| I am 15, I need a plan for my money |
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pickels15
First Time Poster
Cash: $ 0.25
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Joined: 26 Jun 2009
Location: Chicago, IL
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| I am 15, I need a plan for my money |
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I am going to start a job at Culvers probably making $8/hr. (minimum wage as of 7/1/09 in IL) So how should I manage my money?
for example:
20% keep
60% put in bank
20% ???
Also, I really want to purchase a car and audio system for it.
MJ
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Fri Jun 26, 2009 6:44 pm |
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coaster
Senior Advisor
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Location: Wisconsin
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Kudos to you for being so financially responsible and aware at your age. 
I'd suggest setting a realistic goal of how much you want to save for the car and how long you plan to wait for it, then just do the math and figure out how much out of each paycheck you need to set aside for that.
Do the same for your other priorities, e.g. are you going to college and how much of that will you need to pay for yourself? If you have enough to cover that before you go, then you'll avoid starting out in life with a huge student loan debt over your head.
~Tim~
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Sat Jun 27, 2009 6:30 am |
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WhereDaCashAt
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Location: Wall St.
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Hey, I read your post about what to do with your money.
Age 15 is a great time to start investing your money. With the effects of compounding interest, your money can grow substantially by the time you need to take it out. To get you started on learning about investing, I suggest you download this free ebook. It's written by CEO Micheal Weiss of Frontier Financial Advisors, a small botique investment firm on wall street. http://www.wallstreetfrontier.com/12mistakes/
"Money isn't everything. It's just most everything." --Nica Clark
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Mon Jun 29, 2009 2:41 pm |
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avont78
Full Member
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Joined: 02 Jul 2009
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Hello here's just some suggestions:
- Pay yourself first everytime and save at least 10% of your montyly income
- Save up a certain amount as an emergency fund for rainy days
- Then out of your monthly savings, invest 80% in stocks & 20% in bonds (depending on your risk profile)
- For stocks choose low cost stock index funds and for bonds choose low cost bond index funds
- With discipline and time, your money will grow faster & faster due to compounding interest
A car is a liability so try not to get it too soon. A better option is to buy a property first, rent it out to get monthly rental income and then use this rental income to buy a car.
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Thu Jul 02, 2009 9:08 am |
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bhanvid
Member
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Location: usa
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20%?? >>>> put it in your pocket or invest it on a sideline.
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Thu Jul 09, 2009 9:37 am |
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littleroc02us
Senior Member
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quote:
Originally posted by avont78
A better option is to buy a property first, rent it out to get monthly rental income and then use this rental income to buy a car.
Read the post before making comments please, the kid is 15, he doesn't need to by rental property.
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Fri Jul 10, 2009 1:08 pm |
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DMEmery
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Joined: 31 May 2009
Location: Augusta, Maine
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I would start by depositing a certain percent of each paycheck into a savings account. (10-20%). The more you can save the better off you will be. An emergency fund with $1000 - $1500 would suffice for someone your age.
You have a great advantage being 15; you have a lot of earning potential and have put yourself in a good position for growth. Do some research on Roth IRAs for Retirement & Education IRAs for College. You can start with a relatively small amount of money ($500 in some cases) and it has numerous advantages. Before you invest in anything be sure you understand how it works.
Real estate can be a great investment, but there are many risks associated with it. It can be a lot of fun, just don't rush into it.
As for the car, it's already been said. Figure out how much the car will cost and when you want to buy it to figure out how much money you need to save each month.
It's all about determining what you want and what you need then setting priorities
Good luck!
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Thu Jul 23, 2009 1:30 am |
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good2goo
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Location: Tucson AZ
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Its cool you are looking to save some money. When I got my first job I had a few bills to pay like cell phone, car insurance etc so you want to make sure those are paid. Then i usually had about 50-60% of my check left. I always bought $50 bonds each month and now I have about $6000 in bonds (Im 22), I also got a sharebuilder account and tried some trades and didnt do too bad. I found that I made decent interest off stocks and they were fun. You can pretty much do what ever you are comfortable with to save your money, but I usually split may remaining check up evenly between my checking and saving options.
40% bill
30% Checking account for food and fun
30% Saving (stocks, savings bonds, etc)
Also I would recommend getting a checking account that pays interest. I know there are a few places that do this but my favorite is ING. They pay pretty good interest even now during this recession.
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Wed Aug 12, 2009 6:35 pm |
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Tracie00
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Location: Henderson
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Be your own detective and provide yourself with a factual list of details that surround your financial situations.
MONEY MANAGEMENT HELP
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Mon Oct 05, 2009 4:19 pm |
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RoseTaylor
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I completely agree with the comment above me, the web is without any doughtgrowing to be the most important medium of communication across the world and its due to sites like this that ideas are spreading so quickly arround.
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Mon Jun 21, 2010 2:18 am |
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ed2009
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Location: CA
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I am impressed with you because when i was 15, i never thought about having a job, let alone saving money. If you continue what you are doing right now because you think smart, you will have a very good future ahead of you.
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Mon Jun 21, 2010 4:34 pm |
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