i'm 13 1/2 and i have about 30,000 dollars in my college savings account. my family isnt really rich or poor...is this amount good, bad, or just average?
2007-08-18 03:11:28 · 10 answers · asked by yepitsme789 1 in Business & Finance ➔ Personal Finance
well i got money from people when i was born. but other than that i guess my dad's change just adds up? he brings home coins every day and we collect them then put them in the bank, so its not like we're rich or anything. it just all adds up over time. my brother has about half as much as me (or a few thousand less) and he's 9
2007-08-18 03:20:41 · update #1
I agree with one of the other answer members that they should invest in a safe method of investment like a CD. Also, you guys should check into the tax laws regarding this money to make sure Uncle Sam doesn't get any of it when it is cashed out.
This is good news for your future and enough to get you started on a good career. Only when you know what school you are going to and what your major will be will you know if it is enough.
2007-08-18 03:33:28 · answer #1 · answered by mrscmmckim 7 · 0⤊ 0⤋
Good job to parents and kid!
I have to agree with some the other folks here though, look at getting a CD. With $30k in 5 years at 6% you be at $40,146.77 just by letting compound interest do it's work. Basically it's 10k of low/no risk money for promising a bank that you are going to save it for five years
2007-08-18 10:39:29 · answer #2 · answered by SpankyTClown 4 · 0⤊ 0⤋
It is 30,000 more than most 13 year olds have.
Your parents have done a very good job.
If you go to an in-state public school, your savings will probably be able to pay a full year or more. Or you can use it to pay a portion of each year.
2007-08-18 10:20:02 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Far above what the average child has saved up, the is almost 2 years of college depending on where you go. Good job and good luck....
2007-08-18 10:19:32 · answer #4 · answered by railer01 4 · 1⤊ 0⤋
Your parents need to invest that money somehow and take it out of a savings account if that's where it is. (Even if it's a 5 year CD!) It would increase in value tremendously!
JOY
2007-08-18 10:29:05 · answer #5 · answered by Joy 5 · 1⤊ 0⤋
Your parents are doing a great job saving to ensure you and your brother can go to college.
2007-08-18 11:16:49 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
It seems good considering you have five more years until college. But if you want to go to a $40,000 a year school, its not going to cut it.
2007-08-18 10:20:56 · answer #7 · answered by Exipnei 4 · 0⤊ 0⤋
that's a really good amount of money for your age, that's amazing really.
Fancy buying me a drink?
2007-08-18 10:20:36 · answer #8 · answered by Chapkins 3 · 0⤊ 0⤋
it depends on how long you want to go to college for
2007-08-18 10:19:15 · answer #9 · answered by chelsea 4 · 1⤊ 0⤋
thats an insane amount! where and how did u get this?
2007-08-18 10:18:29 · answer #10 · answered by Moore55 4 · 1⤊ 0⤋