Money...am i poor? broke? or what?

Question

Money...am i poor? broke? or what?
Money...money...?
Money...money...?
i have $3,000 on my savings, i have no debt, no car loan, no everything to pay. my parents pay for my college, iam only 17 years old(i graduated early in HS), and i have a job right now, i live with my parents. the only thing i pay for is for personal things. iam i poor? broke or what?

Answer 1

I don't think you're poor, but I would definately organize my finances now to set yourself up for the future. See a financial advisor at your bank to set yourself up to have a down payment for a house (and/or a car) once you're done school. It's awesome that you have 3000 saved already! You'd be surprized how much you'll end up spending on the personal things while in College, perhaps keep a close eye on that (from personal experience).

Answer 2

I'd say you're neither rich or poor. Some students graduate high school with nothing in the bank and just the clothes on their backs. Others graduate high school with savings accounts, investments, and sometimes even a steady income.

The thing that determines whether you become rich or poor is the way you save your money and the way you spend it. At the age of 17 I'd say you did a pretty decent job of saving. When you reach the age of 18 or older you'll be introduced to credit, usually in the form of credit cards. This is something you have to watch out for. They can be very convenient at the same time they can be very dangerous to your finances.

Answer 3

You are dependent because you still live with your parents and they pay for college.

You're lucky because college is a huge expense. Be grateful to your parents and demonstrate it by doing well in school. Don't take it for granted.

And don't get cocky either. Keep the job and save 10% of your income. Avoid loans. At 17, you're too young to get in over your head with a credit card. Learn what you can about credit -- what it is, how to get good credit, how to maintain it, etc. When you can achieve good credit, then all other factors being the same, I'd say you're on your way to becoming financially responsible.

People will be rich, poor, broke at different times in their life for different reasons. But to be financially responsible means that you can get out of the low times. Good luck!

Answer 4

Nope. You are not poor. What a silly question. That said, you are not currently dealing with real life situations. You'd better start reading up on how to take care of your money NOW or you WILL be poor. Your mommy and daddy are not going to be able to take care of you forever! Good luck!

Answer 5

Do you have a roof over your head, food in your stomach, and clothes on your back? If you say yes to that question in its entirety, then no you are not poor.
People think that having things other than basic needs is poor, or below standard. Anything outside of necessity is a "want".

Answer 6

You are SMART, but before you get too big for your britches, remember that $3000 goes fat when you are actually paying your own way, so in the REAL world where you pay your OWN way, you would be JUST making ends meet depending on locality.
So keep saving, show appreciation to your FREE ride, you are doing GREAT for being 17!

Answer 7

You are lucky. At your age, I was in my first year of college, attending full time; I was paying for my rent and bills plus working full time, so I could afford some of my university expenses. Count yourself lucky. You ought to get GPA of 4.0 and graduate with honors. Show your parents some gratitude also.

Answer 8

no, you're rich! I'm 33, no savings, over 18,000 in student loan debt, and enough bills that I have trouble feeding my kids, and I'm not really that poor...
you are a lucky person, to have so much support and starting off money in life, don't blow it!

Answer 9

Ehm, when are you going to stop asking this on this website? You already asked it *7* times, and you were told the same thing over and over again. Don't get too cocky.

Answer 10

I owe about $40,000.