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15 year-old with $1400.. what should I do? (alien.top)

submitted 2 years ago by real-venomrl@alien.top to c/entrepreneur@indiehackers.space

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As the title said, I’m 15 years old and have AU$1400 saved up. I no longer have a job and am working on a small business of mine, which has just $300 in revenue in the last few months.

The reason I’m here is because I’m not sure if I should invest in some compounding assets or something else, and if I should educate myself on stocks/dividends before making a decision?

I have read finance books such as Rich Dad Poor Dad, the Warren Buffett Way, and others, so I do know a lot about finance/business considering my age.

I previously had a job as a dishwasher for AU$16 per hour, and so I got $1700 from that after working for 5 months.

If I should ask this on a different r/, please direct me there so I can figure out what I should do :)

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[–] Agro_Crag@alien.top 1 points 2 years ago

First of all, you’re the man. Thats awesome you’re already educating yourself and working hard. This would be my advice to you: -Keep working a job and saving/budgeting money. I say budget, not just save, because you should still budget for fun things in life at your age. Enjoy the fruits of your labor while still stacking some savings. -You asked about compounding assets - keep that mindset when it comes to investing. When you’re young it can be very tempting for you to take the bait of some higher risk or get-rich-quick opportunity. I made some dumb financial decisions hoping to win big - NFTs, individual stocks, even trends like dropshipping. Would have been much better off focusing on long term. Starting at your age compounding is huge. And a monthly contribution of some sort is a good habit to develop at your age.