How can a 15 year old start saving money for university?
I suggest you break out of your shell and start doing many things to make money whenever and wherever you can.You have internet, so sell your junk on eBay to make a few extra bucks.A lot of times, working at a library pays better than at retail. But it can be harder to get the job.Open a side business by doing something you good atPay only for necessities. (BUDGET!)Get this book: The Graduate Survival Guide, it will get you on track.Research Dave RamseySome things about universities you should consider:Go to a university you can afford!!!!!Work while in university.Tackle debt, don’t let it snowball.
My 15 year old son spent all of his savings money on a $1200 gaming laptop. How should I punish him?
This really doesn’t belong in the “savings” and “personal savings” category. Putting it in the “personal savings” category kinda defeats the purpose; if you really think personal savings is related to the question, then why would you punish him for managing his own personal savings? He emptied his bank account… that’s punishment enough.See, if $1200 was all of his savings and you really want to teach him a lesson, then what you need to do is not back him up when he needs money. For instance, if he wants to go to the movies with friends then you don’t hand him money. If the family is going to the theme park, ask him if he saved up enough to pay for his own ticket. Pretty fast he’ll learn on his own whether or not it was a good idea to blow savings on his laptop.You see, my parents let me learn on my own. Early in my life, I could do what I wanted with my savings… And I learned really quickly that if I blew my money every time I felt like it then I wouldn’t have money saved up for what I really wanted later. By the time I was 15, I wasn’t buying stuff unless it was audio equipment which I bought because I was using it to learn audio which is now my business. I didn’t develop the gaming addiction until I was in college and had steady work from audio to pay for it.By making my own mistakes with my bank account, I learned how to manage my funds so that my business and savings were growing. Now I’ve funded my IRA every year and own property for rental as well as have a growing audio business.So what I’m getting at here, is that you shouldn’t necessarily “punish” him. That really probably won’t teach him anything, and I’m assuming the purpose is to teach him smart money managing. What you should do instead is allow him to struggle to pay for some stuff so he makes the connection on his own between what he did and the consequences. If what he did was really as bad a move as you probably think it was, then that will be enough.
As a 16 year old, how can I start investing my money?
Hi,Congrats for your passion for investing, as at your age, all I know was having fun with my friends and fooling around :)I've seen, heard, and been asked the similar question you ask, and my answer would always be the same: It's a dangerous question to ask, as when you don't know what you are going to invest your money, there are so-called planners/advisers/experts who will happily approach you and promise you this and that, and tells you something like these:"Mutual funds won't go down in value" "Invest in property and see the value rise" "Buy gold now and sell when it's high" "Buy stock X, Y and Z as they will go up in value" "deposit your money and watch it grows" etc.The thing is, there will always be winners and losers when it comes to investing. Your job is to learn how to invest your money - and when - so that you win more than you lose.Invest in financial education. Google about investing methods. Follow experts with proven track record. Learn financial history as the past can tell you about the future. Learn the wealth cycle. Learn how to buy AND sell anything at the right time (businesses, stocks, precious metals) as there will ALWAYS be bulls and bears, ups and downs, and rises and falls in everything you invest in.When you are ready, put your knowledge into practice. Make mistakes, learn from them and do things better - rinse and repeat.I hope this helps.
How do I start investing as a 15 year old?
Investing is an important life skill and you are to be congratulated to be interested at an early age. Most people live their whole lives without ever understanding.But — important to know that the main use of investing is to protect and grow your wealth, not so much to make wealth.(There’ll be a bunch of Quorans at this point who will leap in saying “oh man I make heaps of money from investing”, to whom I say “yeah yeah, buzz my house sometime in your jet”)The structure is: 1. Make money, 2. Invest money, 3. Make even more money.You can end up really very wealthy at a modest age, just by working for the man and investing wisely. Even better if your start your own business and are successful.But the investing does not mean there is a shortcut that doesn’t involve working hard and generating income - it just preserves and multiplies it.I realise I’m making certain assumptions about your motivations, and I don’t mean to disparage you — I just seek to highlight there’s two angles, one of which is investing to multiply your wealth, while the other is to work hard in your chosen career in order to have a constant supply of things to multiply.As to answering the question you asked, my advice would be to take Buffet’s advice: broad based index funds (ETFs).(Forex is a crapshoot - you’re better off going to the casino and betting it all on red. I mean black).
As a 15-year-old, what is the best thing to do with my money?
Well if your parents aren't having a hard time financially I suggest you spend a part of your savings on "experiences" which you'll cherish in your later years!Go for a picnic/holiday with your family or friends. Thanks to digital age take lots of photos! These experiences will give you happiness anytime you recall them or when ever you see those photos anytime in your life rather than material possessions which give only very limited temporary and illusionary happiness.!What you do with the rest of the money is up to you, whether you want to invest it or use it for subsidizing your studies etc.,
As a 15 year old, should I invest or save?
At 15, you should definitely start saving first. Find a bank with the best API rate (Annual Percent Interest), and then throw away a little bit each month. Save for about two or three years, then start investing.Find a brokerage that requires little money to open an account. Some require as little as $5, but some can go all the way up to $2500. The more money you have in your account the higher your returns will be. I suggest studying the brokerage you choose so you can understand where they are putting your money, and why they choose to put your money there. Most people will blindly put money in these accounts expecting guaranteed returns, but don’t understand why the end up losing all their money (because their brokerage might not have been the best one, and made a risky decision).Basically, save up now while you learn how investing works. If you’re already a pro, great! But since you’re 15, I’m going to assume you’re just getting started, and that’s also great! You would never just throw your money at something that you know isn’t worth it, so make sure the people managing your money meet your expectations of what to do with it.If you want to get into investing immediately, I suggest throwing money into crypto-currencies. You can easily manage your own assets and do your own trading with these currencies, and the technology behind them are going to be changing the way we do business in the next 10 years. Each coin had value, just like a stock for a company would, and you can study what each coin is doing in the business world (Ex. Bitcoin is the most successful coin right now, and they are reaching out to more and more companies to accept their currency from consumers). Just proceed with caution, as these markets are extremely volatile right now since these coins are in their infancy stage (all the better time to get in on the action!). However, it allows you to get a better understanding of how buying and selling assets works, giving you more confidence when it comes time to chose a brokerage. If this sounds interesting to you to experiment while you save, search Quora for questions regarding crypto currencies and check it out!Hope this helps, and good luck to you!
How much money should a 15 year old have in the bank?
I saved about 2 thousand dollars by the time I was 15, mind you I started working when I was young. my advice however is spend most of the money you earn if you have a job. I know it sounds stupid but look at it this way. As a kid 20 dollars can give you lots of joy, such as going to the movies, etc. but once you become older, money seem to be worth less. it's hard to explain but think of it this way, 20 dollars to someone who makes 50 grand a year can do less for someone than 20 dollars can for a teenager