What I'm doing right now: So I currently work your average 17 year old's summer job, making minimum wage (10.50 an hour). A couple days ago I set up a Roth IRA and plan on putting about 20% of my paychecks away since I'm not paying rent yet, only car insurance and phone. I make only around 5 bucks in tips a night, which I just toss in my pocket. I am usually pretty good about saving up money in the short term. For instance, I have bought two cars flat out already. Cheap ones, but still around 4 grand total. I have no idea what I'm doing with my money, and it scares me because I'm supposed to be an adult soon.
What I want in the future: I want to retire early in life and with a good chunk of money. Who am I joking, I want to be a millionaire. I want at least 40 acres and I want to build my own house. I want a garage with some dream cars.
My questions:
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If you were me, what steps would you take to make sure I won't end up short?
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I've heard that a 401k is better than an IRA, but why is that?
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How does investing work? I would love to buy stock in something but I am completely clueless on how all of that works.
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Is there anything I should take advantage of as soon as possible?
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If I pay for 4 years of college, will I be in debt my entire life?
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The degree I'm currently working towards (Major in Japanese) would probably lead me out of the country. Would I still be able to access and use my IRA outside of the US?
I've browsed this subreddit a lot and it has inspired me to want a minor in financing, but I don't know the first thing about it. All I really want is some advice and some encouragement. My parent's are far from well off, so I haven't really tried asking them much about advice. I tell them about some of my plan and they think it's a good idea, but I want some more advice before I really start doing anything. Thank you for replying.
Submitted May 29, 2018 at 02:19AM by YaHighschoolBoy https://ift.tt/2sjWzZa
