I have been waiting for the chance to dress fresh (cool or hip or in style) I've been working at Zaxby's for almost 2 years and saved 85-90% just incase for family emergencies and I was always been told to save my money..... for what I'm only 17 years old and do not have any bills to pay and even if I saved my money, I still won't have enough to pay for college. So whats the point? If you have been in this situation please tell me how you handled it and after you graduate from high school, do you really need to have money saved to have a good start on life?
2007-10-20 20:59:23 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
To establish good habits for wen you are older.
2007-10-20 21:07:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You need to start your saving habits now, and it sounds like you have done a good job of that.
A good rule of thumb is to have 6-12 months of earnings in a bank at all times and more if you can keep the saving habit.
I also recommend investing in gold right now by buying a few coins here and there. It's value will always go up in a world economy and is a really good anchor to have in this time of the failing value of the American Dollar.
Don't go blow all of your money just because you feel that you don't need it.
I saved money when I was still in high school, then I went and blew it on stuff I didn't need.
Make goals for yourself. Save for different things. Imagine the trips you could take around the world if you saved enough money.
I wish I would have saved for a trip to Japan. That has always been my dream. I am still going to go someday. I just need to get out of debt.
This brings me to another topic... DEBT. Do NOT get credit cards. I don't care what people say about earning good credit. The only good credit IS NO CREDIT!
Save your money, buy cash. OWN YOUR OWN LIFE.
These are all success principals that you would learn from Donald Trump, Bill Gates, Robert Kiyosaki if you were to sit down with them and pick their brains.
READ:
Rich Dad, Poor Dad by Robert Kiyosaki
Why We Want You to be Rich by Donald Trump and Robert Kiyosaki
Financial Peace by Dave Ramsey
2007-10-20 21:13:35 · answer #2 · answered by Eddie C 2 · 0⤊ 0⤋
Getting in the habit of saving money sets a good practice for the rest of your life, even tho 85-90% is a bit absurd.
Once you have scrounged around trying to find a place for a loan after your last car died and you can't get to work until you have one, then you will praise for any savings you did.
Get an account at a credit union or equivalent. Save money for the short term and for the long term (separately) and watch the money multiply beyond your efforts.
2007-10-20 21:06:58 · answer #3 · answered by Mike1942f 7 · 0⤊ 0⤋
You need to save money for your future. You are seventeen or eighteen, have you thought of what to do about college or after that? In fact, right now you need to start saving just for the sake of habit and to save for retirement.
If you put your money in a savings bond, CD (certificate of deposite), or even an IRA it will grow and be there when you're old and ready to rest. Being old can be expensive.
You don't know what will happen tomorrow so save today.
2007-10-21 01:20:47 · answer #4 · answered by Marie N 3 · 0⤊ 0⤋
Well, it certainly helps to start building one's "nest egg" as early as possible. Plus it will start good financial habits that will last a life time. You will eventually have bills. You might want to get your own place. And you don't want to end up being 23 years old and having to declare bankruptcy and cut up all your credit cards like a lot of young adults did in my generation. You can still get things that you want, just not as quickly as you might want.
2007-10-20 21:13:56 · answer #5 · answered by The LG 4 · 0⤊ 0⤋
What if your parents die?
Do they have enough life insurance to pay for your tuition?
2007-10-21 10:22:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋