Young man need's advice

ViolaLass

YoungGuy wrote: »

That's sort of why I joined this forum for some suggestions or investment advice. :embarasse

If doubling your money by the end of the year were that easy, we'd all be doing it. The very best you can hope to get from a bank account is 6%. As for shares, you need to do a lot of reading and research.

I understand that you would prefer to be an entrepreneur but getting a job to tide you over while you do that research would be a better way to go.

verybigchris

Okay, I'll bite.

You've got absolutely no chance of getting £200k in 5-10 years from £116 per month. To get the sort of returns you're after, you'd essentially have to risk everything on a trade, be successful, then roll your gains over again, and again, and again, and again ... one bad trade and you're back at zero. That's not investing: it's gambling.

Also, your benefits will presumably get stopped at some point, either because you're not looking for work or because your incredible success (;)) has put you over the level for means-testing.

In short, if you want to make money quickly: get a job.

atush

YoungGuy wrote: »

I would prefer to be an entrepreneur.

I'd prefer to be the Queen of Sheba but I am realistic.

people your age from across the channel are all working their little butts off here while you sit and dream.

So get off your duff and apply for (and turn up to) a job.

If you have enough in benefits to invest, you are getting too much.

ChesterDog

I'm afraid the simple reality is that you cannot make the returns you are interested in from the stock market without wholesale speculation.

You are sensible enough to not be a gambler, and yet are looking to gamble at huge odds on shares.

Investing is a plodding business. The benefits come after a long period of compounding gains.

Onawingandaprayer

Let's all tiptoe away quietly. I think he's gone down the skateboard park for a bit...

Mojisola

YoungGuy wrote: »

I currently get £440 a month in benefits.

Means tested benefits?

Mimi_Arc_en_ciel

Join the army - Learn and earn

YoungGuy

Onawingandaprayer wrote: »

I did see that. and investing £116 per month in shares will, I'm afraid, earn you diddly-squat, even were it possible.

Sorry, but your plans need a drastic re-think. And the thought of you investing some of your state benefits in the stock market is just frankly bonkers and a bit offensive.

You call it bonkers but others might call it smart.

And it's certainly possible to build up shares with little income. Have a look at sites like share.com / sharebuilder.com

ViolaLass wrote: »

If doubling your money by the end of the year were that easy, we'd all be doing it. The very best you can hope to get from a bank account is 6%. As for shares, you need to do a lot of reading and research.

I understand that you would prefer to be an entrepreneur but getting a job to tide you over while you do that research would be a better way to go.

Some people just aren't suited well for working for an employer.

verybigchris wrote: »

Okay, I'll bite.

You've got absolutely no chance of getting £200k in 5-10 years from £116 per month. To get the sort of returns you're after, you'd essentially have to risk everything on a trade, be successful, then roll your gains over again, and again, and again, and again ... one bad trade and you're back at zero. That's not investing: it's gambling.

Also, your benefits will presumably get stopped at some point, either because you're not looking for work or because your incredible success (;)) has put you over the level for means-testing.

In short, if you want to make money quickly: get a job.

If I have NO chance then how did this 17 year old teen make $72mill trading shares in his lunchbreak?

dailymail.co.uk/news/article-2873411/New-York-teen-72M-trading-stocks-lunch-breaks.html

ChesterDog wrote: »

I'm afraid the simple reality is that you cannot make the returns you are interested in from the stock market without wholesale speculation.

You are sensible enough to not be a gambler, and yet are looking to gamble at huge odds on shares.

Investing is a plodding business. The benefits come after a long period of compounding gains.

Surely it would atleast be better than a savings account that gives little return?

ViolaLass

YoungGuy wrote: »

If I have NO chance then how did this 17 year old teen make $72mill trading shares in his lunchbreak?

dailymail.co.uk/news/article-2873411/New-York-teen-72M-trading-stocks-lunch-breaks.html

He didn't. It was a hoax. The only things true about his story were his name and age.

http://www.theguardian.com/business/2014/dec/20/trading-72m-hoax-mohammad-islam-financial-media

Mimi_Arc_en_ciel

YoungGuy wrote: »

If I have NO chance then how did this 17 year old teen make $72mill trading shares in his lunchbreak?

dailymail.co.uk/news/article-2873411/New-York-teen-72M-trading-stocks-lunch-breaks.html

Surely it would atleast be better than a savings account that gives little return?

Its like winning the lottery - you cannot guarantee success (no one can!) and as you have little, then your odds of being successful are in favour of the house I'm afraid