Survived till 21, and I still really don't need one. It's convenient, but I wouldn't die without one. I wonder how all those people 30(?) years ago all "survived" without one.
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15 year old with $1500, what to spend it on and how to make more?
- Thread starter G5Unit
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Survived till 21, and I still really don't need one. It's convenient, but I wouldn't die without one. I wonder how all those people 30(?) years ago all "survived" without one.
Sure it is possible to do better than say a S&P500 Index fund. It is also possible to do much worse. Just ask those folks in the Science and Technology sector back in 2000 or so.
A good S&P500 Index fund is a great way for folks to learn about the market, or for those that have no desire to learn but want to invest in the stock market.
Then folks can venture into other areas. Right now for example, International funds are doing very well.
Kid I'm 21 and I was in a similar situation you were in at that age. This is the smartest thing you could do. Interest from banks can do amazing things. Do a certified deposit and just forget about it. Let it grow.
spend no more than half..put the other half in an interest account. leave it for 10 years and see how much $$$ you'll have when you're done university.
and when you start working again, save at least a third. watch it grow.
if i was 15, i would do things very, very differently with my money and i managed to save a bit...should have saved more
and when you start working again, save at least a third. watch it grow.
if i was 15, i would do things very, very differently with my money and i managed to save a bit...should have saved more
Investing 1500 bucks BY ITSELF will give you nothing in the future. 1500 for 40 years at 4% will get you 10,000, which by then would be pretty useless. These are TWO different issues... A REAL method for saving for the future which will require REGULAR investment, and this 1500, which you should SPEND as soon as possible. Am I crazy? Life is short, and don't confuse one subject with another.
Meanwhile, think about a REGULAR monthly savings plan. By the time you retire you can EASILY be a millionaire.
Meanwhile, think about a REGULAR monthly savings plan. By the time you retire you can EASILY be a millionaire.
People have been recommending opening CDs (certificates of deposit) and i too would recommend this route. You should be wary, however, of the different types of CDs. I got screwed with $2000+ i had last summer because my dad, who put the money in the CD, didn't check if the "amazing return rate" compounded (which it didn't). All in all, for a year i earned only $49! (looking back i should have just taken the money out early and taken the fee then reinvested it, oh well... my other CDs earned me nearly $1000 so i guess i didn't get killed...
MAKE SURE CDs HAVE COMPOUNDING INTEREST!!!
(looking back i should have just taken the money out early and taken the fee then reinvested it, oh well... my other CDs earned me nearly $1000 so i guess i didn't get killed... MAKE SURE CDs HAVE COMPOUNDING INTEREST!!!
I am unfamiliar with investing I have about 2000, I want to invest what do you guys suggest I do.People have been recommending opening CDs (certificates of deposit) and i too would recommend this route. You should be wary, however, of the different types of CDs. I got screwed with $2000+ i had last summer because my dad, who put the money in the CD, didn't check if the "amazing return rate" compounded (which it didn't). All in all, for a year i earned only $49!
MAKE SURE CDs HAVE COMPOUNDING INTEREST!!!
Well since your pro says you're 17, $2000 is generally a lot of money for someone that young (i'm 17 too btw so i know how it is), you want something secure that you won't lose any money. That's the beauty of Certificates of Deposit (CDs). You essentially give a bank the amount of money for the time of the CD (they vary from very short term only a few months to sometimes a few years) and earn interest on that money with the understanding you will not take out the money before the time is up (technically you still can but you pay a fine).
If you choose to go with a CD make sure they give you compounding interest, meaning you earn interest on the original deposit of $2000 as well as the interest you already accumulated (earn interest on interest). Try shopping around at different banks for the highest rate you can find for the time you want to deposit it for with compounding interest. One thing you should also beware of is the fact that some CDs need a minimum deposit which your $2000 may not meet.
i already have a couple grand in 1 cd at 5.5 interest rate. I work full-time and basically spend 500 a month so i have some extra cash. I was thinking about doing something a little bit more risky that might return greater.