Hello, I am a 16 year old who is looking to do a bit of investing, I apologize if this gets lengthy, but I would appreciate it if you would take the time to read.
I have a savings account that collects interest at a HORRIBLE rate. I am actually losing a little bit each year due to the inflation rate being larger than the interest rate. (Yes, it's true...)
Anyway, I have roughly $900 that I can use to invest. Problem is, I have no idea where to start. I watch a lot of financial news, and read a lot of financial material, but it has left me with a "pile" of knowledge that I don't really know how to apply.
I am in need of some guidance as to how to start putting together a portfolio, and starting off on the right foot. I have found some pretty promising mutual funds with good "track records" over the past decade. I've heard mixed opinions pertaining to precious metals (although many financial minds are staying away from gold right now). I would also like to test the water in the stock market.
I want to make sure that I construct a diverse portfolio. I need some advice as to: What types of securities to invest in, how (& where) to start, and any other useful advice.
Thank you for the time, your guidance is appreciated.
