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?
2007-03-19 11:25:41 · 3 answers · asked by dahlia m 1 in Business & Finance ➔ Personal Finance
Nah, you're (forgive me, please) a kid!
(if someone called me that when I was 17, I'd be mad at them too...)
But seriously, save up all you can, great advice!
2007-03-19 11:36:44 · answer #1 · answered by Paul McDonald 6 · 2⤊ 0⤋
You're quite well off. If you have no expenses and a way to get more money, I recommend investing that $3,000. I know that's not too exciting for someone your age, but here's the scoop: If you invest it in a ROTH IRA right now, and it earns 11% interest for the next 48 years (until you're 65), you'll have $450,000. And since it's in a ROTH, all that money will be tax free when you withdraw it. Here is a recommendation on where to invest:
https://flagship.vanguard.com/VGApp/hnw/FundsSnapshot?FundId=0699&FundIntExt=INT
2007-03-22 16:21:34 · answer #2 · answered by cuztis209 4 · 0⤊ 0⤋
You sound to be in good shape to me. Especially at 17. Wouldn't worry about it. Just don't screw it up and start getting credit happy when you turn 18. That'll kill you.
2007-03-19 18:31:18 · answer #3 · answered by Anonymous · 1⤊ 0⤋