I’m 16 years old and just today got my first real job which pays $17/ hr (one day a week). I️ was looking forward to having taxable income so that I️ could start a Roth IRA. Today at my new job they told me that until sometime next year they’ll just pay me in cash and if everything is still working out by then they’ll add me to payroll. Although this is good and maximizes the gains from this Saturday job, I️ now have no income and cannot contribute to a Roth IRA. Is there any way I️ could take advantage of compound interest before it’s too late? I’ll open a Roth IRA as soon as I️ have income but wanted to hear any opinions or recommendations on what to do in the mean time. I️ have other non-taxed income sources that keep me financially stable without “income” such as reselling clothing, flipping cars and film cameras, etc. so I’d be willing to put away 100% of the income from this job to something that will benefit me in the long run as I️ was going to contribute it all to get close to maxing out a Roth IRA. Let me know what you guys think I️ should do. Thanks! (sorry about the question marks I️ haven’t updated my phone yet haha)
Submitted December 03, 2017 at 12:10AM by DesmondBucky23 http://ift.tt/2nnnpQN
