I Just got $1K as a 15year old

Dark_Knightt

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Im gonna begin by saying that I am 15years old, or else what im about to say wont really make too much sense lol.
Four years ago, my grandparents decided they wanted to buy land, with a house and farm that were old, dirty and broken down, and fix them up so they could then sell the property for a lot more. We worked constantly on it: sweepign dust and dragging hay out of the barn, chopping down MASSIVE trees and then splitting the wood and stacking it, scraping off wallpaper in the house, moving things around, general cleanup stuff, etc. So my grandparents said that me (who at the time was 11), my little sister and older brother were each going to get one percent of the profit on a house that would sell for at least $1 million CAD. Just a few weeks ago, we finished cleaning up the whole property, and then a few days ago the property was sold. Its crazy that that took us 4 whole years to do !! So anyways, Im about to head out to go to work( i work at a burger joint making fries and cleaning dishes), when my grandma calls my siblings and I over. She gives us a beautiful speech, and then she hands each of us $1,000 in cash( mine came in $20 bills, my brothers in $100s, sisters in $50s). So after thanking her many times and hugs were exchanged, I went off to work. I spent the whole shift wondering what I would do with my money? Buy a new tank? Spend a whole lot on corals? New fish maybe? One things for sure is im putting $500 in the bank and investing it (thank goodness my dad is smart and taught me about investing.)
SO I posted this thread to maybe get some ideas on what I could do with the other half that im not investing.
Srry i know its been a long thread, but you guys who read it are real ones :cool::cool:
Thanks a lot #reefsquad and may the force be with you always.
 
As a 55yr old my suggestion is to you is that buying a house is the BIGGEST investment youll probably make in your lifetime

Take that $15k and call a Financial Advisor to safely invest it.

There will be a time in your 20s where you want to buy a house. If you don't have a large enough CASH down-payment, you have to pay what's called PMI on top of your housepayments.

To not pay PMI, you'll need at least 15% cash down on the sale of the house....sometimes 20%

PMI costs you roughly an extra $200/month. Ouch! And those PMI payments go directly in the Bankers pocket and not towards the investment in your house. PMI is like burning $100 bills with a Bic lighter. Pooooof!

If you can invest that $15k and turn it into $25k by the time you're ready to buy a house...you willing be ecstatic you have $25,000 freaking dollars to put down as a down-payment and are avoiding that extra $200/month in your mortgage payment

Trust me...once you find "your girl", ready to get married and buy a house....you'll be able to buy "your girls" dream house with a great cash down-payment

Dont use it on:
* cars
* man toys
* stupid stuff that'll have little to no value in 5yrs

Most guys when it comes time to buy a house stand there with their jean pockets turned inside-out saying, "I got nothin'" ....but i do have this $8,000 JetSki that now worth $1,000... i got a $25,000 truck that's now worth $3,000. They get el'screwed by Banks when buying a house. Super-screwed.

....save it for a cash down-payment on a house
.
 
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Good hard work, and smart to invest in yourself.

Also... get something you really have wanted! TREAT YO SELF

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1% of a million is $10,000. Math is important! I’d get the rest of your money and get a real big tank. Edit O nvm you said profit!
Ik but after taxes and paying the lawyers and stuff about 50% is gone. I asked my grandma cuz I knew that 1% of 1 million was 10,000, and so did my dad, but i guess $10,000 is an INSANE amount of money to give to a 15 yo lol.
 
Good hard work, and smart to invest in yourself.

Also... get something you really have wanted! TREAT YO SELF

giphy.gif
Either way im investing: investing in stock, or buying corals, which is an investment. buy a coral, double the size, it doubles in price $$$
 
Stocks . Take an educated risk and it might grow. If it doesn't, you still learn something.

I know I'm boring.
No basically all my checks from work go into my account ----> right into stock. Fossil fuels. Dont exactly agree with the method but it brings me money and other people heat. :)
 
small goby ,and invest that dough!!
 
small goby ,and invest that dough!!
Yeah im gonna keep like $100 and buy some corals or smth, then invest the rest. Plus I do have a job and make a lot int tips. I got like $300 in spending money from saved tips alone. All my checks get invested right away.
 
I think it's fine to spend part of the money on something you want, but whatever you choose (especially if it's aquarium-related), start by making a budget. I spend about $500/yr on salt alone for a 120g. You can blow $500 in this hobby overnight. And you can find yourself having to choose between taking proper care of the living things you're responsible for and dipping in to that other $500 you though you were saving.

Also think about what you might want in the near future. The $500 you saved may be earmarked as an early start on retirement or a down payment on a home. But at 15 (assuming your in the US), you'll be able to drive next year. Car. Gas. Car repairs and maintenance. Going out with friends, now that you can more easily. Consider if you'll be happier spending the second $500 now or if you might want it for a shorter term savings.

That said, a mated pair of CB swallowtail angels would be totally awesome.
 
I’d say buy a reasonably priced coral, then with the leftover cash, buy something you can earn some extra cash with, like a chainsaw, or a weed whacker. Use some of the skills you learned working for your grandparents to make some extra cash on the weekends. Save that up, then invest.
 

IF YOU HAD TO TAKE A REEFING EXAM, WOULD YOU PASS?

  • Yes!

    Votes: 32 45.7%
  • Not yet, but I have one that I want to buy in mind!

    Votes: 9 12.9%
  • No.

    Votes: 26 37.1%
  • Other (please explain).

    Votes: 3 4.3%

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