keep the money and don't live to close to your means as if it goes shits up you need something to live with. i may only be 16 but i still now that if you live on the edge of your means spending it every-time with out a backup you will definitely lose at some point, because bad things happen to everyone.

HeavOnEarth

United States7087 Posts

July 04 2010 11:47 GMT

I am in the same boat as OP. :D very nice savings from my jobs but also hesitant to try to make anything more of it
I have tried poker though, it's more like- i can grind low stakes for half minimum wage than it is investing your money by playing percentages

(AKA i am super tilt-monkey)

ToyotaDemon

Australia150 Posts

July 04 2010 12:20 GMT

It is true that you need to spend money to make money, but at the same time you must consider each potential means of revenue carefully.

Any investment is a risk, but having said that, you make a judgement on that risk by carefully planning and considering all the possible outcomes etc.

As matthewfoulkes has said, your living costs shouldnt take up all your income. A general rule, is before you decide to do anything, you must have enough money to dig yourself out of your own hole if things go bad.

Ive spoken to people that have opened up shops/own businesses but were actually losing money, had to sell their shop and still have a huge debt to repay because they were a bit too hasty in setting up their own business.

Anyways best of luck in this new endeavor, the first time is always exciting/scary but you'll learn the tricks of the trade after some experience and you'll be able to make it work for you.

I myself haven't engaged in investing right now (because im a poor student :<) but I have worked and learned from mistakes and my dad who has worked his own businesses for over 20 years. Listen to your parents too xP they will have made good and bad decisions with their money and can advise on what to do. = ]

Good luck!

Saechiis

Netherlands4989 Posts

July 04 2010 12:21 GMT

Well, invest it in some kind of education then, something you like and have a knack for. Something that you can do in your spare time and what may give you additional options in the future.

Or just spend it, live is too short to just worry about making more money, it's no use to you when your dead, neither will it be much use when you're a senior who doesn't feel like doing anything but sitting around. Travel, enjoy life now you can

Badjas

Netherlands2038 Posts

July 04 2010 12:23 GMT

Invest in education, but I assume that's already on the agenda.

Also, buying a house, even with taking a mortgage, can be seen as an investment itself. Buy a house that is cheap based on appearance but in a good location with a good future and you have the chance of some big returns. Flipping perhaps even if you have that much cash, but as always the risks are there as well.

Other idea is to invest in your life experiences. See the world while you have no mortgage or dependents and plenty of backup cash.

ToyotaDemon

Australia150 Posts

July 04 2010 12:24 GMT

Oh yeah I forgot to mention, have some fun with your money, it's no good if you can't enjoy what you like/want and it all goes into investing.

Life really is too short to just put all your savings into investing and such, go out there and enjoy yourself. Live your life without regrets ;D

Sadistx

Zimbabwe5568 Posts

July 04 2010 12:26 GMT

2.) Forex/Market trading - I've done some research and came to conclusion it's mostly like a pyramid scam where only the very top 0.1-0.05% make some money.

That's wrong, you should do your research better.

Barnzy

United Kingdom57 Posts

July 04 2010 12:43 GMT

If your unsure just go and buy a shed load of american bonds and bills?

have a looksy here, i think thats the best bet for a man like your self to get started on!

http://www.schwab.co.uk/public/schwab-uk-en/investment_choices/fixed_income?cmsid=P-3243178&lvl1=investment_choices&lvl2=fixed_income

thedeadhaji

39489 Posts

July 04 2010 12:56 GMT

#10

just do dollar cost averaging investment.

thedeadhaji

39489 Posts

July 04 2010 12:59 GMT

#11

btw "money out of money" to me, entails passive income stream.

ex: stocks and bonds, commercial real estate, money lending (><), etcetc

TunaFishyMe

Canada150 Posts

July 04 2010 13:36 GMT

#12

until you gain some knowledge in investing, i suggest just putting your money into GICs and Bonds. Interest rates are pretty low atm.
I started investing at like 18 or so with GICs. They used to be somewhat better (4-5%). Now its pretty crappy.
I started equity 2 years ago. I've made about 10% on my investment but its not easy. I've been down 10% before too. TBH, I think your mentality is right. Don't do somethign you don't know about.
If I were you, Id stick with GICs or something until you gain more knowledge maybe through a paper account and then put real money in.

Simplistik

2173 Posts

July 04 2010 14:10 GMT

#13

In most countries you can make decent money from savings and relatively safe investments. In the UK for example there are tax free savings accounts, with rates that usually beat inflation.

NuKedUFirst

Canada3139 Posts

July 04 2010 14:42 GMT

#14

Lol, just invest in Activision Blizzard..
You are sure to make money.
Edit:
http://www.google.ca/finance?client=ob&q=NASDAQ:ATVI

Or win the lottery 4 times like the old lady from texas did.

T0fuuu

Australia2275 Posts

July 04 2010 14:46 GMT

#15

if you didnt do well at poker its not a good idea to play forex. at least poker has some luck in it to help you along! forex you can make losses alot faster than you can anticipate

Spiffeh

United States830 Posts

July 04 2010 15:37 GMT

#16

Read I Will Teach You To Be Rich by Ramit Sethi. It's got everything a beginner needs to know about investing. It's actually A LOT easier than you think. You just need around $50 bucks to open a ROTH IRA and $1000-3000 to start up a Lifecycle fund. The book explains it more in detail.

QuoC

United States724 Posts

July 04 2010 15:38 GMT

#17

savings bonds. go to your bank and ask one of the clerks how to invest.. for EE savings bonds, it should go like this.

Purchase a 100-dollar savings bond for half price ($50)
wait 10-20 years for it to mature, then after those years, you'll have made a nice investment and you can thank urself later! lol i might do that

geometryb

United States1249 Posts

July 04 2010 15:42 GMT

#18

i lose money

CaucasianAsian

Korea (South)11602 Posts

July 04 2010 15:49 GMT

#19

http://forumserver.twoplustwo.com/30/business-finance-investing/

I have used this forum when i was interested in investing, or if i'm bored and interested in what's going on in the business world.

TossFloss

Canada606 Posts

July 04 2010 15:57 GMT

#20

Richard Branson started his first business while in highschool and had lousy grades. He never went to university but kept making businesses. He's now a billionaire.

Felix Denis came from a poor family, never went to college. And what is he best known for? Maxim magazine.

Duncan Bannatyne never made it to college, joined the navy and was dishonorable discharged. He then started a business with an ice cream truck. Oh yeah he has millions of money now.

I could go on...