joshuahuebner

Need financial advice as a teenager

6 posts in this topic

I am kinda clueless what to do with my money. 
I still live with my parents at the age of 19 so I don't have to pay any rent or food.

I earn 1700€/month from a fulltime job. What should I spend my money on? 

I spent 200€/month on life coaching and probably 100€ on extra stuff like books and entertainment. I also donate some money every month.

I'm still left with 1400€/month. What the fuck to do with that? Just save? 

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I would personally be pretty aggressive with it if it were me. 

I would invest about 500 of that into my own development. Books, seminars, etc. If the food in your house sucks get some healthy foods etc. 

If you started investing into a retirement fund at that age with like 500 of that, it would be super powerful. Even 250 of that would put you really far. There is probably some limits on how much you can contribute. Don't get sucked into a bunch of speculative investments though. You need to find accounts that have tax advantages. This would immensely help you in your retirement years. Even if you just managed to do this for a year or two, then stopped. 

I would take the last 400 and just keep saving it until I had a goal of what I wanted. One year of that and you would have some good coin to start business with or something like that. 

Of course if you want to do something like start your own business and have  a vision of that, then I would start there. Most of the big returns will come from investing into yourself. 

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@joshuahuebner

Holy shit first of all well done for earning so much in 19s. Damn at your age I was making less than 600 euros per month :D 

I agree with @Average Investor a lot of serious investment into your own growth including health, reading, taking courses & seminars but also this is a beautiful opportunity to find your life purpose. Once you do invest as much as you need to start moving that way. You'll have a 5-10 year headstart to most of us who did that process. 

If living with your parents doesn't in any way impair your growth then make the most of this advantage of not needing to pay rent & bills. 

It truly seems like a blessing my friend. The omens are good, time to get your hands dirty ;)


“If you find yourself acting to impress others, or avoiding action out of fear of what they might think, you have left the path.” ― Epictetus

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I would save for a down payment so that you can buy rather than rent when you do move out. I would also look into a Roth IRA. 


My Youtube Channel- Light on Earth “We dance round in a ring and suppose, but the Secret sits in the middle and knows.”― Robert Frost

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Classify your money into expenditure and income.

Have a budget.

Make your money work for you.

Invest in yourself.

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