Ok, so what to do with money, I need advice...

[phoenix_sprite]

So the 14th of July was BD and I turned 18, and naturally I got some money (I won 130$ of it at a casino), 550$ or so in total...Should I save it or go shopping? I'll keep some for BtS but I was looking into getting a cell cause I lost mine... .

I just wanted your opinion guys!

 

[Godwynn]

Save it. You'll need it for college. If that is not a worry I must suggest that you save it until you have 4 digits and invest it. You'll thank yourself when you are older.

 

[Ecofarm]

Hookers and booze!

 

[phoenix_sprite]

Ok, I thought of investing but that's risky...

 

[Godwynn]

Hookers and booze!

Also an excellent suggestion.

 

[phoenix_sprite]

Booze is okay, not so much with hookers...

 

[Godwynn]

Ok, I thought of investing but that's risky...

Not if you get some sound advice and learn some ahead of time. There are plenty of people on CFC who would be willing to help, myself included. You will want to have at least $2,000 to start though. With that little of money a no-load mutual fund or ETF would be a great start for you.

 

[ParkCungHee]

So the 14th of July was BD and I turned 18, and naturally I got some money (I won 130$ of it at a casino), 550$ or so in total...Should I save it or go shopping? I'll keep some for BtS but I was looking into getting a cell cause I lost mine... .

I just wanted your opinion guys!

You just turned 18? OTB.

 

[skadistic]

Invest it. I can't stress this enough. And while your waiting stick it in a bank as soon as possible. Its better to make your money work for you then you work for your money. I'd go long term and stick it in a mutual fund if I were you.

 

[phoenix_sprite]

OTB...not an option, Im not supportive of gambling and I just went to the casino for that first time feel...I won't be going any time soon...

 

[MobBoss]

Depends on what you want to do. As I reach my first retirement, I can assure you I wish I had put more money away into savings/low risk investments and just left it there for the duration. The is nothing more powerful in finance than compound interest and the best time to take advantage of that is the youngest age possible.

The way the stock market is taking off these days some type of low risk mutual fund would probably be great for you to consider.

Bottom line, you can have some stuff now and be happy...or save it up and be even more happy later.

Enjoy you situation while it lasts. Money, like all things..can be fleeting even in the best of circumstances.

 

[DNK]

Investing... at 5% post-inflation yield, by retirement, that's like, what, $6K or something? I'm all for investment, but $6K in 45 years versus $500 for any uses at 18...

Now, if you want to put $500/mo in, then yes, great time to do it! But a one-time deal... hookers and booze would be a better investment (years of stories payoff). That or saving for hookers and booze in college, but it's hardly going to appreciate in the next year in any considerable amount.

Don't listen to me, though, I'm hardly in great financial straits right now.

 

[FriendlyFire]

New PC (of course my situation will be different to yours)
The rest placed in a good property trust ! (good dividends though slower captial but very safe bricks and mortar)

 

[Abaddon]

Are you a saver? Anything else saved?

If so throw it all in a long term investment, and forget about it. you dont NEED the money now, but will be more than plesantly surprised to get a few thousand windfall several years from now.

 

[IglooDame]

Keep a hundred for the hooker and booze, sock the rest away in the sort of investments people are talking about here.

When I get windfalls, I like to do 80/20 or (if it's over $1000) 90/10 - 80-90% goes into the bank for savings, and 10-20% goes into my (and my wife's) pocket for dinner out, a new TV, or whatever hits our fancy.

 

[Brighteye]

I tend not to look for things on which to spend my money. If I need something, I'll think carefully about it before buying. If I don't perceive a need, I save my money.
You should buy yourself a mobile phone, but, lacking any other serious plans, save the rest for the time that you do conceive a need.

 

[Atlas14]

Save it or invest it. If you are going to spend it do what Ecofarm suggested. You'll probably need the money for college books eventually though.

 

[LordRahl]

Send it to me.

 

[Whomp]

Depending on your goals I try to split my money up in three buckets.
Bucket 1. Rainy day $
Bucket 2. Dream $
Bucket 3. Aggressive growth $
Try to invest in something. Whether it's some type of investment in yourself which will make more money or own something. Mutual fund, Alberta oil stocks, something.

 

[AL_DA_GREAT]

If you are an investing noob to use real money find one of those online banks where you can trade with pretend money.