I need investing help?

Question

ok im 14 and im thinkking about retirement haha i know young>?

anyways so im thinking of starting a 401k but i have no job and so i cant start a 401k right?? or can i but does a 401k cost money to open one like i could put $30 a month in it is that enough. if not whats another thing i can invest my money in

Answer 1

You can't start a Roth IRA until you have some earned income.  That can be from a job or self-employment like mowing lawns.

For now, put your $30 a month into a savings account.  When you have $1000 saved, open an account at Vanguard.  Put it in their STAR mutual fund.  I think you can make additions as small as $50, which you should be able to do every two months.

Go to their website at Vanguard.com and you can research their funds and read articles.  There are other good no-load mutual fund companies to work with if you prefer, such as Fidelity and T. Rowe Price.

You are years ahead of your peers.  Read, read, read.  Pick up a copy of Money Magazine at the library.  

Answer 2

if you are already worried about your future like that and you want to invest a little money to get a easy return then you should really check out this blog that i found i am sure you will find it very help full

Answer 3

I am totally impressed, good for you, you are going to be a multimillionaire someday. You cannot do a 401k unless you are employed but you can open an IRA. There are a lot of companies that will help you get started like Fidelity investments and there are plenty more. Besides investing in an IRA, invest in yourself, get a good education and don't stop there. Learn everything you can learn and there will be no limits for you, I congratulate you.

Answer 4

ignore the guy that just answered and told you to follow his link.

Your questions are great especially at 14.  

To have a 401k you have to have a job and the employer has to sponsor it.  (you cannot start one for yourself) you can however have a savings account *(if your parents co-sign) and when you turn 18 you can then open a Roth IRA with the money.  An IRA is simply an account for a person to start saving for retirement, the Roth part is for using after tax money (the money you get in your paycheck)  

Most places charge very little for any type of IRA (roughly $50.00 per year)