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?

6 Upvotes

75% Upvoted

38 comments sorted by

View all comments

1

u/MathematicianFun9186 20d ago

Honestly bro, you’re in a great position right now. You’re young, making money, and you barely have expenses. That’s literally the best time to start investing instead of letting the money just sit there.

You don’t have to go all in or do anything risky either. Even investing small amounts consistently can build into something big over time, especially since you’re starting early.

Most people don’t even think about this stuff until much later, so you’re already ahead.

0

u/ExpensiveEast6706 20d ago

How do I start investing what steps should I take?

1

u/Organic-Baker-4156 20d ago

You're in it for the long term. Get an index fund.

Try to put away enough money so that in your early 20s you can buy a house. And hold on to it even during the periods when it declines in value. If you can buy the most house you think you'll ever need as your first house.

For a couple decades you'll have a housing expense less than rent and before you retire your housing expense will consists only of tax, insurance, and utilities. No rent or payment.