Expert: Steve Hach - 8/5/2008

Question
Hey, First off i'd like to say that Im from australia, so this might be different for you guys.

But i am 14 years old, and was wondering if i can start at this age? I watch the stockmarket every day, and even though things are looking very rough, i'd still like to be part of it.

thank you!!

Answer
Dear Phil,

I am not really qualified--and actually not allowed by law--to recommend specific stock investments--and I have no clue about the market in Australia.

I can only offer general advice:

Save your money!

Don't use credit cards.

Do not waste money on frivolous items like fancy clothes, ipods, cell phones, cars, CDs, etc.

Study hard, take classes in finance/business/economic history.

Put a little money away from every paycheck.  If you start saving as little as 10,20, or 50$ a week NOW while you are so young, so you will be a millionaire by the time you are 50 years old even if you just put the money in a money market account.

Buy a basic book like "Investing for Dummies" and read it!

I would suggest that you focus on saving your money now and that you begin looking into a university education.  

That will allow you to figure out the best thing to do with your life and your money.

Best,

Steve