Help me Clark! From a teenage investor

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Babysitting is a great way for teenagers to make some extra cash, but this teen wants to take it a step further.

KATHERINE:
I'm 16 and my main source of income is babysitting. I have a little over $830 in my checking account at a local bank. My account is a student account, and therefore earns no interest. I would like to think about investing in a mutual fund of some kind. I was wondering if you could tell me if that is a good choice. If not, what would you suggest?

CLARK:
There's a company called T. Rowe Price which is a wonderful company for you to look at for opening a mutual fund. And they will allow you to open one as long as you agree to put $50 every month into the account. And T. Rowe Price offers some magnificent mutual fund choices. And I'm going to say something really crazy for you at 16: I want you to go into their target retirement fund 2050. That's a long time down the road but you want to invest your money as if it really is for a goal far, far away.

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