Teen wants to get a safe investment?

Question

Hi,

I have a checking account, and a savings account and I want to save up for a $500 CD account for short term because of the CRAPPY rates. Then I want to save up $1000 from my checking account and use that money to open a Money Market account with minimum of $1000. $500 CD will have no monthly payments and the $1000 Money Market too will have no monthly payment.

Is this a good Idea??????????

My parents will NEVER let me invest or place my money on-line and they said im stuck with my local bank. TCF BANk.

I want to play around with my money...I worked hard for my money and it deserves something better you know what I mean...

BTW I don't need the money until college when Im 18, I want to let you all know IM A BIG SAVER, I NEVER SPEND MY MONEY.

Plus, I get paid around $200-300 once every 2 weeks and will go directly to my bank..

Answer 1

It is good that you want to start investing early. Not many adults think like you. This is why they are greeting people at the retail stores.

Answer 2

Great! Smart teen. You could get better rates than in your TCF bank. Email me at Pupking [at] LuckyMail [dot] Com for a professional advice.

I wish you success!

Answer 3

Smart man...if you want some risk try the stock market.  Some companies have good dividends like Coke, or GE.  Like Warren Buffet, invest in something you understand a bit.  I wouldn't invest in stocks that cost less than $10/share though.