As an 18 year old, best way to earn? STOCKS, TRADING, BETTING, ? Start young :D

[WolfLoverPro]

Right so I’ve read about forex bitcoin stock this that the other and I just don’t know which to go with if any 

Now apparently some trading requires reasonably 6k to be safe? Or to just make a profit 

Now I don’t gave a job yes, but I am making money but realistically I could only save up 1k to use then make or loose it 

I get to make money safe you want to do Somthing that takes time so like putting your money into Somthing that builds up over time but idk what tho. 

Any ideas? 

Things I heard of 

Forex 
Stocks trading 
Betting 
Spread bets etc

 

[Acid Panda]

what you should do is buy a newspaper that has a business and finance section and look for the funds, they will take the money you give them and will have options for risk, often 20-100% equities meaning the higher the equities the more risk you take and could loose money on. 

 

with 1k you will not see much in the way of return because in the big picture its not a lot of money.

 

or your could day trade for you buy and sell stocks/shares by the minute, this is very high risk and is the reason why the people who do it are so well paid.  almost guaranteed you will loose your money on this one.

 

betting imo is not woth it.

 

if your investing its better to spread out your investments in some cases.

 

This is information I have gained and will be seen as advice. what you do with your money is your choice and the losses you may incur are of your own volition.

 

good luck 

[givingtnt]

1 hour ago, WolfLoverPro said:

Right so I’ve read about forex bitcoin stock this that the other and I just don’t know which to go with if any 

Now apparently some trading requires reasonably 6k to be safe? Or to just make a profit 

Now I don’t gave a job yes, but I am making money but realistically I could only save up 1k to use then make or loose it 

I get to make money safe you want to do Somthing that takes time so like putting your money into Somthing that builds up over time but idk what tho. 

Any ideas? 

Things I heard of 

Forex 
Stocks trading 
Betting 
Spread bets etc

 

Getting a job and not spending your money is a good start

[Guest]

I've made a lot more money working full time than any other foray. At a young age it builds character and commitment. 

 

Although at 18 I was lazy so I just sold some of my old stuff and made enough money for a good summer before I went to university. Gosh that was a long time ago now. Then again 5 years is a lot shorter for other people on the forum. 

[SaviorSix]

Find a job you're good at. Put your money in a 401k. If you got extra money, put it in savings. Unless you have a really good idea, or a lot of money to start with, you have to start from the ground up.

[msknight]

This is a simple question with complex answers and missing information up front. What is your time scale? What is your target fund?

 

My goals were...

 

1) Pay off the house as quickly as comfortably possible.

2) Be able to meet the bills after retirement

3) Have a boiler fund for emergencies and breakdowns

4) Be able to buy myself a new car when I retire to see my last years out

 

Pensions - these have to invest themselves in order to pay out over the longer term. Many invest in other markets in order to make the money to give back to you when you retire. Is your pension fund underwritten?

 

Savings - Interest rates are low, so getting interest on money stashed right now is not good. However, they are usually among the safest way to salt money away. In the UK, the government underwrites £85,000 per saver, per "business group" that goes bust. Different countries offer different levels, so if using a savings account, is it underwritten by your government if the bank goes bust?

 

Bonds - maturity rates of various amounts over various times. No one knows what's going to happen, but even though I'm in the UK I watch Nightly Business Report to keep abreast of what's happening.

 

401k - not all are created equal. Do research - https://www.investopedia.com/articles/retirement/11/6-problems-with-401k-plans.asp - https://www.thestreet.com/retirement/401k/im-still-worried-about-my-401k-in-this-market-part-2-14741347 As Acid Panda said, £1K is not a lot of money.

 

Be active with your investments and keep an eye on the markets and world stage.

 

Personally, the only shares I have are by accident. (long story) My pension is underwritten by the government and will pay my everyday bills, if I work to the target age. Money comes out of my wages every month before I see it, and goes into a savings account which is also backed up by government guarantee. (Save As You Earn) That's my "boiler fund," for whenever anything unexpected happens. The house should be paid off by the time I'm 60 and I'll have a few years to put the "mortgage payments" into a separate account for a new car when I retire. Even though the UK does have a "premium bond" with prizes every month, you've got to have serious money in that to stand a chance of even getting the minimum prize, so I don't bother with it.

 

As long as I am able to stay in employment and good health for the next two decades, I'll be sorted.

[AntiTrust]

3 hours ago, WolfLoverPro said:

Right so I’ve read about forex bitcoin stock this that the other and I just don’t know which to go with if any 

Now apparently some trading requires reasonably 6k to be safe? Or to just make a profit 

Now I don’t gave a job yes, but I am making money but realistically I could only save up 1k to use then make or loose it 

I get to make money safe you want to do Somthing that takes time so like putting your money into Somthing that builds up over time but idk what tho. 

Any ideas? 

Things I heard of 

Forex 
Stocks trading 
Betting 
Spread bets etc

 

Choose wisely,

 

 https://www.reddit.com/r/wallstreetbets/ or https://www.reddit.com/r/personalfinance/

 

[dalekphalm]

3 hours ago, WolfLoverPro said:

Right so I’ve read about forex bitcoin stock this that the other and I just don’t know which to go with if any 

Now apparently some trading requires reasonably 6k to be safe? Or to just make a profit 

Now I don’t gave a job yes, but I am making money but realistically I could only save up 1k to use then make or loose it 

I get to make money safe you want to do Somthing that takes time so like putting your money into Somthing that builds up over time but idk what tho. 

Any ideas? 

Things I heard of 

Forex 
Stocks trading 
Betting 
Spread bets etc

 

Don't gamble - that's an idiotic way to make money.

 

Stock trading is a good way to make passive investment. Don't play the markets, you'll lose more often than you'll win - plus, no offense, I doubt you have the patience to play the market properly.

 

What you should do is start investing young. Invest in a balanced portfolio - either an ETF (Exchange traded fund), or a well balanced manual selection. Start with recurring payments, and for god's sake, when the market dips, DON'T FUCKING PANIC AND SELL EVERYTHING! Statistically speaking, people who hold the course rather than sell and re-buy later, end up in a better position after a year or two.

 

Don't touch Cryptocoins or anything of that nature unless it's with money you can afford to lose entirely.

 

EDIT: You want to earn money? You want to trade stocks?

 

Get a job. A regular, boring, old, job. Whatever it is, bagging groceries, working at Best Buy or Walmart, pumping gas, working in a factory, fast food - doesn't matter. Get a job. Once you have a job, it'll be easier to get a better job later on.

 

So now you have a job? Great. Now you can start taking a bit of that money and buying stocks, etc.

[RejZoR]

With a job. Why everyone thinks you can just throw money at something and in max 6 months time you'll be rolling around in latest BMW or Tesla? Shit basically never works that way. And I know more people who got burned by such investments and got into horrible debts than getting the BMW or Tesla... Just a friendly advice. People who do such risky investments are the kinds who have 100.000 bucks literally to piss away and they at least know the detailed basics if not anything else. If you have to take any kind of loan to do the investments of such sort or take long time savings from your piggy bank, you're doing it wrong. Or in other words, you shouldn't be doing it at all.

[Andreas Lilja]

Rainy day fund before investments.

[wasab]

Invest and sell lemonade. First a stand, then a small shop, then a larger shop, then a chain of large shops, then franchasing and next step is IPO. 

 

Then... Aim for world domination? Maybe try controlling world governments behind the scenes, idk. Evil corporation is always awesome. 

[lewdicrous]

Betting is never in your favor. 

You're starting dumb, from scratch, the chances of that working out is slim.

[Monkey Dust]

A grand isn't a lot. If you're not going to university, I'd stick the money in to training. Depends what you want to do career wise of course. 

 

It looks like we're heading into a global recession, so I wouldn't get in to shares/stocks right now. Maybe in 18 - 24 months when things have bottomed out?

[Guest]

Get a consistent job with many hours. Don’t spend your money-save it. 

After you have at least $1k saved, you may allow yourself to take 1/4 of your new paychecks to put into your spending budget. 

Have at it with the 1/4 a week & realising hours & not spending money is a great way to make money. 

[PurplDrank]

Stocks....be in it for the long haul and dont throw all your eggs in onr stock. A great stock portfolio makes up many companies from different industries. 

 

Like someone else said if things go down. Dont sell, stick it out. 

[dalekphalm]

17 minutes ago, PurplDrank said:

Stocks....be in it for the long haul and dont throw all your eggs in onr stock. A great stock portfolio makes up many companies from different industries. 

 

Like someone else said if things go down. Dont sell, stick it out. 

Agreed - also choose at least a portion of stocks that have excellent history as being "dividend" stocks - they don't tend to grow stock-price wise as aggressively as some others, but you get consistent dividend payouts.

 

Example: Coca-Cola (USD), Manulife Financial (CAD), Cineplex Entertainment (CAD), etc.

 

A company that has a long history, strong current performance, and no signs of going anywhere, that also pays dividends is a great way to make passive income over the long term.

 

I have very limited direct stock investments (under $1000) and every month or two I end up getting anywhere from $0.50 to $2.00 CAD in dividends.

 

However, make sure something happens with those dividends - in my direct stock trading account, they just get dropped into the account as cash and then just sits there (not earning interest), and they're too small figures to get re-invested into new stocks (ones that I care about, anyway). An ETF would auto-reinvest the dividends using fractional shares (they buy a share in "bulk" and split it among many of their clients).

 

In my case, I simply withdraw the small dividend payments and something else with them (put them into a High Interest savings account, etc). And then once I've accumulated enough to buy some more stocks, I can do so, if I want.

[Dedayog]

On 10/5/2019 at 4:19 PM, msknight said:

This is a simple question with complex answers and missing information up front. What is your time scale? What is your target fund?

 

My goals were...

 

1) Pay off the house as quickly as comfortably possible.

2) Be able to meet the bills after retirement

3) Have a boiler fund for emergencies and breakdowns

4) Be able to buy myself a new car when I retire to see my last years out

 

Pensions - these have to invest themselves in order to pay out over the longer term. Many invest in other markets in order to make the money to give back to you when you retire. Is your pension fund underwritten?

 

Savings - Interest rates are low, so getting interest on money stashed right now is not good. However, they are usually among the safest way to salt money away. In the UK, the government underwrites £85,000 per saver, per "business group" that goes bust. Different countries offer different levels, so if using a savings account, is it underwritten by your government if the bank goes bust?

 

Bonds - maturity rates of various amounts over various times. No one knows what's going to happen, but even though I'm in the UK I watch Nightly Business Report to keep abreast of what's happening.

 

401k - not all are created equal. Do research - https://www.investopedia.com/articles/retirement/11/6-problems-with-401k-plans.asp - https://www.thestreet.com/retirement/401k/im-still-worried-about-my-401k-in-this-market-part-2-14741347 As Acid Panda said, £1K is not a lot of money.

 

Be active with your investments and keep an eye on the markets and world stage.

 

Personally, the only shares I have are by accident. (long story) My pension is underwritten by the government and will pay my everyday bills, if I work to the target age. Money comes out of my wages every month before I see it, and goes into a savings account which is also backed up by government guarantee. (Save As You Earn) That's my "boiler fund," for whenever anything unexpected happens. The house should be paid off by the time I'm 60 and I'll have a few years to put the "mortgage payments" into a separate account for a new car when I retire. Even though the UK does have a "premium bond" with prizes every month, you've got to have serious money in that to stand a chance of even getting the minimum prize, so I don't bother with it.

 

As long as I am able to stay in employment and good health for the next two decades, I'll be sorted.

Did you really advise an 18 year old without a job on Pensions?

 

To OP:

 

Best thing if you're not wanting to work... find a problem that you can offer a unique or untried solution to, develop a service or product, grow.

 

The rest of your ideas are for people who have disposable income already, that is not you yet.

[msknight]

47 minutes ago, jstudrawa said:

Did you really advise an 18 year old without a job on Pensions?

 

To OP:

 

Best thing if you're not wanting to work... find a problem that you can offer a unique or untried solution to, develop a service or product, grow.

 

The rest of your ideas are for people who have disposable income already, that is not you yet.

Yes... I did.  The OP should have a plan and when the OP does get a job, a pension should be on the list as early as possible. The OP doesn't have a 9-5 but must be doing something to make money, so I wouldn't say that the OP is not wanting to work... that's unfair to the OP.

[Dedayog]

Just now, msknight said:

Yes... I did.  The OP should have a plan and when the OP does get a job, a pension should be on the list as early as possible. The OP doesn't have a 9-5 but must be doing something to make money, so I wouldn't say that the OP is not wanting to work... that's unfair to the OP.

Work as in working a job.  I'll clarify.

 

Pensions are dying outside of gov't and a few private industries.   Quit a few other vehicles for saving to retirement that are better.

[Tog Driver]

Rich people are afraid of leaves.

 

They will pay you to get rid of them.

[WindirBear]

TIP. DO NOT PLAY OPTIONS. DO NOT PLAY OPTIONS. DO NOT PLAY OPTIONS. 

or do.

[Leonard Smith]

From someone who works for a betting company, betting is not the way to make money!

[porina]

Sometimes it is better to be lucky than good, but you would be the exception if you could be the lucky one.

 

There is one thing in the UK I'm not sure if there if similar worldwide. Premium Bonds, a government backed scheme that is part savings, part lottery. You buy them like other bonds, but unlike a regular one they don't offer a fixed return. You can cash out at any time so you never lose your capital. Well, you might if the government collapses but there will be far bigger problems in society by that point. What you do get as long as you hold these bonds is a chance to win a cash prize. There is a million top prize, and many more smaller ones. Now your chances of getting this million are probably even lower than if you played a lottery, but again the difference here is you don't lose your capital. The stated intent is that in the long term, the small prizes will average out to be comparable to that of a regular savings account. That's the best I can come up with. The nearest to no-risk gambling. A tiny non-zero chance of winning the big prize. I bought the minimum amount allowed at the time of £500. Since then I've won small prizes around £25-50 on a few occasions. It probably averages out comparable to typical savings rates. Some savings rates might be better, but no chance of a bigger prize there.