Minimum age to invest in a mutual fund?

[shawnly1000]

What is the minimum age to invest in a mutual fund and who is the best to buy from in terms of fees?

[UrbanPoet]

no minimum age.
It just depends on when you got money to blow.

Most students have other stuff to worry about like tuition, and hanging out on weekends... the typical part time job of most students doesnt allow them to invest much beyond the simple high interest savings account.

Students also arent to keen on putting their small amounts of money into things that have higher risk (then a GIC/hi-savings acct), for a long period of time.

[gerbil]

no minimum requirement and invest it for the long term.
As low as $25/month with AGF.

[shawnly1000]

im considering putting about 1000 in a fund that invests in chinese companies, any comments/suggestions?

[stunner5000pt]

i am not too sure about what mutual funds are but check to see if my definition is correct won't you?
Mutual funds are basically paying the bank to have them invest your money in some company?

What amounts of money, when considered the in the long term, could yield substantial profits or loss?

From personal experience what are good places to buy mutual funds?

[weedb0y]

Interested in this as well. I wanna move some of my non-critical GIC friendly money towards mutual funds for higher gains?

Any recommendations.

[oeketer]

no min age... depending on what fund you're looking at, the minimum investment per month ranges from $25-50. I would start as early as you can, making monthly contributions.

First, you get the benefit of dollar cost averaging. Secondly, a quick look at the andex chart, you can see that while there were fluctuations in the market at certain points, the trend over 50 years (well 57 since its from 1950-2007) is upwards. The earlier your start, the more you will have as you get older. Plus as you get older you can contribute more per month.

Make an appointment with your bank to speak with a personal banker/financial advisor. They can show you suitable mutual funds that suit your risk tolerance and investment goals. A properly diversified portfolio combined with monthly contributions should provide you with some financial security down the road. Take advantage of your young age and start investing early. Even if you are working part-time I see no reason why you shouldn't be able to put away at least $25-50 a month for your future!

[Thalo]

Technically you have to be legal age to invest in MFs for yourself. This is because a minor cannot enter into a legal contract and thus can repudiate (is that the right word?) any contract entered into (ie: lose money and then demand it back from the fund company because they never entered a legal contract to purchase the funds). Accounts for minors are usually opened in the parent's names as "unofficial in-trust", so that the parents can sign for the transactions. MF companies can open accts for minors but that's taking a huge risk.

[thezone]

Technically you have to be legal age to invest in MFs for yourself. This is because a minor cannot enter into a legal contract and thus can repudiate (is that the right word?) any contract entered into (ie: lose money and then demand it back from the fund company because they never entered a legal contract to purchase the funds). Accounts for minors are usually opened in the parent's names as "unofficial in-trust", so that the parents can sign for the transactions. MF companies can open accts for minors but that's taking a huge risk.

I 2nd that, I tried to buy them them when I was 16 but they were technically signed for by my mom. When you hit 18 thats when your free to sign your own papers and such.

[UrbanPoet]

OHHH.
the OP meant min. legal age.
I thought he was like 19/20 and wondering "should i even bother @ this age?"

[Just Confused]

I opened "In trust" accounts for my kids. Started with a bank account until they saved $1000 then moved up to mutual fund company until they had $5K (sort of a critical mass for stocks). Then opened brokerage accounts for them. Once they turned 18, I transferred them to their own brokerage accounts for their own management. They were all "In Trust" accounts so I was careful what went in to the accounts for attribution rules. I dutifully, filed tax returns for them each year. I didn't have a problem.... worked well for me.

[mgronqui]

What would be a better long term investment? A conservative mutual funded portfolio or a high interest savings account? I'm wondering what the returns are for mutual funds generally.

[Thalo]

I opened "In trust" accounts for my kids. Started with a bank account until they saved $1000 then moved up to mutual fund company until they had $5K (sort of a critical mass for stocks). Then opened brokerage accounts for them. Once they turned 18, I transferred them to their own brokerage accounts for their own management. They were all "In Trust" accounts so I was careful what went in to the accounts for attribution rules. I dutifully, filed tax returns for them each year. I didn't have a problem.... worked well for me.

If they were in trust I think you should have paid the tax on interest and dividends.


What would be a better long term investment? A conservative mutual funded portfolio or a high interest savings account? I'm wondering what the returns are for mutual funds generally.

If you're talking long term investing, a high interest savings account shouldn't even be in your vocabulary. Less return over the long term and more tax.