Question: I have about ,000 dollars to invest. 17 years old, turning 18. How can I make it grow?
Okay, well I just graduated high school. I have a $ 22,000 worth of scholarships to university. So 4 years of my undergrad are paid for. I don’t have worries to “pay for university first” due to my scholarship.
I don’t work, but I have about $ 400 to $ 500 in savings.
$ 20,000 (“Uncashable”, and even if it was, I wouldn’t want to touch it.)
I cannot cash the $ 20,000 out. I can only buy a laptop, books and supplies with it and pay for tuition, so I cannot do anything with that. However, I’m hoping that my first year tuition will be taken from the $ 20,000 and not from the $ 1,750. So if they take it from the $ 20,000, I can get the $ 1,750 entrance scholarship in cash. The $ 250 is a cheque I can use for whatever. So basically, I have about $ 2,000 to “invest”. What can I do with it that can help my money grow fast or in a few years?
Sorry for the long explanation. But I felt it was needed. Since if they deduct my tuition from the $ 1750 and the remainder from the $ 20,000, then that means I have $ 1,750 less from the total that I can invest.
So how much I can invest:
$ 400 (not to be touched, those are my savings. It’s “backup” I guess.)
Total: $ 2,000
I’m not looking at investing in stocks. I consider*ed* savings bonds, but those take some time (though I know getting money takes time) since it seems interest is slow. It’s safe, but slow. I’m considering an online business. You know, the regular “buy in bulk, sell for more” according to a business book I read years ago.
How can I invest my money to its best potential?
lol. I don’t have bills to pay. None.
As for girls, I’m going into pre-dentistry… I don’t know if I’ll have time. If I do, I think the person I’d choose would understand, since the people I am usually with are also people who are going to university and are focused on their education.
Answer by I_think$
Put half in a regular savings account at a bank (or maybe some in a 6 month or 1 yr CD). Trust me, you will find things to spend the money on ( usually they are called either girls, or cars, and both are expensive ).
It won’t really grow, but no one will steal it, like they could if it were in your pocket, or under your mattress. Some of your money (say $ 500, maybe $ 1,000 – depending) does you the most good in your checking account, preventing you from overdrafting the account (= fees) and avoiding other banks fees (if any) and enabling you to buy a sale item “today” or promptly pay a bill that is due.
good luck in college
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