Hello, I recently graduated high school this summer and I had my summer off and this fall I started working. I have made 10 grand in one and I have it sitting in my bank but I know if it sits there I’ll end up blowing it what are some helpful tips to help me get started in building myself a good future.

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[deleted] t1_iuhfppw wrote on October 31, 2022 at 11:05 AM

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AccomplishedTotal741 OP t1_iuhg4br wrote on October 31, 2022 at 11:10 AM

Thank you for your help I was thinking about making a spread sheet for myself and laying out all my expenses (which aren’t very many) and other things like that because I spend money on very stupid stuff and waist it I haven’t made any large purchases in a long time I was thinking about buying a MacBook to help with grow and learn but they are pricy.

[deleted] t1_iuhga64 wrote on October 31, 2022 at 11:12 AM

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mko087 t1_iuhgqpu wrote on October 31, 2022 at 11:17 AM

I think the best thing you could do is start budgeting! Budgeting is the foundation to a solid financial future, and when you have a solid budget, that’s how you know you can start investing, saving, and spending on various things with confidence. I think you made a good point that having the 10 grand in your bank as just a large number without a purpose can allow you to look at it as money to be spent. If you created a budget, in particular, one that uses the envelope method, then you would assign every dollar in your bank account to a specific category that you’ve created. You might name them after your expenses, and then you’ll also make some savings ones (such as new car fund, emergency savings, vacation fund, etc). Doing this gives the dollars a purpose and helps you see that they are not available for spending. I’d really recommend you take a look at YNAB, or “You Need A Budget”. They are a budgeting software that does what I just described really well, and their method of having “Four Rules” is an awesome budgeting foundation to live by. You should check it out!

MyriadOfDiatribes t1_iui6ymg wrote on October 31, 2022 at 2:59 PM

What are your career/educational plans? Do you plan to stay in your career-field?

I started working at 18 and income felt great. Within a few years, I was being quickly outpaced by friends with degrees/professional certifications. Deciding to use the money I made to get a business degree was the best decision I've ever made.

If you love your job know and expect to in the future, great! Find ways to advance your career with certs/degrees. It will always cost time and money, but for most fields, will more than pay for itself.

If you don't love your job, start thinking about what you want your life/career to look like.

KReddit934 t1_iuhk4sr wrote on October 31, 2022 at 11:54 AM

Yes. Budgetting is the key to everything.

Then take a good at this...

https://jlcollinsnh.com/manifesto/

StarIllustrious2438 t1_iuhrrnj wrote on October 31, 2022 at 1:06 PM

Start moving money to less “easy to spend”’places. Open a Roth IRA (look up 3 funds) and buy a $1,000 iBond.

nails_for_breakfast t1_iuidojs wrote on October 31, 2022 at 3:45 PM

The best investment an 18 year old high school graduate can make is in getting more education. Note that this does not have to mean a traditional 4 year university if that's not for you. What you have saved will probably get you all the way through a trade school certification program