Iam 16 and looking to invest but my parents...?

Question

well iam 16 iam ready to start investing i have so many ideas to make money but the first step is to put money in the stock market in GGS ever since oil prices started sucking there stocks dropped insanly its down for 2$ to 35cents each so nows the time to buy. but my parents wont sign for a credit card. any ideas how to get around that?

Answer 1

get your own money all you need is you or add some friends and offer services until you get the cash to invest. by the way once you do have the money keep it devided in case of a slump in one market area. water or electricity are good ones at the moment not too pricy and guaranteed growth.

Answer 2

I bet you could do it with a debit card.  All you need to do is have money in your account at your bank.  You are old enough for a debit card.

Answer 3

You know, you have to understand that you are 16. You are still relatively young. And when you spend money, you don't really spend your money. You're spending THEIR money. Unless you got a job or something. However, understand that 16 year olds typically won't make the best investing decisions and you could end up s******g over your family.

Answer 4

CHECKING DEBIT CARD account thats the answer do not invest money you don't have because if you lose that your going to owe more and more

Answer 5

If you're planning on investing on a dying fossil fuel, maybe the stock market ISN'T for you.

Answer 6

Get a job and use the income to invest. Your too young to get into credit card debt.

Answer 7

I got credit cards when I was 15 just by filling out alot of applications, and hoping they didn't check age. I thought it was a real long shot back then, but then I was getting credit cards in the mail like crazy. I had 4 before I was 18. Or go to your bank and be real personable and friendly with a banker and ask if he has any credit card offers or something like that. He might sign you up and not even notice or care about your age.

Answer 8

it's hard to do any real investing when you don't have a job.

and besides you don't get a credit card so you can buy stocks. that isn't the way to go. you don't just get a credit card. how are you going to pay the bill without a job? it doesn't even make sense.

at your age, i would suggest getting a job first and opening up a savings account. and believe it or not even though you're a guy [Ben?] one of the most profitable jobs for a 16 year old is babysitting. you don't have to pay taxes. and babysitting for a few hours, you could get paid as much as $10 an hour for each kid. that's of course if you're babysitting rich little kids. if not you could expect about $8 an hour. and it's probably gonna be the easiest kind of job if you don't mind playing with kids. you could find a young boy to babysit and you could probably end up just having to play video games with him till his parents come home. or say mowing lawns. my dad paid our 16/17 year old next door neighbor $40 to mow the lawn. took him like 2/3 hours. earn some money before you start looking to invest. at the same time you should keep up with the news. the oil prices may be in a slump right now but it's only worth buying if you know they're going to be on the rise soon. i'm not that much of a speculator but i doubt there's much profit to be made in oil stocks anytime soon.

Answer 9

open a checking acount and request a visa (or Master Card) Check Card.

Answer 10

you have plenty of time to invest. spend the effort investing in your education. you are still a minor and whatever your parents says goes. good for you for actually trying to do something intelligent unlike many of the other 16 y/o nowadays.

Answer 11

Go to Walmart and get a prepaid Visa or Mastercard. You just take cash up there....there's a $4.95 service fee per month. You can use it anywhere: online, at stores, everywhere.

Answer 12

You don't have to use a credit card...and I hope you arent trying to use it and expecting to pay the monthly bill with your (maybe) profits.

If so, you are NOT ready to invest!

Get a job and save every penny until you're 18.  This recession will last, so there's no rush to buy.

You will be able to do what you want to with your money and you will have money to do something.

Answer 13

Getting a credit Card is not how to invest.

Make some money first. But its great that your starting young.

Answer 14

talk to your parents

Answer 15

DO NOT TAKE OUT MONEY ON A CREDIT CARD TO INVEST!!!!!  this is the stupidest idea ever.  you do not need a credit card.

do you even realize what the cash advance rates on credit cards are like?  you would have to do somewhere between 2-3x the historical average return of the market just to break even, let alone make a profit.

never mind that investing in penny stocks is a great way to flush your money down the drain.  and when exactly did oil prices start sucking?  it's freaking higher than ever - it's doing great!

if you really want to invest, go get a job flipping burgers or waiting tables or something.  but in the mean time, thank your parents for not letting you throw away your future by getting into credit card debt before you even get your drivers license!

Answer 16

Just try for very best to change their mind for not wanting to sign for the credit card, just explain to them about why you want to invest, and tell how it going to benefit you so go and do your research!!!!

Answer 17

What's a credit card got to do with it.   You can not use credit cards to buy stock, and to make a cash withdrawal from a credit card to buy stock is the dumbest thing anyone can do.

If you're trying to use credit to buy stock, I agree with your parents 100%, and if they give in, they're bigger fools than you are.

If you don't have the money, you don't go into the market

In the United States, you must be 18 to open a brokerage firm in your name.  You could have one of your parents open a custodian account for you and provide some funding.

If you open the brokerage falsefying your information, you could be subject to liquidation, fines, and further restrictions in the investing industry

Answer 18

i think your parents decision to protect you right now. is a good one.  save your money, ask your parents if they can help you to put it in a CD until there is a better time to invest.

if your parents sign for you to get credit, they will be liable for any costs/penalties incurred, as you are a minor.

go to them with a better plan.

Answer 19

credit cards- bad news!