Stock Market/Business

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Ever since i was a toddler i always had a genuine love for business and money. Now im 15, and ive realized that colleges cost roughly 30,000 dollars a year, and although my family isnt in poverty or anything (we actually live in a very good city in northern virginia - expensive housing, etc), i feel bad that my parents will soon have a much larger burden upon them along with the house mortgage and everything else... paying for my college! They've honestly worked their hearts out since they both moved here from Iran during the revolution in the late 1970s... they had to learn a whole new language, had no connections or anyone to support them, yet managed to go to American University and provide a great education and environment for myself and my sister. For all the great things theyve done for me, i woudl really love to give it back to them someday, but for now im focusing on paying for college; how will i do that? im thinking of fully immersing myself into the stock market and learning all there is to know about it, track some stocks for a while, then when ive made my decision, buy the necessary amount of shares, and hopefully by the time i have to go to college ill have made enough to pay at least some of it off. However, i dont really know where to start learning all this... ive so far been going to money.cnn.com for the past couple weeks, and have learned some basic stock market terms, yet i feel the need to really learn about the stock market before i make a decision on buying stocks, mutual funds, bonds, etc. If any of you adults have a job associated with the stock market or business in general and would be able to spare a couple minutes of your time to steer a 15 year old kid to some book or knowledgable source to help me out, that would be greatly appreciated. Thank you in advance:D
 
I know i am, thats why im posting that i need some help about learning it and stuff
 
haha - good question. well, since i saw the "members lounge" was for talking about anything, i thought id just give it a shot and see what happens. i was already pretty sure that i wouldnt be able to pay for all of college, but maybe some of it at least? im not looking to put all my money into one stock and hope for the best, im just looking for a good plan or place where i can put my money in it and it will slowly gain interest - perhaps a US bond or mutual fund... i just needed some help/direction on where to find out more about that kind of stuff, thats all.
 
I don't know anything about the stock market business, although I took business class all last year..

I think you would be better off just getting a small job and let the money add up and put it in a savings account for some interest.
 
you could join the Army, I've read about what kind of deals they offer you and its pretty good, enlistment bonuses and paying for college etc...
 
You should talk to your parents about starting to save for this expense. A good place for them to look for free advice is I have them as my bank and for auto insurance as well. They could start an aggressive mutual fund or perhaps a 503 savings plan. Also I am in college in North NJ (which is extremely expensive) and I am paying roughly 10K a year. Thats a substantial amount less than 30K. Another thing is to attend a local community college to eliminate your core courses (english, math...) and then transfer to a larger school.

Also you can apply for financial aid, which will help offset costs.
 
To make big money in the stock market, you need big money... Back in high school a couple of the kids invested a few thousand into XM radio (just chump change). Anyways, they managed to make 1,500 in profit. XM dropped like a fly though a few years ago - so you know...

Anyways, 30,000 a year, is a **** load of money. You must be going to a good school. I'm paying about 7,000 a year, mostly with low interest student loans, and the rest out of my pocket. I'd be doing fine, if my car wasn't about to die *sigh*.
 
all jokes aside though.... im tryin to get into georgetown university to pursue a medical career, and although i just threw in 30k as a wild guess im pretty sure georgetown university is pretty expensive... anyways, thanks evry1 for the tips and advice. i think ill probably go with spending the money ive saved into a mutual fund or even in the stock market if im really sure about a stock i want to invest in. i have around roughly 5k right now in my savings, so it should be a good chunk to start with.
 
I just finished this book-Rich Dad, Poor Dad. Buy it; follow his advice. Next, pick up this book-Rich Dad's Guide to Investing. This is the next one I've started to read.

I went to the library today and picked up a few more books-
Beating the Street by Peter Lynch
Incorporate and Grow Rich by CW Allen
The Wall Street Journal Guide to Understanding Money and Investmenting

These books will give you great tips on getting financially literate. I will be putting into practice the advice in these books in the next four months.

Keep in mind the advice so far-investing is very risky business. It takes years and surrouding yourself with knowledgable people to know what you're doing. There are a lot of options-CDs, mutual funds, IRAs, bonds, stocks, etc

Also, send an email to this guy-
malber@adelphia.net
And tell him your situation. So far he's responded quickly and has sage advice.
 
Instead of trying to make it big before you make it out of HS, try aiming for a scholarship, and maybe get a job on the side...if you're going to make enough money to put yourself through college, you're not going to be spending much time on anything else.

If you're going to invest, look into slow appreciating, low-risk things. Don't go blow it all on dot-coms, lmao.
 
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Well you can try to get a scholarship while in college. Then apply to Georgetwon for med school. I also read Rich Dad, Poor Dad but didnt think it can help that much.
 
Risky Buisness

Well since you are 15 this is the basic advice I can give you....

It's pretty simmple.....BUT HARD TO DO..in our society.

1. Don't spend more then you have. IE do not run up a Credit card Debt.

2. If you are going to buy stock, do your research, Buy low sell High....sounds Easy, It's not.

Currently I am married, father of three, we currently have over 100K in our 401K plans and thousands of shares of stocks in S&P500 companies. I am 36 wife is 35. We make good money over 150K a year, Own a very nice house and 2 cars.


This is what I recommend what you do.

get great grades in HS, and go to College, don't worry about which college, just go and get a DEGREE. I went to a State University in NJ, paid my own way through college and earned a BA, working 2 jobs, getting loans, etc. It only increases your value later in life, But not super Necessary.

There is no quick rich schemes that are going to work, I love the stock market and play with it....it is gambling at it's most Pure form.

If you have a bank account currently, I would use either the DRIP Method, ( I use this) as well as Sharebuilder.com BUT I would invest in major companies at your age, Companies that will be around, such as coke and other major players, and Diversify your shares, to a broad spectrum of "types" of industry. IE, food and Beverage, Utilities, Retail, etc.

The market will go up and down through the course of your life....But remember...you only Lose or Gain when you SELL the stock, the longer you hold it the better.....It's a marathon, think retirement, Not Porche at 30.

Also keep track of the Purchase price, you will need this when you sell your stock...in 20 something years or 2 years.....or 6 months.

Good Luck, but your wisest investment would be to limit yourself to 1 credit card and use it wisely, to many Americans are to far in debt, I had to dig my wife out of serious debt when she graduated college, but while we "dug out" we still invested......Bills are gone, but the money we invested 10 years ago has grown. Put as much as you can into your 401K when you start. you are young and can afford to do it. You can always lower it after you get married and have a family, but you will earn a nice interest on the money you first start out with, so the more you start off with the better.

I started my 401K when I was 18, my biggest mistake was credit card debt and bonds, Older and wiser now.
 
also....Georgetown is a PRIVATE University, they are way over priced, UVA is a GREAT school, so is VATECH, Virginia has a great university system, Use it. Medical school is after you earn your BS. Get it somewhere else first, then apply to medical school if you have the grades.

I went to community college before I went to a NJ state University.....It was cheaper for me, and I make very good money.

If you are smart enough to be a Doctor, well you will have loans to no end. If you got the brains, they will give you the money(loans), don't worry about that.

Just do what is best for you, if you can get into Georgetown Medical school that is great, But I would not go to Georgetown for undergrad, go to UVA.
 
evolution said:
Out of curiousity, did you use any of the tips offered in the book or read the other books suggested in the book?
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No I didnt. The book was really good, but provided useless info IMO. Its the age old tale of working for yourself against working for someone else. It was more like a biography that barely touched the surface of anything spectacular. The other books may be great, but I didnt think this was anything helpful.

Kind of like those real estate seminars that are free which promise to give you all the info you need. When in fact they are just ploys to get you to purchase their real course for 3K.
 
MellowGAman said:
get great grades in HS, and go to College, don't worry about which college, just go and get a DEGREE. I went to a State University in NJ, paid my own way through college and earned a BA, working 2 jobs, getting loans, etc. It only increases your value later in life, But not super Necessary.
Click to expand...

Very good point. Even though I'm only 20 (and not 19 as some may have thought!) nothing is more important than having job experience while your in college. First off understand that your not going to be getting paid as much as you deserve - many companies 'hire college students' to do their bitch work. But what is important to understand is that you will gain so much knowledge on how the business world works. You will also learn that many people have no souls, and will stab you in the back to make sure they get what they want. :p

Cheers
 
Definitely saving for something like school where you can't afford to lose money you need to diversify, do not buy into one stock, or one fund. Unless you want to manage your money full time you should probably seek a professionals advice on a decent portfolio Savings account interest doesn't even keep up with the real inflation rate anymore so you don't wanna just sit it there and forget it. Look up a few good financial advisors in your area, see what they recommend, check the fees of the investments and the five year returns record of their recomendations. Even ask the investment people at your bank. A good advisor should be able to tax shelter a lot of the money in an education fund so that if you use it for school in the future you can pretty well avoid tax entirely.

That would be your best advice right now most likely.

Sorry I am not overly familiar with US tax law or investment vehicles so I can't give you any real specifics.
 
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