As a 15 year old, how should I use/invest my money?

[jasonwj322a]

I currently have around $1000. As a 15 year old with no real source of income, I consider myself to be doing great savings wise. Though I recently came to a predicament, a silly one maybe. But basically I am having a tough time on deciding how to use it. This is after all basically my life savings and I do not want to waste a single dollar. 

I tried searching online and people usually recommended people to not "save" the money at this age because you want to experience life to the fullest at this point. People suggested things like spending it on activities like watching a movie with friends, invest it somehow by starting a business or stocks, or just use it to help your future. That last one is the one I've been thinking of since. I've always loved technology but because of my non tech savvy family, I don't get to experience things. Though for the last 2 years I've step up my game and bought myself a great smart phone (Galaxy s7 Edge). I know its not something that cool or exciting but to someone who has never owned a smart phone this good it actually is. I also will be getting a beast laptop this year from my parents after talking about how I need a computer for school. I chose the 2017 Dell XPS 15 with Core i7, 16GB of RAM, 512 SSD, and GTX 1050. I know its overkill but its also awesome at the same time as a first computer. 

I'm telling all this because what I'm thinking I should do is use my on a desktop. Though the laptop with those specs really do cover everything for me. What do you guys think? I want to work in the technology field when I get a job and spending my money on something that could help me really does matter. 

[TheKDub]

I'd recommend just saving it, you'll need it when time for college/university rolls around, or if you ever find yourself in an emergency where you need cash quickly, it'll be there.

[TidaLWaveZ]

Car.

[XenosTech]

8 minutes ago, jasonwj322a said:

-snip-

Depends... at 15 I was spending my on food and stuff that made me happy and didn't think much about saving since I already knew where I wanted to be by the age I'm at now but you maybe a heck of a lot different for me and not really clear on where you want to be 5-7 years down the road.

[PlayStation 2]

Like what @TidaLWaveZ said, a car might be a decent investment. Look into something cheap as hell, like some '90s Toyota or Honda. Cheap to own, cheap to repair, cheap to fill with gas, and cheap on insurance comparatively (although it's still kinda hell mainly because you'd be a new driver).

[LordXenu]

23 minutes ago, TidaLWaveZ said:

Car.

Spend more than $1000

[Centurius]

First of all let me say that for a 15 year old you have some pretty amazing financial discipline. People a lot older could learn a thing or two. I'd also recommend either saving it or looking into fairly safe stocks. The latter still carries risk but this can be minimized.

[TidaLWaveZ]

Just now, LordXenu said:

Spend more than $1000

I meant putting it towards a car, definitely don't blow the wad on a cheap car. Use the $1000 as a down payment.

[MadyTehWolfie]

Spend a little save a lot youll thank me later in life if you want your own car or school money.

[jasonwj322a]

29 minutes ago, TidaLWaveZ said:

Car.

 

6 minutes ago, LordXenu said:

Spend more than $1000

 

1 minute ago, MadyTehWolfie said:

Spend a little save a lot youll thank me later in life if you want your own car or school money.

A problem is that my parents wouldn't let me get a license at this age. 

[dizmo]

Great job at saving! It's not easy, but you've done a great job.

If I were you, I'd save the money.

• At 15, don't buy a $1,000 car. Or a car period. It's unnecessary, and it's an ongoing expense. Save that for when you have a job.
• Personally, I wouldn't spend it on a PC if you're already getting a laptop like that. In the end, one of them will end up going unused, and then it's just a waste of money. I'm sure your parents wouldn't want to drop all that money on a laptop to see you use a desktop instead. I have both, and one turned into a "when I'm in bed and want to watch a movie" machine.
• If you don't have an education fund from your parents/relatives, or scholarships saving up for school is a good idea.
• Don't invest the money into stocks. They're not guaranteed, and it'd suck to lose possibly all of your savings because you choose the wrong stock.

Do you have a job? The minimum wage in Seattle is quite high, so saving money shouldn't be hard for you once you get one.

 

[TidaLWaveZ]

 

4 minutes ago, jasonwj322a said:

 

 

A problem is that my parents wouldn't let me get a license at this age. 

Save it then. 

 

[jasonwj322a]

19 minutes ago, dizmo said:

Great job at saving! It's not easy, but you've done a great job.

If I were you, I'd save the money.

• At 15, don't buy a $1,000 car. Or a car period. It's unnecessary, and it's an ongoing expense. Save that for when you have a job.
• Personally, I wouldn't spend it on a PC if you're already getting a laptop like that. In the end, one of them will end up going unused, and then it's just a waste of money. I'm sure your parents wouldn't want to drop all that money on a laptop to see you use a desktop instead. I have both, and one turned into a "when I'm in bed and want to watch a movie" machine.
• If you don't have an education fund from your parents/relatives, or scholarships saving up for school is a good idea.
• Don't invest the money into stocks. They're not guaranteed, and it'd suck to lose possibly all of your savings because you choose the wrong stock.

Do you have a job? The minimum wage in Seattle is quite high, so saving money shouldn't be hard for you once you get one.

 

 

10 minutes ago, TidaLWaveZ said:

 

Save it then. 

 

Thanks for the nice comments and it looks like I'll be saving it then. Not a disappointment at all.

About getting a job, I've definitely tried. Maybe I was using a bad method but I just couldn't find one. Searching online really gives me mix results and asking in person just isn't something I would do. Any advice?

[dizmo]

1 minute ago, jasonwj322a said:

 

Thanks for the nice comments and it looks like I'll be saving it then. Not a disappointment at all.

About getting a job, I've definitely tried. Maybe I was using a bad method but I just couldn't find one. Searching online really gives me mix results and asking in person just isn't something I would do. Any advice?

Saving is definitely the right choice. Having money in the bank and knowing if you need it, and it's there is a great feeling.

Don't be afraid to spend a little to enjoy life though! Those that said that are totally right. Teen years really are the best years of your life.

 

Have you checked out Indeed? Usually it's packed with jobs.

A lot of places do online applications now instead of in person, so check out websites for the places you want to work, and toss in a resume and cover letter. Make sure you resume is well done, and have a cover letter that either matches the job, or decently explains that you're looking for any kind of work. You're young so I don't think they'll expect much from the cover letter.

Where did you apply? Don't aim too high, and don't be picky. Last time I checked money is green regardless of where it comes from.

The only other thing that might be causing you a little trouble, is age. 16 just seems a lot more mature than 15. Might have to wait a little longer.

 

It's definitely going to be harder for your generation, and ones after that to get entry level jobs with the way automation is going, with even McDonalds getting rid of their cashiers. I wish you the best of luck!

[jasonwj322a]

11 minutes ago, dizmo said:

Saving is definitely the right choice. Having money in the bank and knowing if you need it, and it's there is a great feeling.

Don't be afraid to spend a little to enjoy life though! Those that said that are totally right. Teen years really are the best years of your life.

 

Have you checked out Indeed? Usually it's packed with jobs.

A lot of places do online applications now instead of in person, so check out websites for the places you want to work, and toss in a resume and cover letter. Make sure you resume is well done, and have a cover letter that either matches the job, or decently explains that you're looking for any kind of work. You're young so I don't think they'll expect much from the cover letter.

Where did you apply? Don't aim too high, and don't be picky. Last time I checked money is green regardless of where it comes from.

The only other thing that might be causing you a little trouble, is age. 16 just seems a lot more mature than 15. Might have to wait a little longer.

 

It's definitely going to be harder for your generation, and ones after that to get entry level jobs with the way automation is going, with even McDonalds getting rid of their cashiers. I wish you the best of luck!

Thank you! I will definitely try looking for one as that seem to be a great way to increase my income.

[dizmo]

6 minutes ago, jasonwj322a said:

Thank you! I will definitely try harder to look for one.

Don't worry about it too much, focus on school. You won't get anywhere without some form of post secondary education, and from what I gather it's much harder to get into south of the 49th.

I have many friends with Masters who can't get jobs in the field they want, and struggle with others because they're "over qualified".

[jasonwj322a]

23 minutes ago, dizmo said:

Don't worry about it too much, focus on school. You won't get anywhere without some form of post secondary education, and from what I gather it's much harder to get into south of the 49th.

I have many friends with Masters who can't get jobs in the field they want, and struggle with others because they're "over qualified".

How does that work? Seems weird that anyone would get turn down because of that.

[dizmo]

3 minutes ago, jasonwj322a said:

How does that work? Seems weird that anyone would get turn down because of that.

People with more education typically ask for more money than someone with less education for the same position, both because they feel they're more skilled (not always true depending on the field) and they likely have school loans to pay off.

I worked in HR. It always amazed me how people would apply for low level positions, and expect a few dollars more an hour because of an unrelated degree. Not how it works.

[alicskysareblue]

Id say ask your parents to open up a savings account your name and then deposit money when you have any

 

I wish I did this when I was younger would have helped me through some rough times living on my own

[MadyTehWolfie]

3 hours ago, jasonwj322a said:

 

 

A problem is that my parents wouldn't let me get a license at this age. 

Didn't mean now. I meant when you are 18-20 and actually need a car after school to go to work or if college is your plan the more you save the less college debt youll have.

[Jamtoad]

Don't spend it save it.

 

I know the laws of economicsome go against that saying your money will be worth less laterms so spend it now but just save it. If you haven't spent the thus far you have no reason to spend it now

[LordXenu]

3 hours ago, jasonwj322a said:

 

 

A problem is that my parents wouldn't let me get a license at this age. 

Tell your parents I said they are dumb.

[arnavvr]

If you are decent with electronics, you could try and buy cracked phones and fix them for a profit. 

[jasonwj322a]

3 hours ago, dizmo said:

People with more education typically ask for more money than someone with less education for the same position, both because they feel they're more skilled (not always true depending on the field) and they likely have school loans to pay off.

I worked in HR. It always amazed me how people would apply for low level positions, and expect a few dollars more an hour because of an unrelated degree. Not how it works.

I see, thanks for the insight.

[Guest Kloaked]

Get your parents/guardians to help you open a savings account and put it all in there. I'm telling you this as a 24 year old who wishes they saved every penny they had when they were growing up. You're going to need it later for necessities.