I'll be the first to admit that I'm in a pretty good situation financially for my teens. I love reading and learning about finances so I have been lurking around here to learn some things, but there is a lot that I cannot do yet because I'm still in college (401K, etc.). Here is my situation:
Numbers Breakdown: • Parents (and scholarships) are paying for my college • About $5,000 in savings account • Around $1,500 in checking account • Summer job lined up paying $400/week -will be living at home so no rent/minimal food expenses • Have around $10,000 in inheritance that I will receive at 21 (because of the UTMA)
Other details: • I've been dating a girl for almost 3 years with every intention to marry her in the next 3 years tops • Her parents and scholarships leave about $15K per year that she (eventually we) will be paying for • I will be tithing 10% of my summer income • I've had a credit card since December in order to build a credit history (I pay it off each month)
I sort of hate having my $5K just sitting around in a low interest savings account...what would you all recommend that I should do in my situation? Invest in a Vanguard fund? Just leave the 5K and call that my emergency fund? Also, what changes when I get the inheritance in a couple of years? What do you recommend? Thanks in advance for the help
Submitted March 05, 2017 at 11:36PM by ALECgator13 http://ift.tt/2m9K9zI
