#MoneyManagement #FinancialAdvice #InvestingTips
Creating a Budget
When you turn 18 and start earning your own money, it’s important to create a budget to manage your finances effectively. Sit down and list all your expenses, including rent, groceries, transportation, and entertainment. Make sure to allocate a portion of your income towards savings and investments.
Start an Emergency Fund
Building an emergency fund should be a top priority when you’re 18. Aim to save at least three to six months’ worth of living expenses in case of unexpected events like medical emergencies or unemployment. Consider opening a high-yield savings account to earn more interest on your savings.
Investing in Stocks and ETFs
If you’re interested in investing, consider putting some of your money into stocks and ETFs. Research different companies and industries, and diversify your investments to reduce risk. You can start with a small amount and gradually increase your investment as you gain more knowledge and experience in the stock market.
Explore Entrepreneurship
Since you already have experience with reselling on eBay, why not explore entrepreneurship further? Consider starting your own online business or side hustle to increase your income streams. This could also lead to valuable entrepreneurial skills and experiences that may benefit you in the future.
Education and Skill Development
Investing in your education and skill development is crucial at the age of 18. Consider taking online courses, attending workshops, or obtaining certifications in your field of interest. This can increase your earning potential and open up more opportunities for growth and advancement in your career.
By following these tips and actively managing your money, you can set yourself up for financial success in the long run. Remember, it’s never too early to start planning and working towards your financial goals. Good luck! 💸💡
Nice job on the side hustle and investing! Keep that savings habit going!
Build up emergency funds and then buy low cost broad market index funds like VOO, which is s&p 500 etf. But you should also invest in developing yourself or your eBay business, they will return much more value over time
Investing $500 per month at your age for 12 years until you’re 30 and stopping will net you more money (when you turn 60) than if you wait until your 30 and invest $500 per month for 30 years until you’re 60. Compound interest is your friend at your age.
Hi I’m planning on starting eBay reselling. Whats the best advice you can give me to start and what can I start reselling?
A good start would be figuring out how much you actually make. 50-90k a year is too large a range to be meaningful. What did you actually make last year?
Go to college. Get a degree. Find a job with a pension—government organization preferably. If college isn’t your thing get an apprenticeship and learn a trade. Open retirement accounts and max them out if you can pay for college without needing that money.
Invest the money in training yourself or your business. They will be your biggest roi. Don’t buy stock before you invest in yourself. You can’t be a job hopping server forever.
Open a Roth IRA, put $7,000 in it (the legal limit for 2024), and invest it in an ETF, such as VOO, SPYG, VTSAX.