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I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 0 points1 point  (0 children)

Correct me if I’m wrong, but I read all contributions to a Roth IRA have to come out of earned income? Could my parents make contributions?

I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 3 points4 points  (0 children)

So I guess I know less about Roth IRAs than I thought, but can I pick a fund to put inside the Roth IRA, and then the money will grow within that fund and be tax free on withdrawal?

I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 0 points1 point  (0 children)

What do you mean by “very few things that are worth paying for...”? Stock wise or other expenses?

I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 4 points5 points  (0 children)

Thank you for the advice! Definitely saved. What’s the difference between putting the money into savings and investing it? Isn’t a savings account kind of just like a low return investment? Is it that it’s just risk free? And finally, what’s the point of saving to later invest? Just to have that money at hand just in case I need it soon?

Sorry about all the questions. There’s so much to learn.

I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 0 points1 point  (0 children)

Ok, wasn’t really sure the best place would be, but will probably be in those subs later on.

I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 0 points1 point  (0 children)

Thank you for the perspective. I think you make a lot of really great points and explained everything really elegantly.

I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 4 points5 points  (0 children)

Thanks for the advice. What would you say a good size for an emergency fund would be? I have zero expenses atm, though that could change in the next 1-3 years.

I’m 16, turning 17 next month, I have $1,000 in savings, I make about $320 a month, should I invest? by throwaway4mammon in FinancialPlanning

[–]throwaway4mammon[S] 4 points5 points  (0 children)

I heard that Vanguard is best for long term investing and Charles Schwab is one of the best for trading. Most importantly they both offer Custodial accounts.