Localfund.com - All about Fund and Investment
*Home>>>Invest Fund

Investing at 17?


I am currently 17. What are the available investments that I am able to do such as stock, cd, savings account, mutual fund, Roth IRA... etc. Is there any that I am able to do currently with or without a co-sign. Is it possible for me to invest money into a mutual fund at my age?

Also for a savings account, is it possible to withdraw, deposit much like a regular checking account into the checking account or is it where you could only put money in and not take out until a certain point?

Thank You

also for stock trading programs, such as E Trade, how would you start as in do you have to open up an account with the group and pay them fees? is there an minimum age?

if i wanted to start trading stocks with e trade within a few months of turning 18 would it be possible?

You must be 18 years of age to begin investing in securities on your own. However, you can certainly consider a Custodial Account if you are anxious to get started and are several months away from your 18th birthday. If you can comfortably put away $25 per month or more, mutual funds that invest in stocks can be of great value to you, both financially and educationally. Purchasing individual stocks should really be done after you have gained considerable experience from the mutual fund experts or from a qualified investment advisor. You and an older member of your family - such as your father or mother - can open the account and begin your investment career once you have some kind of idea of how the investments work. The Custodial Account can be re-registered in your own name on your 21st birthday. You should also know that an IRA Account (Roth or Traditional) is for people who are employed and earn a minimum of $600 on a W-2 status.

Hawk

Unfortunately, you can not invest at 17, because you are a minor and any contract with a minor is invalid. The best thing to do is keep putting your money into your savings account until you're at a legal age to invest. During this period you should do more research about investing, learn as much as you can. When you're at a legal age, you can withdraw the money from your savings account and start a Roth IRA, and you should also open a Money Market account.

A savings account is a 'in' and 'out' account, simply put, you can make a deposit and withdraw any time. Check with your bank.

Tags
  Investment Advice   Investment Account   Invest Money   Invest in Gold   Invest Fund   Income Fund   HYIP   High Yield
Related information
  • Does anyone have the ARN code for Citibank in India?

    ARN stands for AMFI Registration Number. It should be available on AMFI site (...

  • We are looking for funds for our small but fast growing medical tourism consultancy in India.Anyone interested

    Tell me more. We are into Private Equity and have funds for this sector. esdevnet@esdevnet.com

    ...
  • What do you do with inheritance?

    Money markets are basically savings accounts that pay you an interest rate based on the current value of money. Mutual funds are a good way for the beginner as they spread the money out across...

  • Im 18 no assets do I need a financial planner?

    I'm 22 and started trading the markets when I was 19. Here's the thing the most important thing I invested in when I was your age was my brain and learning about the market. You don�...

  • Will Indian stock markets come down to 17-18 K before Dec 10, 2007. or it will go up?

    Play it safe and only invest 25% of your money. Invest the rest of your money in other forms that are safer until the volatility has diminished a bit.

    ...
  • How do I calculate an annual time-weighted rate of return if one my holding periods was less than one year?

    Go to yahoo/finance and create a portfolio... one of the options for the display is " annualized return".... I like it and have it in all my portfolios.

    ...
  • What is the truth about cash value life insurance?

    It's amazing to me that almost every time I see a question about life insurance, I see most people saying buy term and invest the difference. I also see a lot of folks try to compare cash valu...

  • Tax on interest?

    EU tax law is not in force in the UK> As I have said before, if you bring the interest to the UK it is taxable here. If you leave the interest in Luxemburg, then its not taxable in the UK.

    ...
  •  

    Categories--Copyright/IP Policy--Contact Webmaster