I am 17 years old with a job interested to go in financial field, How should I save my money?

Question

I work at TCF bank as a teller and get paid nearly $9 per hr.

I own a few stocks but my portfolio is only $1000 however I would like for that to grow and want to save for my future.

I have to pay for all my expenses (gas, clothes, food, and school)

My ultimate goal is to become an Investment Banker.

What is a good amount of money I should have saved by 18-19

Where should I invest?

How should I save?

Any good stock tips?

Am I on the right path to become I-Banker?

Answer 1

The amount of money you should have saved by the time you are 18-19 depends on your own personal investment goals.

Where should you invest?

At such a young age the best place for you to invest is in your own education. Learn as much as you possibly can. The best and least expensive way to do this is by reading and doing research.

How should you save?

The general rule of thumb is to take 5%-10% of your paycheck and deposit it into some type of savings account before you do anything else with it like paying bills.

I would recommend opening a Roth IRA account and putting the money there on a regular basis.

As far as good stock tips go. Again, do your own research. It is not a good idea to take investment advice from friends or family, its considered emotional trading. Remember... its your money, not theirs.

Warren Buffet didn't become the richest man in the world by listening to other people.

Have you ever watched Fast Money on CNBC? You can usually get pretty good information on that show about what is happening in todays markets.

Are you on the right path to becoming an I- Banker?

If you plan your strategies correctly and stick to your educational and investing goals then you have just a good a chance of becoming the next Warren Buffet as anyone else.

You mentioned that you own a few stocks and your portfolio is worth 1K. Is that portfolio in a brokerage account?

Are the stocks that you own with good strong companies?

Are you well diversified?

The first question should be easy to answer.



The second question is a bit more difficult, but can be answered by doing some research into the stocks that you already own.

Look at the companys track records. How well have they been perfoming over the past five years? What is the companys price/earnings ratio? How much profit have they made compared to how much debt they owe? Do they offer dividends, and how often are they paid and how much? It is always wise to reinvest any dividends that are paid to you.

Diversification deals with spreading your money out through different industries with good strong companys, but don't spread yourself out too thin. With only having $1000.00 in the portfolio I wouldn't invest in any more than five companys.  

Good Luck!

Answer 2

IT DEPENDS ON YOUR SALARY, ALWAYS TAKE A SMAL AMOUNT  OUT YOUR CHECK