I am determined not to make the same life and financial mistakes my grandparents and parents make.I refuse to live my life not being able to pay for anything.I know its possible.My uncle made over 12 million in stocks 12 years ago and now he lives on a mansion with acres of private land and no financial worries.What can I do to ensure my success.I know I need a high paying job,I am seriously considering a career as a phsycologist.They can't be replaced by robots within my lifetime.I'm 17 and live in massachusetts.Can someone give me any advice on college or finances of any sort.I am really in need of information on what to do right now.I have around 1000 $ in the bank and most of it will be spent on my car and driver's ed.
2007-08-23 10:06:48 · 8 answers · asked by HM 5 in Business & Finance ➔ Personal Finance
ok -- here is what you do -- at 17 is the best time to begin -- start savings as much and i mean as much as you can == you will learn later how time effects the growth of money so you need to start investing in thing that will earn a great return -- the goal is by the time you are 30 you will have as much income from unearned income as earned income and you never touch the unearned income -- by the time you are 50 you should be retired and living the life you dream!!!
2007-08-27 01:06:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First of all, there's no easy way to be rich, so the sooner you wake up from that dream the better.
You're only 17 and obviously have no experience in working and investing yet. So the best advice for you is what I would give anybody else. SAVE, SAVE SAVE.
This starts with get drivers ed from a friend and family, not pay a coach. Don't switch cars until you absolutely need one.
As a college student, don't buy stupid things like beer, Starbucks, new books, magazines, movies, new clothes, decoratives, gum & mints, junk food, imagine if you had nothing, what are essentials, and live by that. It's worked for me.
2007-08-23 11:03:58 · answer #2 · answered by Smartass 4 · 1⤊ 0⤋
***I am seriously considering a career as a phsycologist.They can't be replaced by robots within my lifetime.***
They have already been largely replaced by US. You said most of your $1000 will be spent on a car. Assuming that is the FULL price of the car, you are off to a good start. Several studies have been conducted of self made millionaires and multi-millionaires over time. The single most common trait is that they did NOT set out to make money. Nearly all of them set out to pursue their passion in life. The money was a by-product of that pursuit. The second most common trait is that the did not ACT like they had money, Many had neighbors that did not know they were wealthy. Most drove 10 year old cars that were purchased used.
2007-08-23 11:25:19 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Want to be rich.
Don't spend money. Save it instead.
Your uncle did not find those stocks lying in the street, he saved his money and invested it. Now, he has the money to spend on stuff he wants.
Having a good paying job is not the ticket to financial freedom. I know folks that make well over $100K a year, and they do not have two pennies to rub together. (It doesn't hurt though)
The best way to achieve financial freedom is to avoid bad spending habits. It is not the big bills that will keep you from being rich. Car payments, mortgages, college, not a problem to anticipate and budget for. It is the little things that will eat away at your savings, and at your ability to get rich.
Best of luck.
2007-08-23 10:58:55 · answer #4 · answered by cbmttek 5 · 0⤊ 0⤋
I may be 3 years younger than you but listen money is only good for two things spending and putting it to work to make more money ex. high yield savings accounts, cd's, money markets, go with safe stuff i would ask your uncle what he did and get a job for now and during college and save as much as you can. Be smart no completely unnecessary that doesn't mean kill your social life just limit the money you use for movies and such expenses.
2007-08-23 12:21:43 · answer #5 · answered by Half-pint 5 · 0⤊ 0⤋
particular there are some individuals around.What I actual have seen is most of the female extremely be layed up with a pig that has 10 pounds of rings throughout his physique and not have no longer something to furnish than to be with a guy it is solid and maintain and can provide her aleast maximum of what she could desire to have.and not hardship related to the subsequent meal and no Mcds please i recommend a actual meal.
2016-10-09 03:15:08 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Live with your uncle for awhile. Learn from him.
2007-08-23 11:16:06 · answer #7 · answered by Gary 5 · 1⤊ 0⤋
check this link its good
http://buyingandsellingshares.blogspot.com/
.
2007-08-27 04:44:33 · answer #8 · answered by Anonymous · 0⤊ 0⤋