What are some good investment strategies for a 16 year old?

Question

I am 16 now and worked a lot this summer and starting on sept. 1 I will have saved up $3200. I know I won't spend it so I want my money to work for me. I would be looking to have a large sum when I graduate from university in 6 years. I would like to buy my own condo in Vancouver which is where I'm going to uni. Any help would be very appreciated.

Answer 1

You need your parents consent to trade stocks if your under 18.you might want to get some spider shares.i`m buying (FRE) freddie mac

Answer 2

Once you get a custodial account, buy an ETF preferably in small stocks or International stocks. Keep it in there for a few years until the market tops out then short it. That strategy should double your money in six years.  

Answer 3

Under US law you would have to put it in some kind of custodial account (bank or brokerage).  You might have more options in Canada. If you put your money in the stock market, you will do best with high growth stocks with no dividends. You need not to take money out. How are you supposed to turn $5 - 6000 into $100,000 or more over a six year period? Normally, under good market conditions with prudent investing, the best you might be able to hope for would be for your money to double once every 7-8 years. You're going to need to get a lot smarter than most investors and willing to take risks to do better than that. I hope you will do well.