what should i do with the money ill earn in the summer ?

Question

so im planning to get a job and since its my first idk wat to do. minimum wage in cali is about 8 dollars what should with it all ?

planning to work at least 6 hrs a day 5 days a week...

Answer 1

6 hours a day times 5 days a week times 6 weeks would be $1440, maybe $800 after taxes. If you invest it in a growth-oriented mutual fund (for example, the Muhlenkamp Fund, link below), and leave it there until you are 50 (let's assume that's about 30 years), you will earn ~10% annually, so your $800 will become about $18,000.

If instead you add $20 a week to the fund, it will turn into a quarter of a million dollars!

Or you could buy an iPhone and some cargo pants...

Answer 2

6hr x 5 days = 30 hrs/wk x $8 = $240 gross per week or $960/month. That is around $2880 for 3 months. If you put $1000 in a good mutual fund and IGNORE it for 40 years, it will be worth more than $80,000. That still leaves about $1000 for spending now.

Answer 3

Put about 3 quarters of it in a high yeild savings account and put the rest in a checking account and then get an atm card

Answer 4

if you arent planning on going on vacation and want to get more from your money invest..no matter what the age investing is the best bet..i recommend natural gas...investment companies can point you in the right direction for it..but DEFINTELY INVEST! youll get more money than you made from a job alone

Answer 5

Buy some thing which you think very useful for you.
Spend your money wisely.
Do not buy stuff you don't need.
And save some thing for the future use.
I hope this help!

Answer 6

Put half of it away in a high interest savings account and reward yourself with the other half.

Answer 7

Put most of it in an savings account.

Answer 8

Be smarter than anyone, and save most of it.