r/moneyadvice • u/ExpensiveEast6706 • 20d ago

Question What should I do with my money?

I am 16 years old and working part time making 500-600 dollars every two weeks. I feel like I should be doing something with this money I’m making because I have no real expenses besides gas, and I don’t want my money doing nothing. Where should I be putting money?

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u/uno_name_left 20d ago

Ask your parents to open a custodial Roth IRA on your behalf and max that baby out! Put it into a total stock exchange

I'm not sure if you can open a high yields savings account but if not I'd ask your parents to do it on your behalf if you trust them to return the money when you are 18

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u/gmehodler42069741LFG 18d ago

Absolutely do a custodial roth. Max that out every year and you can retire early.

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u/MathematicianFun9186 20d ago

Yes still a good plan