INTRO:
Im looking into investing for the first time and heres my situation currently:
+~ $4k cash
+Still in high school, interested in finances and just trying to start out early
+No experience, been reading articles and putting together my own "cheat sheet" of terms and such over the past few weeks just to get a base going.
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GOALS :
Year One - Become more knowledgable, at least break even any profits are a bonus
Year Two - Same as year one except maybe a tiny more profit. I will be done with high school and my goal is to have $15k banked because of work
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SHORT TERM :
+Continue to do my research and read up on things.
+Decide on brokerage
+Once brokerage is decided my money breakdown will look similar to this
~$500 just in the bank for everyday stuff
~$1000 bonds/CD's(?)
~$2500 stocks (further breakdown to be determined)
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QUESTIONS/COMMENTS/ETC :
+ Any books you all can recommend?
+Is IB all its cracked up to be and is it too complex for novices?
+On the IB website it says the activity fee minimum is $3 (Age 25 or under), since im not 18 yet i dont think its legal for me to open an account in my name so i would have to have to be trading in an account created by a parent, but then i would have to be doing $10 a month in trades or making the difference which is a fairly high amount of money % wise when you are working with $2500
$10x$12 = $120
$120 = 4.8% of $2500
Any ideas on this?
(phew...sorry for that long question..)
+Any other fees to look out for? I have looked over all of them so far and havent found anything.
+Should i wait until i have more money before doing anything and just let my money sit in a CD for a little while?
+Any other advice?
Thanks
Im looking into investing for the first time and heres my situation currently:
+~ $4k cash
+Still in high school, interested in finances and just trying to start out early
+No experience, been reading articles and putting together my own "cheat sheet" of terms and such over the past few weeks just to get a base going.
-----------------------------------------------------------------------------------
GOALS :
Year One - Become more knowledgable, at least break even any profits are a bonus
Year Two - Same as year one except maybe a tiny more profit. I will be done with high school and my goal is to have $15k banked because of work
-----------------------------------------------------------------------------------
SHORT TERM :
+Continue to do my research and read up on things.
+Decide on brokerage
+Once brokerage is decided my money breakdown will look similar to this
~$500 just in the bank for everyday stuff
~$1000 bonds/CD's(?)
~$2500 stocks (further breakdown to be determined)
-----------------------------------------------------------------------------------
QUESTIONS/COMMENTS/ETC :
+ Any books you all can recommend?
+Is IB all its cracked up to be and is it too complex for novices?
+On the IB website it says the activity fee minimum is $3 (Age 25 or under), since im not 18 yet i dont think its legal for me to open an account in my name so i would have to have to be trading in an account created by a parent, but then i would have to be doing $10 a month in trades or making the difference which is a fairly high amount of money % wise when you are working with $2500
$10x$12 = $120
$120 = 4.8% of $2500
Any ideas on this?
(phew...sorry for that long question..)
+Any other fees to look out for? I have looked over all of them so far and havent found anything.
+Should i wait until i have more money before doing anything and just let my money sit in a CD for a little while?
+Any other advice?
Thanks