Some questions about investing at a young age..? | Gold Investment ...

Q: Some questions about investing at a young age..?

I?m 17 years old, been studying things like the economy, stocks, bonds, mutual funds, the dow jones, wall street, etc for quite some time. I?ve had an experienced investor come and teach me a considerable amount of stuff, so i?ll understand your answers, don?t dumb them down because i?m young please. Some questions..

1. At my age, would it be smarter to start investing in a Roth IRA (have a job, make around 4k a year so no taxes would have to be paid now either) or a no load mutual fund? (considering Vanguard?s STAR)

2. Any specific things that have helped any of you become a successful investor? I know of the general rules such as always have emergency money, diversify, etc

3. ?Every 10k you earn in investments, buy a solid gold coin? I know the reasons why, just wondering if a lot of you agree with this

4. Any other tips of advice you can give me would be greatly appreciated!

BTW, i have about $ 4,000 in bonds/savings, haven?t started investing quite yet, plan to invest around 3,000 of it?any specific mutual funds to look into would be sweet too

THANKS, a novice

goldsenze.com Answer:

1. At your age, go with the ROTH IRA. You have 40+ years of investing ahead of you, so that could save you hundreds of thousands of dollars in taxes during your lifetime. Within the ROTH IRA, you can pick any investment vehicle you want, so you could do a mutual fund within the ROTH. Don?t put too much emphasis on the no-load or low cost funds, look at their performance, not their costs. If you can get a fund that nets you 5% more profit and they take an extra 1% in fees, you?re still 4% better off than a discount fund.

2. If you?re talking about long term investments like mutual funds, then spread them out over several different types of funds to expose yourself to different investment categories.

If you?re going to be actively trading and moving your money around, then start small but trade real money. There?s something physiologically different about trading real money vs trading a practice account with fake money, so its better to trade real money even if you trade so small that you make or lose a cup of coffee on each transaction. Make sure your trades and stop loss limits are set so you never lose more than 20% of your account in one shot.

3. I?ve never heard of this. I don?t buy gold as an investment. I do believe that each time you hit a new milestone you should take out a little money and splurge and/or move a portion of your account to low risk investment to protect it. (Don?t take money out of a ROTH because there are tax consequences, but you can move it to a safer fund).

4. Make sure you can afford to lose the money you invest, but don?t be afraid to lose it. Take calculated risk when the odds are in your favor and if you lose, shake it off and try again. Its kind of like playing poker, if you have a 20% chance to win a hand and you can stay in the hand for 10% of the pot, you stay in. You?ll lose 4 times out of 5 but the 5th time you?ll win back twice what you lost on the other 4 hands combined and you?ll come out ahead in the long run. The same concepts apply in investing/trading.

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