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JeffSimons

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Can you make money off investing when you're broke?

im 19, freshman in college broke as a joke and i was wondering how to get rich! i heard of investing..how long would it take me to get rich by investing little money till i get a better job? whats the best places to invest..and how long would it take for me to be comfortable.then rich..anybody on here got rich off investments??

949 day(s) ago

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sallyM 		you are now investing in yourself, a wise choice, study hard!

Posted 949 days ago

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SamirAhmed 		Absolutely. Go to your nearest brokerage office near campus. Tell them you have no money, but would like credit for the next stock that will soon rocket to a million dollars.
They will take down all your information. Then in a year or two, you can stop by, collect your million, and pay the brokerage their small fee.
It's a 'piece of cake'.

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TomMoody 		If you have no MONEY, WHAT are you going to invest? Ever heard of the saying "You have to spend money, to make money"? If you have NOTHING to invest, you will NEVER become rich. Are you expecting money to fall from the sky?? You will have better luck playing the lotto than investing with no money! LOL

Posted 949 days ago

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KathySimons 		If you learn one thing today, go to bed tonight and remember that you should never invest with money you cannot afford to lose, whether that be debt or liquid assets you may need to keep living.

If you have any type of job, save a percentage of your income each month in a savings account. It may only give tiny returns but it's much more secure than playing with volatile markets that you need to learn about prior to throwing cash into the game.

If you have a curious mind, search Google for learning resources related to the financial markets. After reading, if you wish to test your skills with shares and markets, Bloomberg.com has a portfolio function that allows you to set-up a profile and make investment decisions without using real money. It's good practice without risk.

Posted 949 days ago

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kirand 		Yes you can but it's a gamble. A big gamble which you will probably lose unless you study harder than for any of your classes and learn stocks and options like the back of your hand. Why do I mention options? Because with options you can get leverage of 100:1 just like you can with playing the forex market. Ordinary stock margin is just around 2:1 so if you are broke you can occasionally gamble what little money you have on stocks and options. You will need a few hundred to get started however. Oh and you nead to read read read and be very good at math, especially calculus. Also grab yourself the book Option Volatility & Pricing: Advanced Trading Strategies and Techniques by Sheldon Natenberg from your library along with some other regular stock books which look easy to read.

You need a low fee broker too, I prefer sogo myself because they start you with 100 free trades and all trades afterwards are like $ each including options(add .70 cents per contract on options though).

Pick up a few books and read up on stocks. Go for low risk, low yield stocks first since you are new at this. Read as much as you can and watch youtube videos and documentaries. If you find the topic interesting then open a brokerage account somewhere and start buying stocks. Don't open a forex account, I know lots of ads are out there promoting forex but trust me stocks are much better and safer to start out with.

Like I said I recommend a low fee brokerage like sogo who charge $3 a trade and also give you 100 free trades to start so make your first few trades really small ones. Trust me when you are playing small for the purpose of learning then you don't need people charging you $10 a trade like most brokers do so sogo is good in that respect. Later if you become more seasoned you might want a fancier broker. And one last word of warning, never never buy and sell the same stock in the same day more than three times a week. It's the PDT rule.

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kirand 		Before you commit any money into this area, get yourself acquainted with the subject.

There are many websites with lots of free tutorials on how to invest. Learn about DCA, Asset Allocation, equities, bonds, preferreds, options, etc.

Learn about how to read a chart - technical analysis like candlesticks, RSI, MACD, Stochastics, etc.

once you feel comfortable about the subject, then you try doing some virtual trading ( on paper, no money involved ), to see if you can make money.

Good Luck.

Posted 949 days ago

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BillGill 		That's not the way the world works.

It takes money to make money.

Period.

Rich as in "doing anything I want" kind of rich doesn't happen with investing alone. You build companies. You innovate.

Retirement rich -- having enough to generate a living income for the rest of you natural life can happen with a combination of savings and investments. Most people who actually have it, though, have a least a couple of scoops of the entrepreneurial spirit in their mix as well.

It takes an accumulation of at least a couple hundred thousand dollars before the multiplying effect of money becomes obviously and powerful. Save your pennies, man. Save your pennies.

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