What Should I Do With My Money?

Question

i life-guarded over the summer and made 3,000 dollars i was wondering what i should do with it, spend it on a car (but then there's insurance, gas,upkeep) , keep it in the bank (in 1 year it makes about how much i made in two days 120 /-), invest it in stock (i don't know how to get started or if there will be a good return) please advise me something that would be smart andbeneficiall

Answer 1

If you don't truly need a car, why not hang onto the money for now.  You might keep part in a savings or money market account at your bank or credit union.  The rest you could put in two CD's--one due in a year and one either shorter or longer.

If you are more daring, try a good no-load mutual fund such as Vanguard STAR.  It is a blend of all sorts of things and should do well over the long haul.

Good luck to you!

Answer 2

Many students will discover the importance of managing their money when they open their first checking account. Chase offers a uniquely designed checking account to help students in high school learn the value of financial responsibility.

High School Checking is a full-service checking account available to students between ages 13 and 17. This account is owned by the student jointly with a parent or guardian, provided that the parent or guardian maintains a separate qualifying linked checking account.

http://www.chase.com/index.jsp?pg_name=c...

Answer 3

what U could do is 1'st & 4-most;

Pay Off ALL debt that U owe so u wont have no outstanding balances.

BALANCE OUT a budget & stick 2 it

visit feedthepig.org

pay yourself B4 any 1/thing else. this is a persoanal lesson i learned while in over my head in debt & trying desperately 2 pay back what I owed. i'd pay until i ran outta $$$ & when i needed something the $$$ wasn't there, so NOW I pay myself 1'st EVEN if it means leaving things go or cutting out what i really don't need. this is the lesson i'd learned from actually 1'st-handed personal experience.

Answer 4

save the money and when the times come if you need a car you will have the money in the bank to do so. congrats on saving all that money that you made over the summer. Once you have to starting living on your own and supporting yourself you will be surprise hpw fast that money will go and your pay checks will be gone just like that

Answer 5

you can put it in a cd or talk to financial consultant and see where to invest.  

Answer 6

If you enjoy reading, then I suggest you buy some books on money management and financial skills. You should increase your financial and investment knowledge before you even your first investment. Because any serious bad investment decisions could take you some years to recover. Since all the markets (stocks, properties and commodities) are volatile or crashing at the moment, there's no rush for you. Instead, take this time to learn more about personal finance and investment.

Answer 7

you can buy a car that do not cost that much and keep the rest of it in the bank you can buy what you need no rush to spend your money do what you want with it you worked so hard for it and now you can spend it the way you want to cause you earn it.