Do you want to know how to begin investing in your financial future Before 18?
My Brother is 16 and at the age I would consider have him thinking about his financial future.
When I see him I’ll ask;
- What do you want to focus on after high school?
- Do you have any interests you’d like to pursue?
- Are you studying for anything ?
All of my questions come back without an answer, or even worse an excuse!
When I leave I always tell him, No one else is going to put as much effort as YOU your tutorial to 18 is almost complete.
Early Ways To Begin Planning To Be Successful.
- Job ( Apply For a Job, Mow Neighbors Yards, Walk Dogs, Wash Cars)
- Transportation (Your Legs, Skateboard, Bike, Scooter, (Car – Biggest Expense At This Age Car, Gas, Insurance, Un-Expected Issues)
Now lets talk financially, what are some options we have under the age of 18 for our Financial Future?
Money Mammals – Provides banking activities for kids 11 and under that encourage interest in money smarts.
- No Account Opening Fee
- No Minimum Balance To Earn Dividends
- No Monthly Service Charge
- Better Savings Rates Then Typical Accounts
Custodial Account – A parent or a guardian must help you open this account as well, but all assets in this account belong to you, not your parent or guardian. Parents are legally forbidden from using custodial account money for expenditures that benefit themselves (like a new car). This account is valid until 18
IRAs/Stocks – People under 18 are eligible to buy stock in an IRA account under one condition, – you must have an earned income. If you have a job and want to invest in a tax-deferred account, you can contribute up to $5,000 per year into an IRA account. If you wish to save and invest money for college, you can also open an Education IRA, which allows you to contribute an additional $2,000 per year. Stocks can be bought and sold inside IRA accounts.
Whether you begin with a Money Mammals account and upgrade to a full Savings Account, you do not need to be in a hurry.
Focus on equipping yourself and mind with knowledge on being financially smart.
– Learn different financial terms and investment terms.
– Create a financial plan and goal, do not set it to high but set it reasonable.
– Invest in a mixture of high risk types, your young and can afford to learn how to distribute your investments wisely as you age.
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