i have 1000$ and i am 14 i cant buy a car and i have an ipod with like every thing (radio, 42 hour battey, 3 splitters, speekers, case ) what should i do with it
2006-08-16 09:49:33 · 15 answers · asked by yung joc 3 in Business & Finance ➔ Personal Finance
Invest! Put it in a high interest bank account so by the time you´re 16 you´ll be able to withdraw it to buy a car.
2006-08-16 09:55:15 · answer #1 · answered by Chachalaca 2 · 0⤊ 0⤋
hey 14 year old kid - the LAST thing you should do is invest in properties like some moron is advising you to do, plus last time I checked $1000 wouldn't buy you much "property". at the very least open a savings account and earn some interest on that cash!
2006-08-16 22:54:27 · answer #2 · answered by christopherthomastierney 1 · 0⤊ 0⤋
It will be hard but you should save it. Put it into a good mutual fund and watch it grow 10-15 percent per year. In 20 years, it will be a good chunk of money. In 50 years, you may be able to retire on it. That seems like forever and $1,000 is a lot of money to you, but that's my advice.
2006-08-16 16:57:36 · answer #3 · answered by pvreditor 7 · 1⤊ 0⤋
If you bought the iPod, put the money into i-Bonds so you can't get it for at least a year and the return is above inflation.
If the iPod and stuff was given to you, buy anything you want!
2006-08-16 16:59:21 · answer #4 · answered by kcincon 3 · 0⤊ 0⤋
Invest in properties. I'm in that line of business. You could become an investor and buy foreclosures. I could show you the ropes. Very impressed that at 14 you think this way.
2006-08-16 17:17:35 · answer #5 · answered by Angelwings 1 · 0⤊ 0⤋
Save it for a rainy day! Or save it for your first car in a couple of years. Invest in mutual funds, maybe you'll be able to retire when your 30 years old. Congrats!
2006-08-16 16:55:39 · answer #6 · answered by Adios 5 · 0⤊ 0⤋
Either buy some US Savings Bond or put it in Bank CD account
2006-08-16 16:56:42 · answer #7 · answered by Joe P 4 · 0⤊ 0⤋
Put it in the bank and don't worry about spending it right now. Save for something important...maybe college later down the road.
2006-08-16 16:54:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Put it in a high interest savings accounts and forget about it until you graduate high school. The money and interest will help you with college expenses.
2006-08-16 16:57:29 · answer #9 · answered by older woman 5 · 0⤊ 0⤋
Put it into a high yield CD and keep rolling it over (interest rate will increase with every roll over) and just sit on it as long as you can.
2006-08-16 19:05:57 · answer #10 · answered by mrs.goggintobe 1 · 0⤊ 0⤋