I love having a job :)

[r1ch4rd]

If you invest $1,000 when your 18, I read somewhere where it could be like half your retirement when your 65

I suppose it's possible. But then why isn't everyone doing it?

If you want to retire on $50,000 a year, assuming a defined contribution pension setup, you probably want to save at least $1,000,000 before you retire. That number is pretty simple and ignores factors like inflation, longer life expectancy etc. It won't buy you a brilliant annuity either, so don't expect a pension for your spouse when you die.

To get half of the money towards that then you need to get around a 16.8% return each year for 40 years. I'm sure that's physically possible if you invest in the right things. Chances are, you probably won't though.

Anyway, my advice is to enjoy your money for now. You are young enough to not have to worry too much about saving for your retirement. Though $1 invested at 18 is worth more than $1 invested at 64 when you come to retire!

 

[maestro55]

Congratulations on your first paycheck. I remember working doing computer stuff for the company my dad worked at and getting paid pretty good. I had saved a lot of it initially, the first year buying parts to build a computer and then some small spending here and there and then the second year I ended up spending the bulk of my money on radio equipment and my ipod. When I started working at Wal-Mart I actually did save for awhile but right now I can't afford to save as my expenses have gone way up since I moved out of my parents house. I can't wait to find a decent paying job.

 

[SilvorX]

I have a cushy office job, good pay, awesome coworkers, but I havent been able to save money, mainly since I'm in a different city so I have to pay rent and all that. My last day is on friday and theyre taking me out for lunch, thats so nice of them

 

[ZiggyPastorius]

I made a post a while back saying how I got my first job and all that...

Well, I just got my first full paycheck today, and I made $950! I've never had that much money in my life! haha.

I still have at least 2 more weeks working full time during the summer, so I could have 3,000 by the end of the summer. Now I just need to find something to buy . Lol I'm probably going to end up saving at least half or more of it.


This is sort of a random post, but just would like to share my excitement of my first paycheck.

You have successfully ruined my year.

I'm almost 18, and you're 15. You make 3-4x as much as I do in a month. What the hell is up with that? Besides the fact that my car broke down and I have to pay for a new car (and no, I'm not getting any help), this information hits me and now I feel 10x worse than I did before. Argh.

On a lighter note, grats.

 

[LeahM]

You have successfully ruined my year.

I'm almost 18, and you're 15. You make 3-4x as much as I do in a month. What the hell is up with that? Besides the fact that my car broke down and I have to pay for a new car (and no, I'm not getting any help), this information hits me and now I feel 10x worse than I did before. Argh.

On a lighter note, grats.

Hey, at least you have a job. My contract ended a couple of weeks ago. But at least I have Employment Insurance to hold me over for a little.

To the OP, congrats, definitely save (I know, you've heard it!!) But if you really feel that you need to buy something, buy something that you will find useful, just so that you don't feel like you have nothing to show for the money that you've earned. Congrats!