| hiya there....i'm a Teen...with no idea what to do |
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E-Jay
New Poster
Cash: $ 0.45
Posts: 2
Joined: 08 Feb 2005
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| hiya there....i'm a Teen...with no idea what to do |
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Hi everyone at Moneytalk...
I'm Eddie aka E-Jay..
I'm 18, in college, working at Best Buy.
As of now I have no bills becuase i'm still living at home.
I want to start investing somehow, someway but I don't know where to start.
I currently have a credit card that I pay in full every month and a CD Account. I have been saving here & there but i'm only 18 which is why I'm interested in LONG term savings becuase I have many years ahead of me. Honestly I have been spending like crazy becuase with no bills and the paycheck I get...I can afford to do so...lol
Anyway I thought I should take this opportunity to save...I've been reading several sites like fool.com & bankrate.com also I have book like "How To Invest $50 - $5000" by Nancy Dunnan.
I want to start now...but where do I start?
Is Sharebuilder or Scottrade where I should be heading?
I've been looking everywhere for information but most of the stuff I read is for people in their early 30's or kids who aren't old enough to invest on their own.
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Tue Feb 08, 2005 10:02 pm |
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trshubby
New Member
Cash: $ 1.90
Posts: 9
Joined: 08 Feb 2005
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Hey E-Jay,
Two pieces of advice I can offer:
1) Always take advantage of a 401K plan offered by your employer if they offer to match any part of your contribution.
2) At your age, you should invest in aggressive growth options. Leave the conservative approach alone until you are older. You'll take on higher risk but you are young enough to have the time to recoup any losses you MAY incur.
This is just my opinion, which is based on alot of reading, and I'm no expert. I'm sure there are others on this site that can give you more specific advice than I can. You should post your question in one of the toher threads for more exposure.
Regards,
BobG
Squints is my hero.
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Wed Feb 09, 2005 4:37 pm |
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LottomagicZ4941
Senior Member
Cash: $ 7.91
Posts: 2511
Joined: 02 Dec 2004
Location: Earth
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I considered working for best buy once for the employee discount.
I was working for near minimum wage at a grocery store.
Anway when I became old enough to join the 401K plan at the grocery store. I decided to bite the bullet and contribute the maximum allowed.
Was thinking I needed to buy a new car and having a lower income would be good. The orginal plan was that I could lower my 401K contributions when it became time to buy a car.
Only when I started to have a lower income my gross income went up!!!!!!
So definatly start the 401K especially if there is matching!!!
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Sat Mar 12, 2005 6:52 am |
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Andrew
Admin
Cash: $ 460.25
Posts: 1695
Joined: 02 Nov 2003
Location: Texas
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Welcome to the board, E-Jay & mlk_man!
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Sat Mar 12, 2005 2:13 pm |
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BigWonton
Member
Cash: $ 2.44
Posts: 10
Joined: 08 Mar 2005
Location: New York
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Hi Sarah,
Freetrade.com sounds almost too good to be true--20 commission-free trades every month? Where's the catch? By how much are they cutting into the spread on market orders? What about the quality of the execution? I use etrade.com, they have a 9 second execution guarantee.
"You can want anything, but you can't have everything"
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Sun Mar 13, 2005 3:54 pm |
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