I have $35,000 and Im 17?

Question

Ok, so I have gotten hold of $35,000 and I am 17 years old. I got this money from a car accident that I was in a few years ago. My question is, how can I use this money to make me more money? I want to use this money to invest or something like that so I can get rich and I wont have to worry about money when Im older, thank you!

Answer 1

You need to invest at rate which is higher than US average rate.

Contact me through profile and i'll give you a good advice.

Answer 2

Your best investment will be toward your college education. There are no sure-fire get rich investments. They all carry risks. If your college is already paid for then look for something to invest in that is relatively safe that you can leave for your retirement, like a Roth IRA account. Your bank can help you with this.  Congratulations on wanting to do something responsible with this money. Good Luck!

Answer 3

talk to your parents or someone else you trust who is knowledgable and find yourself a few good mutual funds to invest in. if you can get an average return of 10%, which the market rate, assuming you do not add anything to that by the time you are 55 you will have over 1.2 million.

Answer 4

Please be very careful what you do and who you ask for help.

Be wary of anyone who promises you big results 'for a price'.  You should(when possible) refrain from stating your age, as it attracts the scoundrels even more so.

Your safest bet is to go to your local bank and discuss your options with them.  They will help you.

Answer 5

i;ll take some

Answer 6

Whatever you do don't contact anyone who is about to hammer you with scams.

You may want to just buy bank insured CD's until you are 18.

Then, Open a Roth IRA

http://en.wikipedia.org/wiki/Roth_IRA

Keep in mind that historically one of the best retirement strategies is Dollar Cost Averaging into index funds such as the S&P 500 Index, Mid Cap 400 Index.

Don't put all the money in at once in any investment that can go down.

DO:

Dollar Cost Averaging

http://en.wikipedia.org/wiki/Dollar_cost...

S&P 500 Index

http://en.wikipedia.org/wiki/S&P_500

Mid Cap 400 Index

http://finance.yahoo.com/q?s=%5EMID

Seek a professional advisor's to help you and who has at least 10+ years experience in retirement planning and the financial markets.

good luck. hope the injury is better

Answer 7

1-You could invest in property

2-Gold or silver

Something along those lines...  : )

Answer 8

Talk to some financial advisers at companies such as Fidelity or Charles Schwab.  Invest in No Load mutual funds and your money will grow.  Take time to read about  different funds and how the market works.  

Answer 9

Investing it in your education might not be a bad idea.  A good education will help you find ways to make money throughout your life.

If your education expenses are covered, a reputable growth mutual fund could be a good place for the money.

Answer 10

I don't know anything about CD's, but I do know that in order to put it into a 401k you have to be 21.

Answer 11

How about offering me a loan??  

Answer 12

You could open a money market bank account. It has a low risk and some have a good return.

Answer 13

Put it in a high yield cd