If she wants to invest, she can look into informal in trust accounts. Basically, your parents will open the account in trust for your sister. Your parents will face taxation on the dividends/interest gained on the account, but your sister will pay the capital gains. Once she turns the age of majority in your province, the account will be transferred to her name.
How to start with a 16 year old?
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1 - 5 of 5 Posts
Things to Read
At 15, I read Rich Dad, Poor Dad. It inspired my interest in finance, but there is many errors in the book and I would not recommend it. It also gave me a very wrong idea that investing is a sure thing.
Here are the books I would recommend in respective order:
1) Four Pillars of Investing
2) Ivy Portfolio
3) Random Walk Down Wall Street
I think Stocks for the Long Run is a good reference book, but not the first book I will read.
While waiting for Four Pillars of Investing to arrive from amazon.ca or chapters.ca, I recommend reading this important study: papers.ssrn.com/sol3/papers.cfm?abstract_id=962461 It's free of charge and about 50 pages to print.
At 15, I read Rich Dad, Poor Dad. It inspired my interest in finance, but there is many errors in the book and I would not recommend it. It also gave me a very wrong idea that investing is a sure thing.
Here are the books I would recommend in respective order:
1) Four Pillars of Investing
2) Ivy Portfolio
3) Random Walk Down Wall Street
I think Stocks for the Long Run is a good reference book, but not the first book I will read.
While waiting for Four Pillars of Investing to arrive from amazon.ca or chapters.ca, I recommend reading this important study: papers.ssrn.com/sol3/papers.cfm?abstract_id=962461 It's free of charge and about 50 pages to print.
Why wait? It's not a high-demand book, and your local library probably has a copy waiting for you on the shelf.While waiting for Four Pillars of Investing to arrive from amazon.ca or chapters.ca
Seriously, the library should be the FIRST choice for anybody wanting to read a book. If you like the book you can always buy it later, but you can't (generally) return a book you've bought if you don't like it.
George: I agree with you. Check the library or local chapters first.
1 - 5 of 5 Posts
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