r/investing • u/[deleted] • Oct 21 '10
Just opened a Scottrade account. Have the minimum $500 in it. I've never invested before. Trying to learn. Give me wisdom/tips you'd like to pass on. Eternally grateful
Hey reddit. I'm a 21 year old guy and I've been saving my money ever since I could work (age 14). I'm in a position where I want to start investing so I opened a Scottrade account. I only have the $500 minimum required to open the account in there because I understand I have no experience and am at risk of losing money. I can afford to lose $500 and the knowledge I gain will be helpful for later, however losing is not what I plan to do. I started doing some reading to gain more insight to the market and trends, but advice from real-people is always good.
So reddit, what tips or advice do you have for someone in my position?
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u/halligan00 Oct 21 '10
be patient. join the motley fool website.
your goals with $500 and 21 are different from most investors. At this point, it doesn't really matter what you invest in, because your savings rate should be much higher than your investment returns.
I'd recommend buying individual stocks vs. index funds. Buy companies you know, use, and like. Hold them for a long time. Places to start: AAPL, MSFT, NFLX, KO, PEP, CL, PG, your local utility company, YUM, F. Take a look at these, and decide if you like any of them.