im a Teen who needs $$$ advice

[p155]

I just turned 18 years old - looking for a job - but im worried: i dont know much about money. My parents cant teach me anything because they dont know anything about $$$$. We're extremely poor and have to go without food for many days of the week. Can i please get some advice about what to do with my money once i get a job so i can start working towards a secure financial future. I would really appreciate someones advice.

[photo]

Originally Posted by p155

We're extremely poor and have to go without food for many days of the week.

If you've figured out how to find a computer and access the internet, then you should be able to find food stamps.

People who genuinely are "extremely poor" do not refer to themselves as such.

[Petunia 100]

Originally Posted by p155

I just turned 18 years old - looking for a job - but im worried: i dont know much about money. My parents cant teach me anything because they dont know anything about $$$$. We're extremely poor and have to go without food for many days of the week. Can i please get some advice about what to do with my money once i get a job so i can start working towards a secure financial future. I would really appreciate someones advice.

You're very smart to begin seeking out good information while you are young. Just think, you haven't made any big financial mistakes yet! This is a website which helped me learn about investing:

Investment Education, Investing 101, Investment Basics, Investment Classroom, Learn to Invest | Morningstar

And I think you are on an excellent site to learn about frugality.

You will do well to concentrate on your education and learning marketable skills. It is easier to save/invest if you are earning more than enough money to cover your basic needs.

Best of luck to you.

[SarahJ]

Sorry, I posted twice :0)

[SarahJ]

Save,Save,Save!!! If you get a job, don't move out of your parents house right away. You should save as much money as you can before you will have to pay your own bills. Of course you want to help them out with food, and buy your own personal items, or pay for entertainment. The most important thing of all is to save your money. Oh, yeah and don't except any credit card offers until you have learned to save and budget your own money. Credits cards can be big trouble and really make your financial future difficult. The will be good later when you are ready for them to help build credit. Good Luck with finding a job... You are very smart for asking for advice.. You will do well. :0)

[krantcents]

Save 10% of your gross paycheck and put it into a 401K. Do it consistently for the rest of your life and you will retire a very wealthy person.

[DaveL]

Before spending money on anything, ask yourself whether you really need it or if you just want it. This is one question that will help you live a debt-free lifestyle.

[danieldroga]

If you have enough money to open your own bank account then open one for you and save your money there. Make a little investment with your savings like having a business. Just settle for a goal to earn little income with your business so that you don't have to risk a large amount of money to open a little business of your own.

[cschin4]

Good for you!

1. DOn't spend more than you can afford . DOn't use a cc unless you know you can pay it off in full at the end of each and every month. Believe it or not, there are people who do pay their cc's in full. I use mine but have always paid it off in full. Do not let a balance run to the next month. If you start down the road of cc debt, you will never get out of it. And, don't take out any store cc's. Have on major CC and dont' get enticed to take out or use others , even if you get a discount.
2. Your friends will have nicer stuff than you , for quite a while. They will overspend and live beyond their means. It won't seem fair. But, you will wind up in a better place down the road.
3. Be very careful about signing up for things that require contracts or payments. Be careful about getting a cell phone contract or buying a car you really can't afford. Those are mistakes you cannot get out of easily if you find they are too expensive.

[BMEPhDinCO]

Open a RothIRA at a safe bank/brokerage and put 10% of your income in there. Read forums like this and blogs to get an idea of how to manage everything. Ask questions, there are no stupid questions when are you starting out. At 18, you can be "independent" - consider that for tax purposes, especially if you want to move out.

Long term, look into getting job training or going to a university for a degree. With only a high school education you will have trouble moving up in life.

Do NOT get a credit card until you understand them. Then get one and always pay it off. Until then, use a debit card and a careful accounting of what money is left. Do not spend more than you have.

Good luck!

[NuggetBrain]

Originally Posted by photo

If you've figured out how to find a computer and access the internet, then you should be able to find food stamps.

People who genuinely are "extremely poor" do not refer to themselves as such.

Computers and internet access are free at almost all public libraries. It's not a stretch to assume that he's very poor and can still find a way to access the internet. Also, how exactly is a kid supposed to go out and get food stamps for his family?

Nothing in your post was helpful. In fact it was rather rude.

[Frugal]

It's fine if you are a teen who is from a "poor" family and wants to post here. Don't let peoples' petty criticism get you down on the internet...I was really disappointed by someone's response to you here (the original teenage poster). People can be so mean, just because they are on the internet. It is easier, because people feel anonymous. So don't worry if sometimes people seem mean on internet forums, it is just how people act and I wouldn't put too much stock in it.

These are hard times, and a lot of people have a hard time affording things. Maybe a high school or college guidance counselor could also offer advice? I believe when people are 18, they can apply for some forms of government aid and also scholarships for college (regardless of age).

Anyway, my best advice to you is pursue an education, and don't go into debt trying to do it. It is better sometimes to not have a college degree and not have debt, than to have one and have a lot of debt (trust me, I know personally!). It can be a good idea to use coupons, to save money on food and grocery bills. If you learn a few basic tricks with coupons, they can really help you save money. Also, it is a good idea to shop grocery ads, and figure out a budget while comparing prices on a weekly basis.

Hope that helps. There are a lot of ways to save money when you are young, and just starting out.

[photo]

Originally Posted by NuggetBrain

Computers and internet access are free at almost all public libraries.

One has to get to a library. If it isn't within walking distance, then he probably has to take public transportation, which requires money.

Also, how exactly is a kid supposed to go out and get food stamps for his family?

If his family is "extremely poor and have to go without food for many days of the week," the person is probably quite gaunt, and any teacher at school should have noticed that the person came to school with no food, no supplies, and threads for clothes and should have directed him to a charity or governmental agency that would help his family.

Nothing in your post was helpful. In fact it was rather rude.

That's because I didn't buy it; my BS meter is pretty strong. I don't know who this person is anymore than anyone else here. But, really, do you know anyone who doesn't eat for "many days of the week" at all? I know several people on welfare, and they always have enough food. People who are genuinely starving have one thing on their minds only, and that is food. If the person really is starving, then it's odd that his first priority is to post on an internet forum rather than ask anyone in person around him to help him find food.

Responses talk about 401(k)s, credit cards, and such. A person who doesn't eat for many days of the week most likely will not have a clue about anything else. Priority #1 for this 18-year-old is to learn to find the absolute necessities of life first and become physically healthy.


This is either a case of someone trying to see how gullible we are, or someone severely exaggerating, or a case of child neglect.

[photo]

Originally Posted by Frugal

Anyway, my best advice to you is pursue an education, and don't go into debt trying to do it.

The person doesn't eat for several days of the week because he is so poor. How do you propose he afford college if he can't afford to eat?

I would sincerely like to help this person as well. But to do so, we need to find out what the reality, not the perception, actually is.

[NuggetBrain]

Originally Posted by photo

The person doesn't eat for several days of the week because he is so poor. How do you propose he afford college if he can't afford to eat?

I would sincerely like to help this person as well. But to do so, we need to find out what the reality, not the perception, actually is.

You sure don't sound like it. You pretty much called them either a troll or a liar.

[photo]

Then, my advice is this: go to the nearest church or synagogue and tell them that you haven't eaten for days. Tell someone there that you lack the basic necessities in life and that your parents aren't helping you. Or, walk into a courthouse and do the same. If you're using a computer in a library, talk to the person at the desk and tell him you haven't eaten for days and don't know where to find food.

Talking about Roths, 401s, and other specific financial advice means nothing to a person who can't even find basic sustenance.