#2,793 in Business & money books
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Reddit mentions of Think Twice: Harnessing the Power of Counterintuition
Sentiment score: 1
Reddit mentions: 1
We found 1 Reddit mentions of Think Twice: Harnessing the Power of Counterintuition. Here are the top ones.
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- Great for Kimchi, soup, side dishes and grilling
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First of all, ignore the downvotes. Everyone has to start somewhere, and 17 is about as good as it gets.
I agree with u/brandonIsAFreeElf that the best investment you can make at your age is personal development. Video game addiction is a real thing, and if it's affecting your mental health, take care of yourself first. Investing is great life skill, but money won't solve every problem. I also agree with his point about focusing on future earning potential. The more money you have to invest, the more money you can make investing.
Unfortunately, the other users are correct that $500 is too little to get started (see edit below). That will be chewed up with trading fees and charges for being under minimum account balances. I think the recommendation for parking it in a high interest savings account is a solid one. If you aren't working, try to land a part time job to build that capital up (to maybe $5-10K?). This is old man stuff, but you'll appreciate the effort that went into it and you'll be more afraid of losing it. Risk management is a critical skill in investing. While building up that capital, learn as much as you can. Maybe open a paper trading account just to practice implementing some of your ideas.
I can offer some broader insights that I wish a mentor had told me when I was starting:
Hope that helps! Feel free to PM me if you have any questions, or I can answer them here.
Edit: I noticed another post here recommending a Wealthsimple Trade account. I was unaware of this option, so I take back my comments about $500 not being enough to invest! However, I do still recommend taking a step back and learning some fundamentals before throwing your money into the markets.