I'm 18 and have almost $15,000 in my savings account. I don't know what to do with it! Obviously I'm saving it right now but should I invest it, start a retirement fund, etc.?
Any advice is fine. I don't feel an urge to do anything with it but I'm just asking if you were my age with that money, what would you do with it and why?
Thanks!
I would invest. I would look at some mutual funds and have the dividends reinvest into the fund. The sooner you start saving for retirement the more you'll have when you're ready to retire. The average for the stock market is a 7% return which is much higher than any savings rate that you'll find.
Don't put all of your money into investing either. You'll want some in case of an emergency. Remember that any money that you do put into investing that there is a chance that you won't get it back. So just be wise.
Do you plan to go to college? If so it would be helpful to just keep the money at hand in savings. Otherwise, invest about 2/3 of it and save the rest for a rainy day. Check out etrade, they have some good options. But whatever you do, don't just blow it all on frivolous things. I had a friend who came into money and blew it on an expensive car, then when he decided to go to college, he was stuck working his way through. Another friend blew his savings on a house when he was in his early 20s (he wasn't even in a relationship), things fell through with the house and he had nothing to show for his money. Maybe even use some of it as a down payment on a car (a reasonable used car) would be smart because then you'd start building credit if you haven't already.
i think you should start an internet business. Or BUY an established internet business.. You should also look at Li Ka Shing's idea on how you can buy a house or car in 5 years ( By the way, he's Asia's richest man).... Go to boldanddetermined.com and look at many articles Victor Pride has on money.
I would buy a used German luxury car.
I'm older than you, but I have about 2/3 what you have, and plan to use it on plastic surgery, but it's not quite enough yet.
If I were HAPPY with who I am, I would definitely splurge the money.
You are young enough to have a little fun. I suggest you research a good investment (perhaps a mutual fund) and put $10,000 - $12,000 in the investment. Use the balance for yourself. You deserve it.
That's all?
I have some land in Flordia
I'd cool my jets and leave it right where it is.
