Brokerage Help

[Jason Lermount]

Hello, im a 17 year old from Australia and wanted to take a wee yonder into the investing world, i want to invest rather then trade and given i have such a limited cash flow and amount to invest, i was curious about the options there was for me as firstly the legal age to set up a brokerage account is 18, and am not sure how to get around it
and secondly a viable option that has low-no maintenance fees and lowish trading fees.
Thanks for any help!

 

[Trav.]

I set up an account for my son with CommSec and there is some info in the link below on how to setup an account by using a trustee, which was very straight forward

https://www.commsec.com.au/support/frequently-asked-questions/404.html

and for brokerage cost are as follows




I am sure most banks have similar options so the above would be a good starting point for you.

Good luck

 

[Skate]

Hello, im a 17 year old from Australia and wanted to take a wee yonder into the investing world, i want to invest rather then trade and given i have such a limited cash flow and amount to invest, i was curious about the options there was for me as firstly the legal age to set up a brokerage account is 18, and am not sure how to get around it
and secondly a viable option that has low-no maintenance fees and lowish trading fees.
Thanks for any help!

@Jason Lermount let me be the first to say "welcome to the ASF community". The Aussie Stock Forum has many quality posters & it won't take you long to find your way around.

You need to be 18
CommSec & most brokers the minimum age that they will allow you to open an account to buy and hold shares is normally 18. However, your parents can open an account on your behalf and hold shares for you until you reach 18, when they can be easily transferred into your own name.

LIC's
Investing funds in licenced investment companies (LIC's) has the ability to give investors a greater sense of stability, security and peace of mind knowing funds are professionally managed, a vehicle that would get you started in the markets & they trade just like any other share. Argo (ASX: ARG) https://www.argoinvestments.com.au/ and Australian Foundation Investment Company (ASX: AFI) https://www.afi.com.au/ are two funds that have been constant dividend performers.

Set & Forget Investing
This investment strategy, investing for dividends, is a simple ‘set-and-forget’ style of investing, it’s easy and stress free, over time there is a double whammy, dividends and capital gains. The dividends can be reinvested through their dividend reinvestment plan (DRP) or you can have the dividends paid into your bank account for living expenses, it’s up to you to decide how the dividends are dispersed.

Investing can be scary
No investment strategy is safe, but this style of investing is on the safer side, on the lower scale of risk. LIC’s are safer than most other investment vehicles because they have pooled funds that are professionally managed and they aren’t affected by member withdrawals as they are ‘closed funds’.

Help is only one post away
The Aussie Stock Forum is chock full of members who are only willing to help if you have any questions.

I've got a great idea
In the meantime check out my educational thread. Education is the key when investing.

Read my 'Dump it here' thread
The 'Dump it here' thread starts here: https://www.aussiestockforums.com/posts/1005967/
Investing is what you have asked about but if you want to know what's trading is all about it can be found here: https://www.aussiestockforums.com/posts/1040134/

Just for you - a free eBook (to get you started)
Trading Fundamentals - Skate's Beginners Version eBook
https://www.aussiestockforums.com/posts/1014728/

Skate.

 

[john5]

spend the next year, before you hit 18, reading and learning as much as you can about investing, especially "value investing" as a good understanding of the various strategies will be a skill you can have for the rest of your life, think of investing as preparing for your future, whatever that will be or what you want it to be

 

[Gringotts Bank]

Just a little heads up for regular ASF members spending their time replying to such posts. 99% of all new member posts are one-time posts. ie. ask a question and disappear. I'm not sure what motivates that sort of behaviour but don't waste your time. I won't be in future.

 

[willoneau]

I got that feeling too Gringotts Banks.

 

[peter2]

Questions from first time posters are like break-out trades. I have to buy the break out or reply to the questions because we're a friendly lot. If there's no follow up then I'm happy to exit the trade or ignore the thread. We never know if the break-out trade or first time poster will be our next winner.

 

[Joe Blow]

Just a little heads up for regular ASF members spending their time replying to such posts. 99% of all new member posts are one-time posts. ie. ask a question and disappear. I'm not sure what motivates that sort of behaviour but don't waste your time. I won't be in future.

Whether or not first time visitors return isn't important in my view. I think it's important to help others where possible simply because these kind of threads continue to help people into the future, even if they do not end up assisting the OP.

Someone may type "brokerage help" into Google a few years from now and come across this thread which may contain exactly the information he or she was looking for. Someone may also come across it from a site search here at ASF.

Jason posted very late last night, so he may well be tied up today at school given that he mentioned that he was only 17. That would make him a Year 12 student and probably just about to finish up for the day.

Let's all try and give everyone the benefit of the doubt and help simply because offering assistance when it is requested is the right thing to do.

Kindness is free and there is an endless supply of it, yet somehow there is always a shortage of it in this world. Let's try and not let that happen here at ASF.

 

[qldfrog]

I agree a little bit of kindness does not hurt, and it was nice ti see some decent answers
At least someone young whose world is not focused on #metoo or lets "Destroy the west cause it is the source of all evil even being cold hot wet poor ...."

 

[Jason Lermount]

hello everyone, i apologise for the late reply, i'd like to, in the present and in future frequent these forums and thank everyone for any help they may give me, but as Joe Blow said, im currently in year 12 and our final 2 sets of examinations are a handful of weeks away, so have been studying more then anything
Again though, thanks to everyone who shared their advice, i read it all and have a much better understanding now.