Hi, so I’m in college and I want to begin investing a bit of my money in the stock market. I’ve also heard of mutual funds as a better alternative for beginners.
However, I am completely lost. I mean I looked at Bank of America and they’re a brokerage… but I don’t know if I trust them since I really don’t like them as a bank. How much does it cost to start a portfolio? Can I just start off with a simple investment of and increase it monthly from there? How much does a brokerage cost (commission charges)? What do you recommend I do for success in investing?
Sorry for so many questions, I just am really in the dark about all of this. A lot of the things I’ve been reading have said how horrible investing is and you can lose all of your money. It scares me…. =(
I appreciate your answers in advance! Thank you! =)
EchoOne3Niner 5:09 am on October 7, 2009
Scottrade.com is best for beginners.
JO 5:09 am on October 7, 2009
good decision..go ahead but take care…start with small investing…
Powerwave L 5:09 am on October 7, 2009
if you want cheap commision. Personally, I think Sogotrade is best among all online brokerages. You can get a lot of free trades: about 100 free trades with 500 minimum deposits. It has very good customer services, it also has live help, and you can chat with representatives about any question. After that, only 3 dollar for each trade, pretty sweet when compared with other online brokerages.
Referral code: 453934
kohak 5:09 am on October 7, 2009
from my perspective I would recommend starting a Roth IRA. With a discount broker such as Scottrade. I believe the minimum to start is 500.
Then buy some index ETF’s….they are a better buy than mutuals. You can then add to this account in any amount you like upto the yearly max currently 5K per year.
This will get you started while you do more research. Now is a good time to start as the markets are down and more likely to go up or sideways rather than down from here.
italianrocky 5:09 am on October 7, 2009
use eTrade. i like them the best. they will help you out.
you p 5:09 am on October 7, 2009
Why not wait until Feb when the new low hit and the market will rally for 4 month or so before the big crash