what should i do

[CombatKit47]

i need money to start saving for my car i already have a 1000(remember i am only 14)should i start selling some of my stuff on ebay and by stuff like those rims for like a dollar and sell them for more?

[Addict]

Originally posted by CombatKit47
i need money to start saving for my car i already have a 1000(remember i am only 14)should i start selling some of my stuff on ebay and by stuff like those rims for like a dollar and sell them for more?

Take your $1000 and invest it into a mutual fund or some type of bond. You'll thank yourself later trust me.
Ask your parents to get you an account at Charles Schwab or whichever they like and get started saving. You'll earn more interest in that type of account than a regular savings account.

There is no get rich quick plans out there. So don't even bother using your brain power on them.

[HondaTypeJ]

When it came time for me to get my car, I hit up ebay. I sold my Dreamcast (which sucked in the first place), MiniDisc player, computer, alot of my possestions and I got there quick. I could have tapped into my savings but I decided not to. Are you just now starting to save? Thats cool though.

[94_AcCoRd_EX]

Civic_Addict is exactly right. You have the benefit of time being on your side, use it. Invest it, do some research first, and go for something reliable and slow gaining. The big gainers are too risky for what you're doing. Make sure its an account where you can easily deposit more whenever you want to.

[CombatKit47]

ok i have a bank acount i am getting intrest i think it is like 18 dollars a month or something at 3.8% of my 1000. what exactly are bonds?where do i go to get them? will i lose any money is it like that stock market?

[CombatKit47]

ok charles shwabb ill get that

[94_AcCoRd_EX]

Originally posted by CombatKit47
ok i have a bank acount i am getting intrest i think it is like 18 dollars a month or something at 3.8% of my 1000.

A good fund can return about 10% I think... (I'm looking to invest soon also, so I need to start looking into it).

[Mushroom]

Investing: don't be in a hurry. $1000 is enough to get into a medium-risk, diverse mutual fund (there are a million websites about how to start saving/investing, just look around). Keep putting money in at a constant rate over time - $50/mo? $200/wk? whatever you can reasonably afford. Ignore the short-term gains and losses. If you try to play the market or individual stocks, you'll probably lose.

Don't count on striking it rich - the most important thing is to get into the habit of putting money away. Selling old stuff on ebay is fun, but don't get carried away; cars aren't everything. (uh, oh, here come the flames...)

what exactly are bonds?where do i go to get them?

Bonds are like stocks, but you're buying debt instead of ownership. You can buy through a broker, just like stocks. They're typically less risky then stocks, with lower long-term gains, and usually move in the opposite direction as stocks. A well-diversified portfolio contains both stocks and bonds. Personally, I wouldn't worry about bonds if you're just starting out, although some funds might contain some percentage of them.

[I'm not an investment professional; just mentioning what I've read. My post should not be construed as investment advice.] :)

[Niacin]

Shoot the hostage. :)

Max

[tightteg52]

well damn thats what i need to do!! Hell yeah!

[94_AcCoRd_EX]

I know this isn't my topic, but could someone recommend some good medium-risk funds to invest in? Or maybe a good place to do some research on the net? I know that some require a large starting amount, which I don't have...

[Addict]

Originally posted by 94_AcCoRd_EX
I know this isn't my topic, but could someone recommend some good medium-risk funds to invest in? Or maybe a good place to do some research on the net? I know that some require a large starting amount, which I don't have...

You'd be suprised to find out that most funds only require $500. As far as recommedations, I don't do that. But check http://moneycentral.msn.com/home.asp for some information. Also a good book to read is "Ordinary People, Extraordinary Wealth" by Ric Edelman (yes its spelled Ric). An even better place to start is a broker like Charles Schwab. Though Schwab is NOT for day traders....

[toykilla]

Dont you have to keep the money in the fund for like 5 years though? There is a downside but shit, 5 years at 14 years old aint nothing. Invest and by the time your 20 your have a shit load of money. Take 1000 of what you made and put it in another one. BLOW THE REST. =] just my 2cents

[DsBlu01CivEX]

Ok...I'm not all into followin the stock market and such...but at work I get employee stock ownership in the company I work for as a benefit. So when I first started I went to my mgr for help and he said that at my age (at the time I was 18-19) I should be putting the most in the high risk areas so that I gain more. And at my age if it would fall that it really wouldn't matter cuz I was "so young". Make sense?

[Addict]

Originally posted by toykilla
Dont you have to keep the money in the fund for like 5 years though? There is a downside but shit, 5 years at 14 years old aint nothing. Invest and by the time your 20 your have a shit load of money. Take 1000 of what you made and put it in another one. BLOW THE REST. =] just my 2cents

No there isn't a time limit, but funds are NOT short term investments. Stocks, however, can be.

Once again, talk to a financial advisor. They can help you plan.

[midjjj]

Great advice here, I invested $8,000 last year and am loving myself for it. Don't try to play it yourself though, get the people who make money off of it and get paid to make you money!

[CombatKit47]

ooooooook:eek: :confused:

[Addict]

Originally posted by CombatKit47
ooooooook:eek: :confused:

Just ask your parents. They should at least be able to get you an account setup (since you're too young to set one up yourself).

[CombatKit47]

thats a better idea i have a bank account but i asked if i could put it in shwabbb so...