Where is a good place to start investing?

Question

I'm 19 and I'm planning on saving my money against the troubling economy. Unfortunately, I don't know where to start.

Answer 1

Start an account with a reputable investing firm, then diversify.  Contribute a percentage of your income each month. Fast fwd to the year 2050 you may be suprised.

Answer 2

If you will need the money in 3 years to go to law school you don't want to invest you want to save. Investing in the stock market makes sense when you are going to leave your money in for the long term - at least 5 years. Markets go up and down and if you need the money for law school you might have to take it out when the market is down.

If you are going to invest, and you are not experienced I suggest you start with the Vanguard Star fund. Minimum initial investment is $1,000 and then you can add $100 at a time. It is low cost (no commission) and well diversified between large, small and foreign stocks and bonds.

You also should start educating yourself about investments. I suggest the Bogelhead's Guide to investing. Covers the ground in a user friendly manner. Do yourself a favor and don't try to invest in individual stocks - lots of risk and it really is more like gambling.

Good Luck.

Answer 3

I recommend an online brokerage firm that has good beginner qualitys {like tutorials or an easy to understand set up}, i use zecco, better then schwab, etrade, etc. they are the only ones with free stock trades, no minumums..all the others will charge you fees for trading, but compare and see for yourself. Good luck and happy investing!

http://friends.zecco.com/r/a7a2877caab81...

Answer 4

There's always a way to make a profit from a troubling economy.  That's why short selling is so popular.  If you have no idea what I'm talking about, then you definitely need to pick up an investing book or look up an online tutorial.  My personal favorite is Investopedia ( http://www.investopedia.com/ ).  It's a great website to learn about the stock market and investing in general.

When you're ready to start investing, you will need to open a brokerage account.  I would recommend an online discount broker.  They're a lot cheaper than full-service ones and everything can be conveniently done online.  I currently use Firstrade ( http://www.firstrade.com/ ).  They are cheaper than big name brokers such as Scottrade, Etrade, TD Ameritrade, and Schwab.  Their customer service is excellent and their website is very easy to use. I've been with them for quite awhile now and have not had any problems at all.  I would definitely recommend them to you.

I would not recommend using Zecco. Their 10 free trades a month deal requires a minimum deposit of at least $2,500. Plus, their website is very hard to use, definitely not for beginners.

Firstrade currently has a refer-a-friend program, so if you're interested in opening account with them, email me for a referral code. It's a win-win situation because you'll get your first 5 trades free.

Answer 5

do u ave a job