Massive wall of text inc, because I would've loved if somebody had told me in school:
Here's some advice that if everybody got early in life would annihilate poverty within at most two generations.
Get a summer job or something.
Every time you earn a paycheck, set aside at least 10% (more is better) and invest it. Do this with every single paycheck without fail unless it kills you.
Never listen to anyone telling you to "invest in X, I'll do Y for you, earn Z % here", 99.99% chance they're a scam.
As for numbers.
If you start now, then you will almost certainly retire as a multi-millionaire. You can crunch the numbers yourself. The average annualized return of the stock market is between 6 and 10% compounding.
(Some years are up, some down, but if you stay in for 10-20+ years you will get pretty much exactly the 6~10% and can assume it as fixed to get a lower and upper band on your returns).
A kid deciding in high school that they'll invest can retire with millions even if they earn minimum wage their entire life. Compounding interest is that powerful.
Anyone starting at 20~30 can still get close to $1m by retirement off of minimum wage.
Most people don't earn minimum wage their entire lives, the more you earn the quicker you'll reach whatever goal you may have.
The wealthier you become, the more opportunity you have to change the world for the better.
Either by supporting, or starting based companies.
The easiest way to maximize safety and returns (for the long-term) is to just buy a mix of indices (something like DOW, S&P500), some crypto and maybe some random stocks that you like in a proportion that you can decide yourself.
Use 6% as a lower bound and then calculate how much you have to invest to get to your goals, that's how much you'll put into indices with the rest being "play money" going into stocks/etfs and crypto.
The younger you are the riskier you can be, the older you get the more conservative you should become.
Don't sell, don't try to time markets. Just keep buying and wait for the seeds to grow.
Do your own research and watch out for vultures and opportunists. Take all of the above with a grain of salt and assume that I'm trying to somehow rip you off before you make any decisions.
Don't ask anyone what to do when it comes to money. Ask for pointers at most and then study hard.
I actually am getting a summer job right now, I work in a local Recreation center. I will most certainly invest this year, as soon as I get my own car (so I can actually drive myself to work).
Glad to hear. Your generation is one of the greatest sources of hope. Not because you're the youngest. But because, despite all the cringe, you're the most sensible on average.
I am kinda amazed I am younger (15) than everyone here lol.
Massive wall of text inc, because I would've loved if somebody had told me in school:
Here's some advice that if everybody got early in life would annihilate poverty within at most two generations.
Get a summer job or something.
Every time you earn a paycheck, set aside at least 10% (more is better) and invest it. Do this with every single paycheck without fail unless it kills you.
Never listen to anyone telling you to "invest in X, I'll do Y for you, earn Z % here", 99.99% chance they're a scam.
As for numbers. If you start now, then you will almost certainly retire as a multi-millionaire. You can crunch the numbers yourself. The average annualized return of the stock market is between 6 and 10% compounding.
(Some years are up, some down, but if you stay in for 10-20+ years you will get pretty much exactly the 6~10% and can assume it as fixed to get a lower and upper band on your returns).
A kid deciding in high school that they'll invest can retire with millions even if they earn minimum wage their entire life. Compounding interest is that powerful.
Anyone starting at 20~30 can still get close to $1m by retirement off of minimum wage.
Most people don't earn minimum wage their entire lives, the more you earn the quicker you'll reach whatever goal you may have.
The wealthier you become, the more opportunity you have to change the world for the better.
Either by supporting, or starting based companies.
The easiest way to maximize safety and returns (for the long-term) is to just buy a mix of indices (something like DOW, S&P500), some crypto and maybe some random stocks that you like in a proportion that you can decide yourself.
Use 6% as a lower bound and then calculate how much you have to invest to get to your goals, that's how much you'll put into indices with the rest being "play money" going into stocks/etfs and crypto.
The younger you are the riskier you can be, the older you get the more conservative you should become.
Don't sell, don't try to time markets. Just keep buying and wait for the seeds to grow.
Do your own research and watch out for vultures and opportunists. Take all of the above with a grain of salt and assume that I'm trying to somehow rip you off before you make any decisions.
Don't ask anyone what to do when it comes to money. Ask for pointers at most and then study hard.
I actually am getting a summer job right now, I work in a local Recreation center. I will most certainly invest this year, as soon as I get my own car (so I can actually drive myself to work).
Glad to hear. Your generation is one of the greatest sources of hope. Not because you're the youngest. But because, despite all the cringe, you're the most sensible on average.
Wish you the best of success and luck in life.