Sunday, 14 January 2007
What should i do with my money? -
ok so i work at a fast food restaurant in a small town where i m the main drive thru person. i m very curteous and nice with all the customers so my boss gets all kinds of positive calls regarding me. i got a rise so i m getting payed 9 per hour, wich isn t bad for a 16 year old in highschool. i make about 1000$ a month after taxes and what not. i dont spend most of this money. what could i do or invest in to earn more money of this income? remember i m 16! thank you|::::|you could invest in stocks. its good to start young, you could have six figures by the time you re in your 20s.|::::|Ask your parents to open up a custodial savings account for you. You will receive an ATM card that will allow you to make desposits and withdrawls. When you turn 17, you can open a student checking account. This will come with an ATM/debit card. Tie those two together. Keep the majority in your savings so you can earn interest. Make a savings goal like - buy a car for cash. Or make a 20% down payment on a big house someday. Don t make loans. Someday someone might tell you you need loans to establish credit - that s just not true. Just get a credit card, use it for things you need - and pay it in full each month. /|::::|Use some of your money to buy Dave Ramsey s book quot;The Total Money Makeoverquot; where he outlines a plan from saving an emergency fund, paying off debt (if any), investing, real estate, and giving. Changed my life - it will change yours if you apply it.|::::|right now the stock market is so crazy.your best bet is to put your money into something that interests you (like real estate)( check out www.reiclub.com for all kinds of free help in real estate) or someplace that is 100% safe like a bank CD.triffid|::::|well like talk to your parents about either investing it in like stocks or mutual funds or saving it towards your college|::::|Save it for college.....it will be the best money you EVER spend in your ENTRIE life.|::::|blow it on hookers and booze|::::|give it to me
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