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Help on wise investment for teenager.? |
I'm only 16 but want to get a bond or stock or anything thats safe, makes OK money and is reliable. I have a CD in the bank at the moment that gets 5 or 6% intrest but I want to pursue other routes. Any suggestions?? The CD is an excellent start, no risk and an ok return. If you have a job you can start an Individual Retirement Account (IRA). You will only get pennies with bonds or CDs. By the time your bond is mature, the money will probably be unchanged in value due to inflation. Stocks are a little bit better and may take a long time but they are not stable... the prices of stocks fluctuate too often, invest wisely. Since you are 16, you shouldn't have your money locked up in a CD. There are many savings accounts that range in 4-5%, you should keep your money liquid since college isnt so far ahead or just incase something happens and you need the money, no penalty will be inflicted. If you want something that is "safe" you need to stick with the CD, stocks and bonds have risk (you can lose all of your money). |
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