All good advice helpful please :)

[share newbie]

hi my name is jack and I am currently 17 years of age (18 in a month) and I have been thinking for the past few months on how to be financially above in life. seeing as I dropped out of school (stupid decision yes I know) my options are limited as I cant really get a high paying job, but over the past year I have managed to save around $11000 and that's growing every week.. so I had a look online and my best option would be to stick my nose into the stock market, also being 18 soon I could get a $20000 loan and invest it with my other $11000 to make more in the long run. now I know im not going to make lots of moolah over night and it will take years, but I am willing to wait if it is going to benefit my future, and I REALLY don't want to be like most drop-outs and live of centerlink, so basically I was wondering if- 1) this idea actually makes sence 2) how hard is it to buy stocks and if I could do it from home and 3) any advice any experienced people have would be appreciated greatly..
thanks a lot if you took the time to read my blurb
Jack

 

[Gringotts Bank]

hi my name is jack and I am currently 17 years of age (18 in a month) and I have been thinking for the past few months on how to be financially above in life. seeing as I dropped out of school (stupid decision yes I know) my options are limited as I cant really get a high paying job, but over the past year I have managed to save around $11000 and that's growing every week.. so I had a look online and my best option would be to stick my nose into the stock market, also being 18 soon I could get a $20000 loan and invest it with my other $11000 to make more in the long run. now I know im not going to make lots of moolah over night and it will take years, but I am willing to wait if it is going to benefit my future, and I REALLY don't want to be like most drop-outs and live of centerlink, so basically I was wondering if- 1) this idea actually makes sence 2) how hard is it to buy stocks and if I could do it from home and 3) any advice any experienced people have would be appreciated greatly..
thanks a lot if you took the time to read my blurb
Jack

Were you kicked out of school or you just decided to leave?

 

[share newbie]

Were you kicked out of school or you just decided to leave?

um well ill put it this way, I was going to be kicked out if I didn't leave, if only I could go back and tell myself school basically determines your future..

 

[Gringotts Bank]

um well ill put it this way, I was going to be kicked out if I didn't leave, if only I could go back and tell myself school basically determines your future..

That's odd, you don't sound like the typical trouble-maker.

You can go back any time and complete your studies. You simply re-enroll.

(How am I going Joe... too negative? I mean this one is verrrry obvious).

 

[ROE]

Education is important but if it not for you then you need a clear path of where you want to go
pick a job or a trade or a business you like to do and generate some income.

Hard to invest if you got no decent income ....

you got plenty of time, educate yourself with stock market principles before you jump in, the market will be still be around when you ready ..

search the forum for ideas and books to read

 

[share newbie]

Education is important but if it not for you then you need a clear path of where you want to go
pick a job or a trade or a business you like to do and generate some income.

Hard to invest if you got no decent income ....

you got plenty of time, educate yourself with stock market principles before you jump in, the market will be still be around when you ready ..

search the forum for ideas and books to read

I do work full time, not saying I love it but its a decent wage and it could be worse..

 

[Gringotts Bank]

I do work full time,

Why did you say "I REALLY don't want to be like most drop-outs and live of [sic] centerlink"? I don't get it.

 

[share newbie]

Why did you say "I REALLY don't want to be like most drop-outs and live of [sic] centerlink"? I don't get it.

just don't want to be like that..

 

[burglar]

Why did you say "I REALLY don't want to be like most drop-outs and live of [sic] centerlink"? I don't get it.

@GB

The OP is wanting to better his future, why dwell on his past?

 

[Gringotts Bank]

just don't want to be like that..

Find a school and re-enroll. For the most part, your spelling and grammar is good. Not what I'd expect from a drop out.

 

[CanOz]

Hi Newbie,

I was lucky in that, i was in the same boat as you and nearly got kicked out of high school...to much party and not enough study...

I managed to graduate and through a bit of good luck and lots of hard work i achieved the things i wanted to achieve, career wise. Still, I've never really done what i felt i had the passion and talent for.

Find out what your passion is, what would you do for almost no wage at all? Try to make a career out of that. Go back to school if you need to, but this time armed with the motivation to be the best at something you love to do.

In the meantime keep saving, educate yourself in regards to investing. Learn about property, shares etc., all the different asset classes. Keep saving...

Learn, read, learn and read some more...Try to get as much free info as you can.

Once you feel you understand, then maybe you'll be ready to invest or trade.

Take your time, be patient...oh, and most of all, enjoy your life.

Good luck.

 

[share newbie]

Find a school and re-enroll. For the most part, your spelling and grammar is good. Not what I'd expect from a drop out.

I will put it this way, I am not stupid, but a lot of the decisions I made and the "friends" I had at school were.

 

[Gringotts Bank]

I will put it this way, I am not stupid, but a lot of the decisions I made and the "friends" I had at school were.

So why don't you re-enroll? You're only 18.

 

[share newbie]

So why don't you re-enroll? You're only 18.

that thought is weighing heavily on my mind- trust me...

 

[burglar]

1) this idea actually makes sence 2) how hard is it to buy stocks and if I could do it from home and 3) any advice any experienced people ...

1). I had $30k in the share market in October 2000. I still have some left.

2). I find it easy to buy shares, but I fall in love with them.
I hold them in faith, through thick and thin.

3). CanOz has given you great advice ... trust me!

 

[So_Cynical]

Go throw your 11K into a IB Account and have a red hot go.

Get a different sort of education.

 

[Sharkman]

having been in a similar situation to you myself (dropped out of uni at 20) i'd definitely agree with what ROE said - concentrating on building a stable career first, the stockmarket will still be there when you're ready. if you try to take on too many things at once you'll spread yourself thin and risk ending up with no stable career and a substandard stockmarket return. focus on one thing and try to meet certain goals there first before you branch out

 

[Craton]

I will put it this way, I am not stupid, but a lot of the decisions I made and the "friends" I had at school were.

Yeah, "friends". Know where you're coming from Jack. I don't want to preach but you know that without that last certificate from school, well you know how it is, your hobbled.

Firstly, to invest in the stock market you will need to find out how much risk you are willing to take on. Easier said than done especially once a share goes negative to your purchase price. Once you've got this sorted, you'll know how to proceed.

Buying and selling stocks is fairly easy and cheap enough nowadays and even better, it can all be done via the internet via any of the online brokering houses around. Most of the big banks have an online stock broker business.

With time on your side and a willingness to learn, you'll do fine. I'd suggest looking at liquid (shares are traded reguarly) companies with dividend reinvestment and watch that lovely accumulation grow. Accumulation IS one of the secrets of investing.

Rough example.
Money that's earning 7.2% and reinvesting the interest will double your money in 10yrs.
Using the same reinvestment strategy, money that's earning 10% will double in 7.2yrs.

There's also a line of thought that one should only invest around 2% (of your investment stash) into the speculative end of the market.

Plenty of good info here and elsewhere so good luck mate.