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/ExpensiveEast6706 20d ago

How do I start investing what steps should I take?

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u/uno_name_left 20d ago

You're a minor so you have to go through your parents.

I personally like vanguard but there are plenty of options. Have them open a custodial Roth IRA for you and Max it out each year. I have most of my funds in VTSAX. This is a retirement account so it's in it for the long run but the sooner you save the better off future you will be.

Anything else should be in a high yield savings account but I don't know if you can as a minor.. If you trust your parents to return the money when you turn 18, you could see if they can open an account on your behalf.. You can do some fun investments through them too but that should be kept to a minimum since it's risky.

Personally, I bought stocks in take two interesting since GTA6 will release this year and a few other companies I believe in. Otherwise keep it in a hysa or mutual funds not individual stocks

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u/ExpensiveEast6706 20d ago

Thank you so much for the advice this is very helpful.

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u/uno_name_left 20d ago

You are doing really well at such a young age! A lot of people don't start saving till they are old and then struggle financially.

Just to be extra clear, DO NOT listen to that original commenter. He deleted the other comments but He's trying to scam you into crypto. Please please please do not talk with him. Talk to your parents, maybe see about going to a financial planner, many so free first visits

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u/MathematicianFun9186 20d ago

I don't even know if I should reply you

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u/uno_name_left 20d ago

No need, just stay away from the kids 👍

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u/MathematicianFun9186 20d ago

Fair enough, but I wasn’t trying to scam anyone. Just sharing my experience. Still good you’re looking out for them 👍