What can I do with stocks?

Question

First of all, I'm twelve years old, and know that a lot of people are getting pretty wealthy off stocks.

I already talked to My mom about what to do, and she gave me good advice, like there's stocks that go on sale, and what companies would be good to invest in, and sites live www.fool.com. I just need more knolage on how to go about my finacal gateway dream, and how to open an E*TRADE account because my age, and I don't know my socal #. Yes I'm a legal US citecen, and yes I'm smarter than the normal twelve year old!

I just need some help so I can get on the right track, and not loose every penny I have! Thanks to all who help, and hope to get some positive awnsers!

~Lee~

Answer 1

Although you could find a way to open your own E*trade account it would be complicated and most likely not worth the effort since you could just have your Guardian open one for you and just give you the passwords etc.

Secondly, Now is a great time to invest. I assume that you are looking to invest to become a multi-millionaire. If that's the case then you have plenty of time......

Being so young you have the most powerful allie on your side. TIME.

As far as what to invest in; only buy what you understand. For instance you may like going to costco with your parents to buy groceries. Man, everytime I go there the whole place is packed with people and what are they buying? Food.. I mean we all eat right? On the contrary..... Do not invest in Synthgen they make Amino Acids. But what for? Why, and whose buying them? Unless you understand the business then I recommend you avoid it.

Good luck.

By the way, More people become millionaires in Real Estate/owning their own business than do in The Stock Market.

Answer 2

Start studying the stock market while you're young so you can start investing smartly!  A lot of people also lose everything in the stock market.  Especially while the economy is on a down slide and unpredictable, you should study as much as you can.  Pick up a newspaper and just pick 2 or 3 out and watch the same ones daily or weekly.  Track their growth or decline. There is so much to learn.  Besides the basics of buy low & sell high, you just really need to invest the time right now educating yourself.  

It's great that someone your age has an interest!  You'll probably be very successful someday!  Good luck!

Answer 3

At your age you can't buy stock in your own name. Your parents would have to buy them for you. They could set up a Trustee account for you. It's never too early to start thinking about the future. Just be careful right now because the market is in a major downturn.

Answer 4

No offense but I'm not sure about the smarter than the normal twelve year old comment, I see numerous misspellings in your post and the fact that you stated that you know that there are stocks that "go on sale" leads me to believe that you are not quite ready to begin a career trading stocks.

I suggest you read up on some basic investing books and talk to your mom about how she would be willing to help you.  At your age the only thing I would recommend is perhaps buying a few shares of a company you like, holding onto it and learning to track it in the newspaper or online.  You really don't need an E*Trade account.

Answer 5

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GOOD LUCK