i inherited the money and i am 16 years old what should i do with it?
2007-11-01 09:49:23 · 11 answers · asked by smooththug125 1 in Business & Finance ➔ Investing
Invest it in my personal checking account.............LOL not real sure, but Silver Certificates, I hear, are the way to go..
2007-11-01 09:58:52 · answer #1 · answered by sweetpeasmum 4 · 0⤊ 2⤋
Save it!! At your age I would just put it in CDs. Investing it is a risk unless you know what you are doing. Another option is to open up a Roth IRA. However you do have to have some income. In other words if you don't have a job you can't do this.
But if you have a job you can contribute up to $4000 in the Roth IRA for this year. If you made less, you can only contribute that amount. Say you earned $3500 last summer at McDonald's - then you could contribute $3500 to your Roth for this year.
If you don't know what a Roth is, it's a retirement vehicle, and it's a good one. Search on the internet for "Roth IRA" and you'll get some good explanations. And starting at your age is a wise thing cause by the time you retire that money will have grown. I only started in my mid-20s, I wish I would have started when I got my first job, but I bought clothes and shoes instead. They were real good investments - they declined in value each year and now they are completely out of style.
But you don't have to make any quick decisions. Take your time, talk to people and do some research - that will help you make the best decision. Good luck!
2007-11-01 10:41:06 · answer #2 · answered by voluntarheel 5 · 0⤊ 0⤋
Invest it in gold and take advantage of the declining dollar. While $35,000 in CD will be only worth $12,000 in ten years. $35,000 in gold will still be worth $35,000.
2007-11-01 09:57:50 · answer #3 · answered by John R 3 · 0⤊ 2⤋
Save it, I know you don't want to hear it now but when you are in your 20's or 30's you will know why you should of saved it. Don't be stupid because you are 16. Your young.......save it!!!!!
2007-11-01 09:58:15 · answer #4 · answered by L. ♥. V. E. 2 · 0⤊ 0⤋
Pay off debt and Invest in some income property. The market looks grim for sells, but beautiful for buyers.
2007-11-01 09:53:45 · answer #5 · answered by Anonymous · 0⤊ 3⤋
Until you reach legal age,
your parents or guardians have it taken care of for you.
If not, I'll be more than happy to "invest" it for you!
Just send the check to:
The "Bank" of Skaizun
Box 123
Anytown, Wash DC 22345
;)
2007-11-01 09:54:41 · answer #6 · answered by skaizun 6 · 0⤊ 4⤋
Put it in the bank....under savings....maybe it will gain interest.....don't waste it.....I know thats what you want to do......im 16 and thats what i would want to do.....LOL
...but I wouldn't
2007-11-01 09:57:30 · answer #7 · answered by Daniela 2 · 1⤊ 0⤋
Los vegas baby ...Sin city all the way.. Wowwww good times a cominnnnnnnnnnnn..
2007-11-01 09:56:54 · answer #8 · answered by Irish816 3 · 0⤊ 3⤋
cd's the money kind
2007-11-01 09:52:14 · answer #9 · answered by furmanator1957 4 · 0⤊ 0⤋
try http://goldenbullstocks.com and do your homework
2007-11-01 12:54:04 · answer #10 · answered by Anonymous · 0⤊ 2⤋