Hi, I was wondering if you guys can give me advice on what I should do with my money
I am a teen and have about $15000 that's sitting around. I don't have any necessary/living expenses, and saw that CDs have higher APYs that I can stick my money into. Would you advise that I put my money in a CD, or maybe ask my parents to see if I can invest some of it, or something else? I don't need access to it at all if that helps with what I should choose.
My goal for the money is just to let it grow! I have no use for it now, so to future proof and just get more money for whatever the reason is, is my intention. I would like to have access to it, or at least some of it by college (so in 3-4 years), Longer is fine though.
For CDs, I'm researching and saw that Marcus by Goldman Sachs have good rates (I think):
1 year – 4.0% APY
18 months – 4.0% APY
2 years – 3.95% APY
3 years – 3.9% APY
What would you guys advise, or if you could recommend some sites that I could read to find more about what I can/should do with my money? Should I try to invest in it, put it into a CD (or HYSA), or something else I haven't heard yet?
(If this is the wrong sub, could you point me to the right one)
Thanks in advance.
Oh, also, my parents have set up an investing account for me and already put some money into an ETF (I don't know what they invested in, but something that follows the S&P500)
TL;DR I have 15000 that I want to use so that in the future I can get more money. I'm a teen and what to use it/have access to it in 3-4 years, but longer is tolerable. What should I do with it, whether in a CD, invest it, or something else. Any advice would be appreciated!
What to do with my money right now?
byu/OneEntertainment1119 inpersonalfinance
Posted by OneEntertainment1119
3 Comments
Start by following the flow chart here:
https://www.reddit.com/r/personalfinance/wiki/commontopics/
You really need to hone in on the timeframe for needing the money. If it’s for use within five years, HYSA/CDs/Bonds are the move.
If you’re earning any money of your own, consider putting some of it in a Roth IRA. You can withdraw contributions (not earnings) any time, or just leave it alone and have a head start on a comfy retirement, when your earnings will be tax-free.
You have to have income of your own, though, and you can only contribute up to the amount you earn or $7500, whichever is less.
Hi. I think you can save your money in your account or invest the money in the correct stocks or mutual funds according to the research done by you.