i have no job, my family ifs to poor to give me allowance and i cant mowlaws. is that good that i have 1100$ or is it kinda poor for a 14 year old
2006-08-18 11:42:53 · 34 answers · asked by yung joc 3 in Business & Finance ➔ Careers & Employment
You are doing extremely well for someone that claims to be poor! MOST 14 year olds do not have $1100. Trust me! I'm 24 and you have more $ than me! ;)
2006-08-18 11:49:08 · answer #1 · answered by ms. amused 3 · 0⤊ 0⤋
Yes, its very good depending on how you came into this money. If you dont have a job and your parents arent giving you allowance, than how are you making this money? As long as its legal, than great job! Go with your parents to a bank and open and savings account for yourself. At 14 you dont need to be investing in anything. Put it in a savings account and keep adding to it. When you get older you can use some of the money you saved and find some great investments, but only after youve done some major researching. By the time your 30, you could be alot closer to retirement than most 63 year olds and retirement age is 65! Good luck!!
2006-08-18 11:55:37 · answer #2 · answered by brandie 1 · 0⤊ 0⤋
$1100 is a good chunk of change for some one your age. I'd bet theres a bunch of adults on here that can't come up with that much cash. If you could keep that in the bank at todays 4.8% return and add just $10 per month you could turn it into almost $28,000 dollars at age 59, the earliest retirement age. With a decent education and some persistent saving and investment you could turn it into a great deal more. It's easier to become a millionaire if you start real early. You just have to keep the cash until your cash is making cash. Good Luck!
2006-08-18 11:59:02 · answer #3 · answered by Norman 7 · 0⤊ 0⤋
It depends. Do you mean 1100$ per month? If so, then thats totally worth it. Besides, you have to remember that you're still 14 and in school; you don't want to compare your salary to that of a 21 year old working person.
2006-08-18 11:49:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes, very good now put it in the bank with a interest bearing account, by the time you are 21 you will have thousands and thousands of dollars for college, only minors can have those accounts, they bear regular interest for the first 5 years, after the seventh year every other year it is compounded anually, compound means mulitplied; then after the 9th , 11th, 15th years the money just grows and grows. You could be rich if you left it in there for 20 years.
2006-08-18 11:54:02 · answer #5 · answered by kangaroo 3 · 0⤊ 0⤋
According to your other questions you had $1000.00 - 13 minutes before you wrote this question. So, you've made $100.00 in 13 minutes - $461.53 per hour. Good hourly wage for a 14 year old.
2006-08-18 11:51:42 · answer #6 · answered by firstorbust 1 · 0⤊ 0⤋
You are rich even by some adult standards. You will be smart to save it in a bank for college. You will be stupid but have short term pleasure to blow it on something stupid like a computer, ipod, or other gadgets that will be lost/broken in under a year.
2006-08-18 11:49:20 · answer #7 · answered by fffrrreeeddd 4 · 0⤊ 0⤋
I would have killed for 1100 dollars at that age. Unless you really mean 11.00 LOL
2006-08-18 11:48:42 · answer #8 · answered by ? 3 · 0⤊ 0⤋
Hell yeah! Put $1,000.00 in a CD at a bank and FORGET about it! It will grow to unimaginable proportions in you can just leave it alone. I can only wish I'd done the same.
2006-08-18 11:50:15 · answer #9 · answered by Gregg J 2 · 0⤊ 0⤋
Great for your age, now take ten percent and invest in a diversified mutual fund and you will be doing even better.
2006-08-18 11:49:58 · answer #10 · answered by outspoken 4 · 0⤊ 0⤋