Start building credit responsibly – maybe get a student credit card and pay it off every month. Also open a high yield savings account if you don’t have one already
HotPut5470 on
Never too soon to look at saving for retirement too
MuffinMatrix on
You should have a savings account. Thats where your cash goes. a HYSA to earn the most from it.
Once you build that savings up a bit, then you can think about other things.
If you have a job, you can open a Roth IRA. That will be saving for retirement, and get you in the habit of long-term investing.
Kremsi2711 on
start putting some money in stocks
spellstrike on
get a bank account at a new bank that has nothing to do with your parents.
Unable-Arm-448 on
Register to vote, if you are in the US. (IDK what the age to vote is in other countries)
KoburaCape on
Make sure to completely separate your parents from your credit, and lock your credit.
I don’t know how statistically common it is, but it’s something that costs nothing, and I’ve seen enough examples of parental theft. It just shouldn’t happen. Although, it probably often happens far earlier than 18 if it’s going to…
Fruitful_adornment on
Open a high yield savings and IRA.
NotSoFiveByFive on
The first thing you should do is go back to sleep; it will be midnight!
But really, change any custodial financial accounts to be yours alone (or transfer any funds that belong to you to a new account at a new institution), lock down your credit with all 3 bureaus so no one can open an account in you name, make sure you have health insurance, and register to vote.
If you trust yourself to be responsible and only spend money you have in your checking/savings and pay off the entire statement balane each month, then open a credit card and use it responsibly to begin building credit without paying any interest. Otherwise, just don’t bother with one yet.
Then focus on graduating and taking steps to increase your earning potential (education, training, apprenticeship, other skill development, etc), which will have the most impact on your financial future (along with living within your means).
FitGas7951 on
First you should post the question on right board, which could be this board but, considering your date format, might not be.
11 Comments
Start building credit responsibly – maybe get a student credit card and pay it off every month. Also open a high yield savings account if you don’t have one already
Never too soon to look at saving for retirement too
You should have a savings account. Thats where your cash goes. a HYSA to earn the most from it.
Once you build that savings up a bit, then you can think about other things.
If you have a job, you can open a Roth IRA. That will be saving for retirement, and get you in the habit of long-term investing.
start putting some money in stocks
get a bank account at a new bank that has nothing to do with your parents.
Register to vote, if you are in the US. (IDK what the age to vote is in other countries)
Make sure to completely separate your parents from your credit, and lock your credit.
I don’t know how statistically common it is, but it’s something that costs nothing, and I’ve seen enough examples of parental theft. It just shouldn’t happen. Although, it probably often happens far earlier than 18 if it’s going to…
Open a high yield savings and IRA.
The first thing you should do is go back to sleep; it will be midnight!
But really, change any custodial financial accounts to be yours alone (or transfer any funds that belong to you to a new account at a new institution), lock down your credit with all 3 bureaus so no one can open an account in you name, make sure you have health insurance, and register to vote.
If you trust yourself to be responsible and only spend money you have in your checking/savings and pay off the entire statement balane each month, then open a credit card and use it responsibly to begin building credit without paying any interest. Otherwise, just don’t bother with one yet.
Then focus on graduating and taking steps to increase your earning potential (education, training, apprenticeship, other skill development, etc), which will have the most impact on your financial future (along with living within your means).
First you should post the question on right board, which could be this board but, considering your date format, might not be.
[https://www.reddit.com/r/personalfinance/wiki/country_index](https://www.reddit.com/r/personalfinance/wiki/country_index)
Usually, open a bank account in your own name.
Buy a scratcher ticket and have a little fun