How do I start investing as a college student?
Thermos asked: Is it possible for somebody with very little cash to start investing in college for their retirement or in general? If so, where do I g...
Thermos asked:
Is it possible for somebody with very little cash to start investing in college for their retirement or in general? If so, where do I go and who do I talk to about such things? Will it cost anything?
Is it possible for somebody with very little cash to start investing in college for their retirement or in general? If so, where do I go and who do I talk to about such things? Will it cost anything?
Talk to someone at your bank. If they can’t find an investment program for you they can recommend an investor. You can invest as little or as much as you can afford.
It’s a good idea to start investing for your retirement as soon as possible. If you have a job, find out about available 401K’s, or you can talk to your bank, or a local credit union about an IRA (individual retirement account) or a roth IRA.
First use money you can afford to lose. Then research and understand the Stock Market. Never invest in anything you don’t fully understand. Good starting bets are stock symbols: QQQQ and SPY. They are indexed to markets. Also you need at least $5000 to be effective.
Open a brokerage account and invest in the Stock Market with the help of a Financial Advisor.
Top 3 Answerer in Business & Finance. (Vote for me)
Hmmm, you’re already investing for your future: human capital.
You can open up a ROTH IRA for your retirement with as little as 250.00 in some mutual fund companies. It’s great that you want to start investing now, because by the time that you do retire you will have amassed a much larger amount of money than if you had started to invest later. The mutual fund company that I would go with is Gabelli. . Open up a Roth IRA with them in 1 fund that you choose. Research the funds offered by Gabelli in morningstar or yahoo finance. You can put up to 4,000.00 into a Roth Ira each year. You need to remember that you have to have earned income to invest in a Roth IRa- so hopefully you are working while attending college, or working during the summer. Best of luck!
Whenever I’m asked a question like this, I always suggest American Century investments (presuming you’re in the United States).
They have no-load mutual funds (which means you don’t have to pay them commissions to buy or sell them), so your entire amount goes into the fund.
American Century has all three types of funds: Stock Funds, Bond Funds, and Money Market funds. Depending on what part of the 3-5 year cycle the economy is in, you’ll want to move your money from one type of fund to another, and it’s easiest to do that if you’re invested with a company that has all three. You can just get online and move it from a Stock Fund to a Money Market Fund, or from a Money Market Fund to a Bond Fund.
American Century will let you add as little as $25 a month to your fund…and they’ll let you do it electronically from your bank account. It couldn’t be easier.
I commend you for wanting to get started immediately. Good luck!
Whatever you do, I wouldn’t take Frank Castle’s answers very seriously. Anyone that has to beg you to vote for them ought not to be taken seriously.
1.) try, $10/month with no fee, buy Nasdaq 100, but you have to make a long term commitment to do it. The payback time may need 10 to 15 years.
2.) open an online account with via costco.com after June 2. As long as you are an executive member of Costco, you will get a rebate of $85 in a month after you deposit the money $X into this account and purchase stocks. Choose the basic option and one time investment, then borrow $85 from your friends and promise to pay them back in a month. Put $X and $85(the total less than $185) into NAK, in a 3 year, the investment should yield at least 100% in return.