idea to consider the platform's ease of use and customer support.
No, it's never too late to start investing. In fact, starting at a young age can give you a significant advantage due to the power of compound interest. Even if you're starting at 17, you still have several decades to save and invest, which can lead to significant long-term gains. It's important to start as early as possible and be consistent with your investments to see the greatest returns.