i have no job
2006-08-18 11:29:40 · 25 answers · asked by yung joc 3 in Business & Finance ➔ Personal Finance
I'm 30 and you have 870 bucks more than me. :)
2006-08-18 11:34:34 · answer #1 · answered by Moxie1313 5 · 1⤊ 1⤋
It depends on how you got it and how long you've saved it. If you earned it doing extra work around the house and have been saving for a long time without spending much at all, then I'd say that's a thousand dollars that has been hard earned and worth a lot. If you got it just from gifts or something you didn't have to work hard for, then it's not so much of an accomplishment.
Either way, how you deal with it now is very important. You can put to work for you in a bank where it will continue to grow, or you can blow it on toys and two years from now not have much to show for it.
2006-08-18 18:43:20 · answer #2 · answered by andy_phillips95125 2 · 0⤊ 1⤋
Thats a lot for a 14 yr old without a job.
I am 45 have a job and still do not have more than 50 dollar in the bank.
Where did you find the dough?
2006-08-18 18:35:25 · answer #3 · answered by mortlim 1 · 0⤊ 1⤋
Yes. Make more money. At 18, open a Roth Ira. Put the money in the Roth Ira. You probably know about compound interest (even though that's not how the stock market really works), but if you put $4,000 in at 18 through 30 (12 years) and then leave it alone while it grows 7% (my estimate), when you are 65, it would be worth $913,000 tax free. If it grows 12% (historical average of the SP 500) , it would be worth $6.5 million tax free.
2006-08-18 18:50:17 · answer #4 · answered by gregory_dittman 7 · 0⤊ 1⤋
When I was 14 I had more than 2000$, but I think having 1000$ is pretty good. Not too much and definitely not too little.
2006-08-18 18:38:00 · answer #5 · answered by Emina 5 · 0⤊ 1⤋
i would say that is quite an extensive amount for a man your age but instead of using it for a car or other stuff i'd invest it in trying to make more money and have it work for you that brings you income that is not too much work but enough that can buy you some spending cash. Use your imagination and look for some oppurtunities.
2006-08-18 20:06:18 · answer #6 · answered by Jainboy00703 2 · 0⤊ 1⤋
Get your calculator out. Properly invested at more than 5%, and adding only a couple hundred bucks a year till you're 35, you can be a millionaire at 55.
Buy an ipod with it, and you'll retire on social security..
2006-08-18 18:46:30 · answer #7 · answered by Pancakes 7 · 0⤊ 1⤋
That is a lot of money for your age, but I have a little brother who is 14 and is really cheap. He has over 4k save from birthdays and other presents.
2006-08-18 18:34:18 · answer #8 · answered by Anonymous · 0⤊ 1⤋
$1000 is a good bit for a 14 yr. old, don't blow it though and you will make more--why not invest in some stocks, walmart stock is a good one---and then you could become the next donald trump
2006-08-18 18:34:28 · answer #9 · answered by dlgrl=me 5 · 0⤊ 1⤋
It is not a lot, buit still quite a sum. Do keep it and spend only wisely as you may need the money for other important things in the future.
2006-08-18 18:35:24 · answer #10 · answered by JP E 4 · 0⤊ 1⤋
Yes, you are a good saver. next thing is, if you get the job in summer next couple years, open an Roth IRA for retirement. It is never too late to plan ahead
2006-08-18 21:57:38 · answer #11 · answered by Hoa N 6 · 0⤊ 1⤋