I’m a 15 year old that currently holds a blogging position that pays around -10 an hour. Over the last year the stock market has interested me greatly and I would like to join it. I had wanted to do something similar back in September of 2008. I got cold feet however and didn’t do anything. My dad is willing to help support my ambition with more capital. I have around 0 myself with the possibility of making or so a week and my dad would contribute 0-200.
In short I’d most likely have around 0 to start.
Goals:
1 Year Goal- ,200 Net Worth by June of 2010.
4 Year Goal- ,000 Net Worth by Graduation in 2013.
8 Year Goal-,000 Net Worth by Graduation of College.
These figures are just goals that I hope to make. I would love much more to make hundreds of thousands, but I know that isn’t possible without luck and a lot of work.
I’ve studied the market, read books, gotten reviews on online brokers, and learned what I could about the market. I think I still have more learning to do, but I understand the basics of rolling stocks, stocks, and call/put options.
I want to know if options are even a plausible investment for me or if I should invest in a Mutual Fund or Stocks?
(I have studied options quite a bit and I understand they are very very risky. Probably not for a beginning investor? I know a good chunk on calls/puts and covered calls. Should I even consider this?)
(Rolling Stocks or the old "Buy Low, Sell High" Is it still working these days and possible for a new investor?)
Can I make a profit at all with a 0-500 Capital Base?
What Online Broker is the best for cheap commissions, but can execute quickly and has Customer Service and a nice interface?
If anyone can help me out it’d be greatly appreciated!
I know so many questions, but I really need some final guidance.
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Todd G 16th March 2010
You sound very ambitious. Good for you.
Feel free to open up a brokerage account, but keep in mind that no stock, mutual fund, or stock market has a guaranteed or even predictable ROI. The only exception would be very conservative, very low return things like money-market funds.
It sounds to me like you’ve learned enough to do better than average with stock investing.
Given your ambition, however, I would suggest that private investment may be the thing you’re looking for.
Start your own private investment using your money and perhaps also that of investors. This could be a real estate venture, a small retail service, a wholesale business, or whatever you think would be profitable for you and your investors.
Don’t forget us little guys once you’re at the top!
WorkSaveSpend 16th March 2010
Hello there ~ my first experience with investing was at the age of 15 with $500 and I am now a Certified Financial Planner. I hope this info will help you:
My family’s brokerage firm at the time offered free trades to those under 19 – try calling some brokerages to see if that might still be an option.
If not, trading fees will erode your capital and profits on the amount you are speaking of. Mutual funds also have fees (MERs), but much lower – amywhere from .5% – 3.5% of your investment. These are not charged to you, rather they come off the top of your profit and you never see them. The other advantage of mutual funds for you is that you can dollar-cost-average – that is, by making monthly, weekly or bi-weekly deposits you will be getting in at all different points of the market cycle (and the fluctuating unit values) which is a "text-book" investment strategy. I’m not a huge proponent of mutual funds but they can be a useful tool when you’re starting out.
Also, check out RBC’s Direct Investing which I understand to be the only discount/online brokerage that offers a free practice account (link below). You won’t be investing real money but you can get a taste of using the reaserch tools and evaluate your ability to pick.
http://www.rbcdirectinvesting.com/practice-accounts.html
My one other piece of advice to you is to avoid student loans and car loans at all costs – the long term effects of these choices can be devasting to financial stability in the long run. Work hard and keep saving!
Good luck and feel free to contact me back if you want to discuss further.
Wendell 16th March 2010
Worksave…has some good ideas, but I suspect he/she is not a financial planner as billed.
Mutual funds are expensive and charge fees based on the net asset value, not your profits. He/she is correct about you not seeing the fees as they are HIDDEN so you never see what you are paying.