What should I do with $3,500

[Deposit]

I need some good advice, like be serious 8|

 

[Arythite]

There's a lot wrong with this post, and I'll tell you why for OP to read.

You can't worry about the fruit before it grows, Arythite. My dad, had a IRA value of ~$450,000. Because of COVID, this was reduced to below $300,000. You don't need to worry about the US collapsing, yes, because you'll have bigger issues if that were to occur. However, there's other reasonable risks that you can consider. Your statement was "Don't worry about things that could never happen"...saying the US collapsing is an extreme example and not fair. It is fair to say that the risk of a pandemic was highly unlikely, but that happened, and people lost hundreds of thousands of dollars in IRA inheritances, investments, and businesses were tanking because the economy halted to a stop. This is why the government has the federal reserve and multiple other procedures in place to ensure that another Wall Street Crash of 1929 doesn't happen. Additionally, there's definitely a reasonable risk similar to how the dotcom bubble burst. People lost their livelihoods. There's plenty of other "risks that shouldn't be considered" that I could go into, but I'm sure you get the point.

The other guy is a clown, you can achieve more by using something like skillshare. Minecraft is a dying segment and this is evident in multiple ways.

Him spending his money on nice stuff is not a bad idea. The money is there to spend, and I never told him, actually - I specifically said, don't go overboard with it. It teaches him how to spend his money smartly, and there's nothing wrong with buying yourself something nice every once in awhile for money you've earned. It's unrealistic to expect someone to save every penny they make. It's just not possible.

I don't see how saving cash is a bad idea. I doubt the money is taxed, so just have something physical that isn't in the banking system and have it for a rainy day. More or less, cash that's clean isn't going to have a paper trail.

Kids on this site act like they have big money, but the truth is, they only have a lot of money because they're young and they can really make themselves have a nice start in life if they're smart. In the grand scheme of things, they're not really as rich as they claim to be. I was, so I feel it's only fair to share my opinion.

Well by things that won't likely happen i meant things that won't likely happen, like the US economy collapsing and never recovering back. But yea, I agree it can go down in value drastically but OP probably won't really need this money for a few years so if it drops it'll likely recover, stock data suggests it will always keep going up unless something major happens. Yea, I do agree with your point though, the guy I was responding to though was talking about the S&P fund just disappearing somehow which I'm pretty sure is almost impossible. I think you just didn't read what I said right, I'm not saying you shouldn't consider risks, I'm just saying you should do the most reasonable option. You get what I mean? I just don't believe stocks are a bubble and will pop one day in the near future.

Yea, a 2k course is definitely a waste of money but cheaper courses around the $50-150 range (as long as they're really good and way better than $10 ones on udemy or even free ones on youtube) can be good.

You're right here so I was wrong, I was assuming something nice to be buying like a $300 pair of headphones.

Saving maybe like a few hundred dollars would be good but it loses some value due to inflation (especially now but it honestly doesn't even matter, it's only 2%) and it doesn't generate money so I think he should invest most of his money.

Yea, 3.5k isn't even that much but it can be really helpful if well used especially as a teenager.

Thank you for taking time to answer my reply in a nice way!

 

[Deposit]

Last time I've invested $6,000 into education, it paid back 10X.

I recommend writing down arenas of your life that always had interested you, and then finding a mentor offering an education program for that.

High ticket programs are typically 2-10k so you may get a catch. I built my own course platform by learning from a such program. Make sure they do offer refunds (read the terms!), Q&A calls and a private Fb group or so so you can get solid support.

Sam Ovens, Alex Becker, Ted Nicholas to name a few I had good experience with. They do have free content on YT so I recommend you check out some of it to see if it fits your style. Also Graham Stephan's free videos are solid.

This is something I have done, and it's currently paying off as we speak. I've almost 10x my money too, but it wasn't that big of an investment in the first place. Thank you for the suggestion though, might invest in more personal skills.

get a bus

Wait I'm like so down...

What an absolute clown. Everyone loves the thrill of being able to make money from others people inexperience, or kids being nieve. This is no different then the lamborghini guy. Whatever OP does, don't listen to him and his pyramiding scheme...

If you were smart, as others have suggested - save it. You might need it one day, could use it for a decent down payment on a car and use it to build credit. Another idea? Get a secured credit line for $500. Use it for gas or other small things if you have a decent revenue stream and build your credit that way. Don't want to do that or can't because you're too young? I recommend buying yourself something nice and saving the rest. It doesn't hurt to spend the money you make or get, but don't go overboard with it.[DOUBLEPOST=1600922960][/DOUBLEPOST]

these are the risks you need to think about the most...lol

I am 15 years old.. No credit for me

Start business with it and Maybe you will get good investment and instead of 3.500 $ you might have over 6k $ after

Good Luck tho

Thank you, something I'm currently doing too! However, the business doesn't require me to invest since the investors are doing that and getting great ROI right now haha.

 

[Deposit]

You should still be able to get a secured credit line if your parents are willing to cosign for you. They'll be responsible for the credit line, but if you two agree on a predetermined amount, you can't go over that with a secured line. Just make sure you can pay it.

Yes, for sure, however would I start building credit from now? If so, I'm leaving my house tomorrow morning and I'm starting one.

 

[Pretium]

Invest is 100% the way to go. Considering buying safe stocks like Tesla, Apple, Starbucks, etc... big companies that are only going up. Don't go for quick cash. Seriously, that's what will lose you all of your money. Think long term.

Hope this helps,
Cheers

 

[Deposit]

Just using the card every month and making sure you pay it monthly IN FULL will build your credit, but your parents would have to sign for you...but it'll be in your name. Like I said, they'd be cosigning but as a result of that, if you don't make the payments, they are responsible for it. Whatever amount they're comfortable with on the secured credit card is what I would do, but $500 isn't a bad start. It's reasonable. Just be sensible and in a few years when you're 18 with a credit score of 800, you'd be able to get any car you want with literally 0% interest.

Awhhh yeaaaa, thanks for the advice haha.

 

[7wh]

Don't listen to the people asking you to buy courses. Yeah, maybe they made 10x off their $1,000. In the end, they're fall down the rabbit hole and lose it all one way or the other.

You won't be making $1,000 a week easily haha, I'd invest in it a high-return ETF (do your research though, if it looks to good to be true then it is).

If you have any questions, feel free to reach out to me. My contact information is in my signature.

 

[Kuo]

So your asking what to do for 3,500. I’ll say it straight.

Put that money BACK in your bank and KEEP it there.

Go onto YouTube and search up something you want to learn. Then learn it. Make projects out of it and then sell them projects if they are good. Literally spending 3,500 on some dumb courses or servers is going to be the worst idea of your life.

 

[OAliverpool]

stocks

 

[Deposit]

i'm getting a lot of stocks, issue is a random person can't just get into it, I would have to spend time learning.
Currently don't have the time, so keep submitting other options guys! Thank you!

 

[Ken]

gamble

 

[Cactu5]

They still acknowledge the risk :facepalm: Are you just... dumb...?

If you look at any 30 year period in history, stock prices have gone up a considerable amount, there is almost 0 risk as the other bloke said, because of the fact that they are all big companies and the fund is constantly re investing in other companies and managing the risk for you.
EDIT : I mean in the LONG run, the chance of you losing is minimal.

To OP: I recommend stocks or just find a good side hustle and invest in yourself and your future

 

[Sullybash12]

If you look at any 30 year period in history, stock prices have gone up a considerable amount, there is almost 0 risk as the other bloke said, because of the fact that they are all big companies and the fund is constantly re investing in other companies and managing the risk for you.
EDIT : I mean in the LONG run, the chance of you losing is minimal.

To OP: I recommend stocks or just find a good side hustle and invest in yourself and your future

There are still risks facepalm, especially considering the disorder of the USA rn

 

[Cactu5]

There are still risks facepalm, especially considering the disorder of the USA rn

Yeah - people said that in the 30s, 2008, yet stock prices have continued to rise.

 

[Sullybash12]

Yeah - people said that in the 30s, 2008, yet stock prices have continued to rise.

have you ever taken an economics course in your life jesus

 

[Cactu5]

have you ever taken an economics course in your life jesus

Yes I have - And i’m actually saying exactly what Richard H. Thaler said in his book ‘Nudge’ it’s a very interesting read, maybe you should try it