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500$? Answered

I have been saving up some money for a while and found myself with an extra 500$ or so. Not sure if i want to continue saving it, spend it, or invest it into some penny stocks. What should i do with my 500$? ( I am a 15 year old male high school freshman)


Just curious as to what you ended up doing with the money. Can you tell us what happened?

You can put it in a savings account however the compound interest wouldn't equal the increased cost of living.

Penny stocks pay more over the same time however they are more risky and you can loose it all.

Spending it wisely is a different matter, you can start your own business for $500 and work for your self.

Spending wisely is investing figuring out what will go up in value over time is the trick.

A hobby like electronics can pay off in the future in the form of a career, coin collector becomes a coin dealer, what interests you and you like to do improves your chances of success.

Education is never a wasted Investment.

Sorry for taking so long to reply.

Age is not a barrier to owning a business.

My first business was carving costume jewelry out of sea shells.

I invested in chains, clasps, earring settings, and tools.

Then I set up a work place in public view and started making jewelry.

People saw what I was doing and bought my jewelry.

In some cities you need a licence to do this and you get it from city hall.

At the time I did it the permit was $35.

Save it for college, Duh!


4 years ago

You can continue saving your money for something special, like a trip to another country, or making an expensive project that you couldent afford before. Whatever you do don't get hooked on saving forever: enjoy your money, don't hide it in the bank forever.

My opinion.

Another good book is "Rich Dad, Poor Dad" by Robert T. Kiyosaki.

Albert Einstein once said.. “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”

Its been said before, save and keep it a secret. Try to read The Richest Man in Babylon by George Samuel Clason. Once you get to $1000 you'll feel quite empowered, dont forget to take a little pleasure in looking at things for sale that you could easily buy, but dont.

Without a goal of what exactly you are saving for it can be very hard to maintain, congratulations on making it this far, a teenager with an extra $500 in the bank is rare.


4 years ago

Whatever you do, don't tell your friends. If you do the numbber of them will increase greatly and they will find many ideas about what to do with your assets.

Keep saving you can do more than twice as much with $1000, and more then 4 x as much with $2000!


Being a minor you can't invest it. At least not without your parents help. Just continue to save it.