I Am A 14 Year Old Hoping To Become A After School Investor….?
Mar.01, 2010 in
General
I lost my job as a soccer ref in Canby OR when me and my family moved to Seattle and the Seattle referee association says that they don’t except people under 16 to ref so I was thinking of becoming a stock investor I have $1000 to work with (of my job money not my parent’s money) I know what the points are and when to buy and when to sell I just don’t know how to get started by myself because all the wealth management places (that were creditable) have a at least $10000 account minimum or more please send me any info u have
March 1st, 2010 at 11:24 am
Well, I do not know if you are interested in investing in the stock market or in the futures market, but I’m pretty sure you have to be a legal adult. The process of setting up an account with a brokerage firm includes the signing of a contract and I’m certain one of many regulations state a mininum age.
Perhaps you can have one of your parents start this account and maybe (if they absolutely trust you to conduct yourself in a mature and appropriate manner) they will give you full autonomy of the funds within the account; especially if it is all you own money.
I know that not all brokerage firms have a $10,000 account minimum. When I was in the futures market with Farr Financial, their account minimum was $5,000. I’ve heard that other firms have lower minimums and even of some that do not have any kind of minimum.
Be sure to look into several firms and shop around. Most firms are people-friendly, and you should have no problem finding one that makes you feel comfortable.
If you’re going into futures, look into Farr Financial. If you’re leaning toward the stock market, look into Scottrade.
Lastly, I must commend you on your foresight and willingness to invest your money. Most poeple would rather throw their money into something superficial or tangible…not that there’s anything wrong with that..its just good that you’re keeping an outlook for your future.
good luck
March 1st, 2010 at 12:08 pm
One of the best books I have ever read was Rich Dad Poor Dad by Robert Kiyosaki. It won’t tell you how to make money, but will lead you in the right direction. It tells you how to look at money and understand it a little better. Good luck with all of your ventures…. too bad more kids aren’t like you.
March 1st, 2010 at 12:16 pm
Don’t you think you better invest that money in your education?
March 1st, 2010 at 12:28 pm
Talk to your bank the might have investment options that will give you a high rate of return. Most investment companies will not deal with a minor so if you go that way you will need your parents to invest your money in trust for you. There are also savings bonds that will give you a higher rate of return then most bank savings accounts. Be sure to look at all your choices before picking one you don’t want to lose the money you already have.
March 1st, 2010 at 1:02 pm
y dont u just buy some saving certifictes or something like that for your money and look for another job!?.and also you can see some online investing .that will help alot.!
Anywyz man i did like the fact thats its your own money and also your studying as well as doing this stuff..iam kind of inspired so iam gonna do some investing myself too!..if you find about the online investments or any ideas plz do tell me..my email is umar.mushtaq@hotmail.com..see ya
March 1st, 2010 at 1:30 pm
The age of finacial majority in the US is 18 so I would think you’ll have to have an adults name on any account that you open. If you intend to self direct your trading you should investigate the online accounts, their minimums are much lower. Banks usually will trade stock for you also.
March 1st, 2010 at 2:22 pm
Wow.
I’m impressed, having this sort of drive at 14 bodes well for your future
My suggestion would be to see if there are any “local enterprise” / “small busiess advice services” or other such facilities in your area.
The chances are that they are NOT going to directly get you investing in the stock market BUT you may easily find someone impressed with your enthusiasm and drive who will offer to guide you in business matters generally.
I am sure you already know that stock can crash as easily as it can boom - but you might not know ALL of the indicators to look for - and information is never a bad things to acquire.
As always, one contact leads to another and so on - you might quickly find that you are introduced to a “young person’s business adviser” who might be able to give you exactly what you are after.
It may also be that after talking thngs through with other folks, that you find other ways to invest your money too. You might need to find a way of involving a TRUSTED adult too - as I think there are age restrictions on playing the market in the US.
Very best of luck for now and the future.
Mark
March 1st, 2010 at 2:57 pm
‘Dream BIg my dear!!!I like to see youth with Huge dreams…’
But first of all i advice you to study hard and studying,that’s the key of success.
American’s dream you know it??
Everyone can be mr.millionaire or the US president!!