Congratulations on your forward thinking! You are making good choices for your future.
I recently discovered this site while doing some stock market research, I am a teenager who would like some advice on long term saving. I have always been geared towards makings sure I have money for the future (College, family, and even retirement) but I am unsure of what is the best way to do this. I was thinking possibly a few 3-6 year CDs to ensure I have money for college which is less than 3 years away. I was mainly thinking CDs because the fact that they are guaranteed rates and I would be able to find one for the exact amount of time I need. Moreover, seeing as how the stock market is not looking to improve immensely in 3 years that kinda makes stocks a bad option for short term return. Furthermore, I was also thinking of investing in the stock market to ensure that I have money for things that are further away such as family, retirement, etc. Obviously retirement is a long way off for me (about 55 years) which is why i thought the stock market would be a perfect fit. Any advice would be greatly welcomed!
A few questions:
First, what kind of income do you have? Or do you plan to have while in college?
Second, have you started getting on a budget? See ways to save money with this thread
Third, do you have an emergency fund? Emergencies will always happen. It’s important to have some $$ stashed away for a rainy day.
Fourth, how much have you saved for college? Or how much have you saved in general? Have you considered looking into what would qualify you for scholarships and/or grants?
Fifth, have you considered going to a local Community College for the first two years of your university studies? Then transferring to a four year university?
Sixth, what degree do you see yourself pursuing? Marketing? Accounting? Finance? Computer Science? Engineering?
Seventh, will you have a vehicle while in college? Or do you already have one?
Hope this helps get you started. Once again, I wish I was thinking of some of these things at your age! Keep it up!