I am a poor college student. I want to be debt free. Can somebody give me an advice of buying stock shares?

Question

I am nineteen years old sophomore in college. I have no idea about the economy and stock market, but got interested when my co-workers started discussing of the stock market and retirement plans. I heard stories of people invested money in buying stock shares and gotten rich. I also been hearing a lot about the 401k and something called pensions plans where I work (Plumbing and HVAC Company) which I think is the same thing, but it is for retirement I guess. But my point is that I am a beginner and looking forward on how I can start buying stock shares so I can invest and pay my college debts after I graduate. I would like to have advice of people who are doing these things.

Answer 1

The interest rates on your debt are higher than the rates you can reasonably and safely expect to make through investment.  If your loans are deferred until after you graduate, I'd recommend putting your money into a 4% insured CD to get a little bit of interest on it; if they're not, you should take any money you were going to invest and instead use it to immediately pay off as much of your loans as possible.

Once your debt is paid off, you should contribute a percentage of your income to your company's 401k plan.  Retirement savings plans are tax-sheltered accounts that let you invest money for retirement, not types of investment.  You get to choose how the money in your 401k is invested, and you should definitely do your research before making that choice.

Answer 2

You have to to lots of research, but you can start with etrade you have no limits to open an account. Call them and they'll give you more information

Answer 3

If you aren't a member of a credit union, join one, and then make an appointment with their financial services department. Those consultations are normally free, and in addition most credit unions offer free classes to their members that cover these kinds of things.

Good luck!

Answer 4

for new beginner, i think overnight income shares more simple, workable and profitable and  no risk investment.  actually your money can work for you even while you sleep, and you can get your first overnight income. your money will grow daily. good luck ^ ^

Answer 5

Hi Jonny. I am in the same boat. I want to be debt free, but it is difficult when there is no money to work with. The sensible answer is to pay off the loans quickly before the interests compound. And if I could do that then I would be happier. Though I know how you feel and am exploring the same alternatives. I did run across something recently that will and could make me richer, but I need to setup an account in buying stock. I could have made some money monday, but I was not prepared for buying stock. So now I need to be extra careful in what I do. Because seeing how easy it is to make a profit quickly can have their own pitfalls. First, not rushing things and being too eager. Anticipation is good, but got to find ways to remain sensible. If you hope to hear more from me. Then write to me. I hope to put together a blog with all the info I know and have come across for being more financially independent.

Answer 6

Pay as much as you can on your debt before you start to "gamble" with the stock market.

Answer 7

"I am a poor college student. I want to be debt free. Can somebody give me an advice of buying stock shares?"

"I have no idea about the economy and stock market"

Yeah, my advice is DONT INVEST. And definately DONT take advice from those people at work. You obviously know nothing about the stock market and you are considerably more likely to put yourself even further in the hole.

IF YOU ARE POOR AND IN DEBT, PAY OFF DEBT FIRST. Guarantee you cannot make enough from the stock market consistently with no knowledge to exceed the interest you pay on your debt.

Most importantly

*DO NOT* INVEST BORROWED MONEY/LOANS. DO NOT DO NOT DO NOT DO NOT!!!!!!

Answer 8

Before you start investing in the stock market, I would suggest that you perform the appropriate research.  Read some books and look at some online tutorials.  My personal favorite is Investopedia ( http://www.investopedia.com/ ).  There is a lot to learn before you can make a lot of money through the stock market.

As for how  to buy the stock shares, you will need a stock broker.  Knowing that you do not have a lot of money, I would suggest that you open an account with an online discount broker since they are a lot cheaper than full-service brokers.

I currently use Firstrade ( http://www.firstrade.com ).  They are cheaper than big name brokers such as Scottrade, Etrade, Ameritrade, and Schwab.  Their website is easy to use and beginner-friendly as well.  I would definitely recommend that you check them out.

I would not recommend Zecco.  First of all, you cannot even receive free trades unless you deposit $2,500.  Second, their website is known to be hard to use and their customer service has been rated as the worst in the industry.

Answer 9

Use an online brokerage firm that has good beginner qualitys {like tutorials or easy to understand set up}, i use zecco, better then schwab, etrade, etc. they are the only ones with free stock trades, no minumums..

http://friends.zecco.com/r/a7a2877caab81...

Answer 10

Just buy stocks that keep going up every year.