High Interest Investment

What is the fastest way that an initial investment of $500 grow for an 18 year old ?

What are good investments for earning the highest interest over a 7 year period of time?

Public Comments

1. Check with the banks in your area to see who has the highest rate for 6 month cds. I think you will have to have a parent open the account. Once you are up to $1000 put it in a Money Market Mutual Fund at Vanguard. Good luck!
2. stock market
3. Vega$
4. See if you can open an account on E-trade..application on-line..send them a check..you got an account.. Then, learn a little about " investing" at yahoo/finance or moneycentral/msn With $ 500. you'll be limited in what you can buy, but don't let that intimidate you!! You can make that money work...amd when you see some good results/returns, you'll be itching to add a little more now and again!! Look into ETF's ( exchange traded funds) they are like " mutual funds" but you can buy shares in small blocks ( perfect for a " newbie".).....They spread your money among different companies, but in a certain grouping....A bunch of tech stocks, or abunch of energy stocks, or a certain country or part of the world. A list of them is at:http://best-of-etfs.com/family.asp?fam=EXTRADED Think about what you want to invest in... then shop for a price range..and get 10 shares of this and/or 15 shares of that....learn to watch 'em on-line and you're on your way Be patient..don't let a loss for a couple of days bother you ( or a week)... P.S. On that moneycentral site are links to all kinds of different news articles..learn to look for good/bad news...and look at the "Strategy Lab"...what some other people are picking,etc. YOU WILL get the "hang of it" and be way ahead of your peers. Best of luck.
5. Have you looked at online trading? There is a risk but the fun part is that you're YOUNG and have bunches to gain!!!