MannyS
Contributing Member
Cash: $ 7.30
Posts: 34
Joined: 23 Jan 2006
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| 17 Year Old with a 1k |
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In my little world that's like a million. 
So what's a man to do with that much money? At the moment I have it sitting in a savings account earning 3% interest. Same bank I work at. I doubt I'll be at the bank any longer so I'll be pulling the funds out and moving it else where. But where to? And what to do with it?
Before I go on, I need to clarify something. Does the interest you earn get taxed? Like out of your taxes? HOW THE F#CK DOES THE GOV'T GET A HOLD OF THIS SHIT? JESUS F'IN CHRIST! If it's not true, yah! Only asking cause this is the rebuttals I get from customers from time to time.
Anywways. What to do with it? I'm not a fan of CD's. Locking obviously will keep me from spending it, but I don't intend on spending it.
Should I give stocks a shot or should I wait?
Help?
Edit; What is Online Savings? How does it differ from regualr savings accounts at my bank?
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Sun Aug 06, 2006 11:04 am |
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go2self
Preferred Member
Cash: $ 26.45
Posts: 129
Joined: 06 Aug 2006
Location: hawaii
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Manny, yes you are taxed on income, whether its from savings checking, mutual funds or stocks.
Before you do anything you have to consider eliminating or leveraging your debt, assuming you carry debt?
Rebuttal from customers? regarding profits or tax?
Time is our most volatile resource that if not used immediately is lost instantly
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Sun Aug 06, 2006 9:27 pm |
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MannyS
Contributing Member
Cash: $ 7.30
Posts: 34
Joined: 23 Jan 2006
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quote:
Originally posted by go2self
Manny, yes you are taxed on income, whether its from savings checking, mutual funds or stocks.
Before you do anything you have to consider eliminating or leveraging your debt, assuming you carry debt?
Rebuttal from customers? regarding profits or tax?
Customers as in sales. The bank (I call it a currency exchange) TCF works completely on sales to be profitable. So we cross sell products and services and usually I get those rebuttals.
Debt...just a car payment? 254 a month for a Honda civic. Should I just pay it off? Also the ever so popular car insurance.
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Mon Aug 07, 2006 6:13 am |
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gotalkmoney
New Member
Cash: $ 1.40
Posts: 7
Joined: 01 Mar 2006
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Unfortunately interest is taxed like everything else in this wonderful world
In my personal opinion, I like to have no debt at all except for maybe a house payment. I would just try to put a little bit more toward your car, if you have it. This way, it's paid off earlier and you don't have to pay the higher interest rate.
By the way, I also own a Civic.. I couldn't ask for a better car.
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Tue Aug 08, 2006 9:40 pm |
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El Presidente
Full Member
Cash: $ 13.85
Posts: 69
Joined: 22 Apr 2006
Location: Colorado
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quote:
Originally posted by muneepenee
0. "wot du yu du with it?" ...most kommon anser=spend it. Me ges yu dont wanna.
1. interest is inkum, so yu gotta pae inkum tax onit.
2. R yu a dependent? if so, the parents werree bout it...em gotta report yer inkum on theer tax form.
3. Theer R very fyu plaeses that aksept 1,000$ tu open invest akkount.
Most mutual funds start at 1,500$.
4. is the job a hobby? R yu independent? liv with sumwon? liv off sumwon?
In case this is being ignored let me translate. Any mistakes in the translation are mine alone and should not be attributed to muneepenee's creative spelling.
0. "What do you do with it?" ...most common answer is spend it. I guess you don't want to do that.
1. Interest is income, so you have pay income tax on it.
2. Can someone else claim you as a dependent on their taxes? if so, the parents worry about it...They have to report your income on their tax form.
3. There are very few places that accept $1,000 to open an investestment account.
Most mutual funds start at $1,500.
4. Is the job a hobby? Are you independent? live with someone? Live off someone?
Some good questions and points.
Weighing in for myself, keep debts low. Save the money as an emergency fund. Add to it and don't touch it. See if your library has "The Truth about Money" by Ric Edelman. I wish I would have read it at your age. It sounds like you don't have alot in the way of poor spending habits yet, so it is encourging that you seem interested in gaining some good ones. Good habits will pay off big in the long run.
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Wed Aug 09, 2006 11:41 pm |
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MannyS
Contributing Member
Cash: $ 7.30
Posts: 34
Joined: 23 Jan 2006
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quote:
Originally posted by El Presidente
quote:
Originally posted by muneepenee
0. "wot du yu du with it?" ...most kommon anser=spend it. Me ges yu dont wanna.
1. interest is inkum, so yu gotta pae inkum tax onit.
2. R yu a dependent? if so, the parents werree bout it...em gotta report yer inkum on theer tax form.
3. Theer R very fyu plaeses that aksept 1,000$ tu open invest akkount.
Most mutual funds start at 1,500$.
4. is the job a hobby? R yu independent? liv with sumwon? liv off sumwon?
In case this is being ignored let me translate. Any mistakes in the translation are mine alone and should not be attributed to muneepenee's creative spelling.
0. "What do you do with it?" ...most common answer is spend it. I guess you don't want to do that.
1. Interest is income, so you have pay income tax on it.
2. Can someone else claim you as a dependent on their taxes? if so, the parents worry about it...They have to report your income on their tax form.
3. There are very few places that accept $1,000 to open an investestment account.
Most mutual funds start at $1,500.
4. Is the job a hobby? Are you independent? live with someone? Live off someone?
Some good questions and points.
Weighing in for myself, keep debts low. Save the money as an emergency fund. Add to it and don't touch it. See if your library has "The Truth about Money" by Ric Edelman. I wish I would have read it at your age. It sounds like you don't have alot in the way of poor spending habits yet, so it is encourging that you seem interested in gaining some good ones. Good habits will pay off big in the long run.
I have it and have read it. A fine read, but at the same time you have to remember one thing. To make money you need money. Ehhh...Im thinking about just ridding of my entire car debt and trying to keep it free.
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Thu Aug 10, 2006 3:45 am |
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bijan814
Full Member
Cash: $ 12.40
Posts: 73
Joined: 25 Jul 2006
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Maybe mutial fund, start a online business with that $1000
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Wed Aug 16, 2006 11:48 pm |
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foxi$
Contributing Member
Cash: $ 5.15
Posts: 25
Joined: 22 Aug 2006
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| OK KID |
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U LEARN READ LITTLE LEARN YOU GET THERE YA SMART I JUST SIMPLE LOL WHAT CAN I TELL U I LIKE HORSES I LIKE DEAL WITH A THOUSAND BUCK BUY ONE OR 2 FOR A PROFIT WELL CHICKEN MIGHT BE HATCHING EGGS THIS IS A JOKE
DO U READ LEARN STUDY READ U LEARN I THINK CD MIGHT HELP IT BUILT YA CREDIT SO BE WISE I SPREAD MY WINGS FOLLOW YA INSIGHTS DEVELOPE YA WISDOM YA WISE IT GREAT YA YOUNG SAVE SAVE YOU BE AMAZE KID ... SMILE ROCK ON KIDS YA GOOD PLACE I NEW WHAT CAN I LEARN I THINK YA TEACHER TO OUR GENERATIONS YA BE SMART WISE YA GET THERE ..SMILE HAVE FUN TOO ...SAVE SAVE YA HAVE MONEY WHEN OTHERS ARE SPENDING YA ONE STEP UP ... CD OR PIGGY BANK LOL GOV NEED TO OPEN MORE DOORS FOR OUR CHILDREN I KNOCK THIS OFF TELL THE PRESIDENT TO SET A TRUST FUND UP FOR OUR CHILDREN 10 % GO TO CHARITY
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Tue Aug 22, 2006 8:29 pm |
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Personal Finance Daily
Member
Cash: $ 2.00
Posts: 10
Joined: 25 Sep 2006
Location: Boston, MA
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| Re: 17 Year Old with a 1k |
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quote:
Originally posted by MannyS
In my little world that's like a million.
So what's a man to do with that much money? At the moment I have it sitting in a savings account earning 3% interest. Same bank I work at. I doubt I'll be at the bank any longer so I'll be pulling the funds out and moving it else where. But where to? And what to do with it?
Before I go on, I need to clarify something. Does the interest you earn get taxed? Like out of your taxes? HOW THE F#CK DOES THE GOV'T GET A HOLD OF THIS SHIT? JESUS F'IN CHRIST! If it's not true, yah! Only asking cause this is the rebuttals I get from customers from time to time.
Anywways. What to do with it? I'm not a fan of CD's. Locking obviously will keep me from spending it, but I don't intend on spending it.
Should I give stocks a shot or should I wait?
Help?
Edit; What is Online Savings? How does it differ from regualr savings accounts at my bank?
Q- So what's a man to do with that much money? But where to? And what to do with it?
A- Do you have any goals for this money? (car downpayment, college, ect) It's good that you are aware of your finances at your age and trying to gain knowledge by posting. If you are looking for where to get the best rate of return and not planning to spend it, check bankrate.com for rates (either CD or savings) nationwide, that might offer better rates than locally. $1k isn't much to invest in single stocks. The transaction costs + fees would eat too much into it. You could always keep saving until you meet the minimum amount req. to open a Roth IRA which is tax sheltered and you can pick whatever types of investments you want to hold inside the Roth.
Q- Does the interest you earn get taxed?
A- Short answer is YES, Federal, State and some Local
Q- HOW THE F#CK DOES THE GOV'T GET A HOLD OF THIS SHIT?
A- The bank (financial institution) where you have your money deposited is required by federal law to report these amounts to the IRS. You in turn receive a form 1099-INT "interest earnings" statement you use to file your taxes. Good news is your bank isn't required to submit a statement to Uncle Sam if you earn less than $10/per yr/per acct. Here is a link to the IRS guidlines http://www.irs.gov/taxtopics/tc403.html.
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Fri Sep 29, 2006 4:12 pm |
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MannyS
Contributing Member
Cash: $ 7.30
Posts: 34
Joined: 23 Jan 2006
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I went ahead and paid about 1200 off of my car.
I'm going to wait and within a month I'll be 18 and apply for a loan and start working on my credit. I'm under the impression it'll be a synch.
How's that idea sound? Instead of measily trying to pay the car off little by little, I just want to get it done withone having to waste anymore time than necessary. I take in roughly about 1k a month, give or take (you can imagine where my money goes every month). I'm guessing 500 towards the car and some other hard payments and I'll be done in no time. Then I can save and start to build some wealth.
Thanks a lot guys.
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Wed Oct 04, 2006 3:56 am |
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energy-trader
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 02 May 2007
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Pay the debts first. If you are the kind of guy who is going to be rich, invest that money in a lawn mower, car wash or some kind of business. If you've got your plate full, passive investment is the way to go. High interest savings (5%) or an buy and hold an ETF.
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Thu May 03, 2007 8:20 am |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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| Re: OK KID |
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quote:
Originally posted by foxi$
U LEARN READ LITTLE LEARN YOU GET THERE YA SMART I JUST SIMPLE LOL WHAT CAN I TELL U I LIKE HORSES I LIKE DEAL WITH A THOUSAND BUCK BUY ONE OR 2 FOR A PROFIT WELL CHICKEN MIGHT BE HATCHING EGGS THIS IS A JOKE
DO U READ LEARN STUDY READ U LEARN I THINK CD MIGHT HELP IT BUILT YA CREDIT SO BE WISE I SPREAD MY WINGS FOLLOW YA INSIGHTS DEVELOPE YA WISDOM YA WISE IT GREAT YA YOUNG SAVE SAVE YOU BE AMAZE KID ... SMILE ROCK ON KIDS YA GOOD PLACE I NEW WHAT CAN I LEARN I THINK YA TEACHER TO OUR GENERATIONS YA BE SMART WISE YA GET THERE ..SMILE HAVE FUN TOO ...SAVE SAVE YA HAVE MONEY WHEN OTHERS ARE SPENDING YA ONE STEP UP ... CD OR PIGGY BANK LOL GOV NEED TO OPEN MORE DOORS FOR OUR CHILDREN I KNOCK THIS OFF TELL THE PRESIDENT TO SET A TRUST FUND UP FOR OUR CHILDREN 10 % GO TO CHARITY
The words are spelled correctly, however muneepenee's posts are much easier to read than this babble!
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Thu May 03, 2007 1:45 pm |
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Mr.W
Member
Cash: $ 2.80
Posts: 14
Joined: 02 May 2007
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| Split. |
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Why use your entire money in one option?
Itīs better than you split the capital on two ways, and then you see what is the best.
Maybe a more speculative investment and a online bussiness.
Calm and Observation!.
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Thu May 03, 2007 3:41 pm |
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janes-addiction
Member
Cash: $ 3.15
Posts: 15
Joined: 01 Jul 2007
Location: oHIo
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| Re: OK KID |
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quote:
Originally posted by foxi$
U LEARN READ LITTLE LEARN YOU GET THERE YA SMART I JUST SIMPLE LOL WHAT CAN I TELL U I LIKE HORSES I LIKE DEAL WITH A THOUSAND BUCK BUY ONE OR 2 FOR A PROFIT WELL CHICKEN MIGHT BE HATCHING EGGS THIS IS A JOKE
DO U READ LEARN STUDY READ U LEARN I THINK CD MIGHT HELP IT BUILT YA CREDIT SO BE WISE I SPREAD MY WINGS FOLLOW YA INSIGHTS DEVELOPE YA WISDOM YA WISE IT GREAT YA YOUNG SAVE SAVE YOU BE AMAZE KID ... SMILE ROCK ON KIDS YA GOOD PLACE I NEW WHAT CAN I LEARN I THINK YA TEACHER TO OUR GENERATIONS YA BE SMART WISE YA GET THERE ..SMILE HAVE FUN TOO ...SAVE SAVE YA HAVE MONEY WHEN OTHERS ARE SPENDING YA ONE STEP UP ... CD OR PIGGY BANK LOL GOV NEED TO OPEN MORE DOORS FOR OUR CHILDREN I KNOCK THIS OFF TELL THE PRESIDENT TO SET A TRUST FUND UP FOR OUR CHILDREN 10 % GO TO CHARITY
Are the all caps really necessary? 
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Sun Jul 01, 2007 3:02 pm |
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Case-Face
Full Member
Cash: $ 0.35
Posts: 75
Joined: 21 May 2007
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| hey |
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thanks for all the translations...
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Wed Jul 11, 2007 4:55 pm |
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