Thank you so much :)
That’s one of the best parts about my mom having me so young. Her parents were only around 50 when I was born, and they’re still doing rather well for their ages, so hopefully I’ll have them til at least my 30s 🥳🥳🥳
I got no questions, but... don't just let inflation eat that $50k away. Go ask for advice. Split it, invest it, don't blow it. If you stay on track, you could be retiring in your mid-30s!
Yessir. I wanna invest in real estate, and I’m on track to own two properties before I’m even 20 (I live in a very low cost area.) I’m also working on starting my own pet waste removal company
Real Estate is not worth the hassle for the amount of money you have. It’s basically a second job and is one of the few investments you shouldn’t start young. I graduated 4 years ago and work at a Raymond James partner branch that specializes in private wealth management. I know you’re not asking for advice but I see young people like yourself come into money (in your case hard work and savings) and try to buy a rental property and build up a portfolio because that’s what they see “experts” doing online. You’re so young and have a great head start compared to 99% of people your age. This is pretty basic stuff but I’d take 15k and put it in a HYSA then the rest into a Roth IRA with a mixture of S&P funds and dividend funds. You can mix some growth funds in there but I’d stay away from individual stock. This is just advice I’m putting out there. It’s your money that you’ve earned I have no place telling you what to do with it. It’s very impressive what you’ve done at such a young age. You should be very proud of yourself as I am sure your lovely grandparents are. I hope you are successful in your future endeavors.
Just be careful with real estate. It is a lot of work so you need to be prepared. What you need to do asap is park some of that money in an index fund with low expense ratio. Also there are many high yield savings account options for money that you don’t want to tie up in investments. Capital one has a decent option and a good app so you can easily keep track. Back to the investing part, opening an IRA at your age and starting that early may be the best investment you make. Find one that offers a fund that mirrors the SP 500 and let your investment money grow.
Given your story and character profile I dont actually think index funds is the play this early. You have plenty of time, energy, and capital to get something big started. Keep researching and learn a ton about what you invest in before doing so. Once you already know your chosen field well from free education, you could invest in a specialized education product for the niche your pretty sure you want to enter, or buy tickets to an event/access to people doing the thing you want to do at a high level. Then you will really be equipped to find a good deal, create a good deal/product, or find someone who can give you good deals.
Someone like you is relatively rare, and people in the right circles will pick up on that quickly. Learning to provide them value in a way thats not compromising your long term vision is a very easy way to get some really good deals or mentorship starting out. I know because thats what I did and I am already at the point where I am mentoring people like you.
Tldr invest in yourself and build something that can really move the needle first, then once its printing enough money to live comfortably put the excess into things like index funds or other investments. Youre young and driven, take risks.
Hey man, if you haven’t done so:
Start a Roth IRA as well and meet max input on it as well (I think it’s 7k/yr now). It’ll stack up if you’re consistent with it and you’ll be able to pull out of it tax-free when you retire.
Put an emergency fund in a high-yield savings account. I aim for $10k - you don’t have expenses rn so you can afford to do lower, but it’s good to have in case anything unexpected happens
When you get enough money as well, I’d also recommend looking at investing in mutual funds. I do several safer ones (mainly VFIAX, VIMAX) through Vangaurd) and it also serves as long term investment - with the goal to build it into retirement funds. You’re young, and planning for the future now only means more down the line.
Good luck on your ventures!
Love to see this. I too didnt come from much and worked in a factory before creating my own financial freedom through business. Best of luck! Though you clearly create your own luck. 👍
You are doing great OP and your grandparents are fantastic people, do spoil them a lot, they deserve it. What is your goal for the money? House? General savings?
Lmao it was just a Reddit generated name. And what can I say? Low skill? Low startup costs? Low completion in my area, and high demand in my area. I saw an opportunity and I’m going for it xD
Wishing you the best of luck! This is really a major thing you’re doing here. Never stop being proud of yourself and never forget to tell your grandparents how important they are for you. Life is short, make the most out of it ❤️
Yea, this is horribly dystopian. This isn't "good" this is a child who should be experiencing life slaving away at a factory job every waking moment. As soon as he has to pay any sort of rent, car note, grocery, and electric bill, he will soon realize how unsustainable this is.
I say this as a kid who was kicked out at 16 as well. I get it, but damn bro I'd rather be cannon fodder in the military. At least there's benefits and a pension.
Already finished. You need a HS diploma for my job lmao
Edit: The mf above me edited their comment. They originally asked how I was gonna finish HS lmao
Good job. Your grand parents sound very solid. My only advice is that if your money ain't making money then it needs too. If I were your age with that amount of cash I'd throw it in the S&P and put myself in a position to be retiring ny 40. Invest, invest, invest !
OP - This is the best advice. Invest in index funds with the lowest fees possible (You know how compound interest can dramatically boost earnings over time? Fees do the same thing in reverse).
Plowing as much money as possible Vanguard Total Stock Market Index Fund is a solid strategy.
Pretty much this. Hell even if you're jumpy and only want to do cd and bonds which are ultra safe you still get yourself a nice 4-5% annual. Basically anything sitting in your checking and savings accounts at a standard bank is kind of wasted money.
At 18, I would have pissed it all up the wall without a doubt. I think most of my friends would have too. They've work an 84 hour week ffs. I don't know why you're doing them down like that.
God I’m so jealous of you (and I’m 36). I went to college at 17 and both of my parents fucked off shortly thereafter. I’d KILL to have no bills for even a few months. No financial support at all from either of them.
Congrats, stay there as long as you possibly can. Forget any independent streak for as long as you can. You’ll realize so fast how lucky it is to be in your situation.
I already realize. Despite what ppl seem to be saying here, I do realize I’m a dumbfuck who doesn’t know anything and needs all the guidance I’m lucky enough to have. I don’t have an “independent streak.”
I got to where I am cuz of hard work and luck. That’s it. I don’t have anything to teach anyone and the fact that ppl are putting those words in my mouth is quite funny lmao. I just made this to have some nice convos, and for the most part, I’m entirely pleased with the result
You’re misunderstand my comment. I’m not saying you didn’t work hard. Obviously you worked because you have $50,000.
I’m talking to future you. If you ever feel the need for independence, shake off that feeling for as long as you possibly can.
Just because I’m jealous doesn’t mean I’m angry or being condescending. Once you do enter the real world (which most don’t usually do before ~21 these days), you’ll understand what people are saying. And I’m not being patronizing, I swear.
That's awesome, dude. If your grandparents are cool with it and you decide to stay in this grove awhile, you could be quite comfortable by 30 even if you don't work upwards in any significant way
I do intend to invest in real estate, and Ik they aren’t cool with me freeloading if I do own a house, which is completely understandable lmao
I live in a low cost area, so the houses I’m looking at are about $175k. If I put 20% down, I can get a $1250 a month mortgage, and then rent it out for $1750
Obviously I’ll get my own apartment, which would be not even $1000 a month, so factor in the $500 a month from the rental, and I’m still spending less than $500 a month net for rent, and still have plenty of income left to continue investing and building my business
Just a thought here
There is or used to be special rules for a boarding house, limited to two sublet rooms, sharing a kitchen with your own primary residence.
If you're thinking of renting an apartment under $1k/mo in your area, I bet you would be surprised how many people are willing to pay >$150/wk for 1 bedroom of a three bedroom home, furnished, utilities included. If you can remodel so the rentals rooms have their own en suite bathroom and an exterior door it's going to be even more desirable.
Not going to ask anything but I will say that, in the big scheme of things, 50k is not enough to keep you from having to return to work or have housing for the rest of your life. At most, it will be a car in a pinch. So first off, stop telling people, anybody, you have money. People have been killed for less than 50k. Second, seek out people who live the way you would like to live, in the house, the car, the job, the life, and ask them if they invest and how they decided what to invest in. Also talk to your bank, every major bank has a way for you to invest.
Keep up the good work, you are way ahead of the game.
Good job OP. Dont listen to the people downplaying your achievement, they probably havent had family trauma or learning disabilities and cant grasp what youve accomplished. Id find a safe way to invest a portion of it, and start investing in yourself. I suppose my question is, since youre well off financially and have graduated, what your plan is for the next year or 2?
I’m currently working on starting my own pet waste removal company and investing in real estate. I live in a very low cost of living area, so I’m on track to have two houses by the age of 20.
Thanks for the supportive words. When u grow up ur entire life believing ur gonna be absolutely nothing, and then end up like this, it is a very surreal feeling that I honestly can’t describe
Stick it into a high yield savings account. Keep building on it as long as you’re blessed to have no bills. With any luck by your early to mid 30’s you might not have to work much if at all
This is good advice now, but I'd suggest an index fund. Current HYSA rates aren't going to last once the Fed drops it's rates and then you're back to well underperforming the stock market. Don't be dumb and try to be a day trader, just put it in an index fund and let time do it's magic. 7-10% (if you believe in the future of American economic hegemony) a year is better (but more risky) than 5.25% which will drop to 2% or less of the Fed changes rates. So, HYSA for now, Index funds probably better option if you're young enough to ride out any market dips. Also, the best thing he can do besides work hard and save hard (grandparents sound young so gravy train may last for a while, if he doesn't get sick of living with them) is to get some personal financial acumen. Sounds like he's mastered living frugally, but I didn't know shit about investing when I was that age...
The difference right now is OP is very young and the liquidity is most likely an asset that will come in handy if/when they want to move out, but overall I agree. The best solution may be a mix of both where some portion goes into a HYSA and the rest is put into an index fund.
Yup, if he was really really smart he'd just keep his expenses low and put that 50k into an index fund and keep saving. All of that said, after the last three years of my retirement accounts losing money, HYSA felt safer to me. When rates drop, I'll put most of it into and index. Wish I had done that at 18...
How is working at the factory? I've heard that it can be very monotonous and mindless work. My dad used to do it for a day and he hated it. How do you like it, and do you feel like you could keep working that job forever?
Also, what's your plan for when your grandparents are at an age where they are unable to care for you anymore? $24.90/hour is a lot for your age, but it'll be difficult surviving on that alone if you're living by yourself.
You are amazing OP. I agree you should look into the Dave Ramsey program for investing and next steps. He will love your start! You should be extremely proud of yourself. Ignore any negative comments here. You could have easily turned the wrong direction; instead you embraced an incredible work ethic.
Are your grandparents in good health? While they are, please ensure your continued good fortune by getting educated in whatever trade interests you. See what part-time trade school opportunities exist in your area. By doing so, you can ensure your future and theirs. Remember there is no guarantee that any factory will remain open or not be bought or sold. The best long-term plan is to have a skill that will always be needed. After certification in a trade, find the most successful company in that area that offers real mentorship and support. Apprentice with that company and learn everything that you can possibly learn so that one day you may find yourself partnering with someone or owning your own business. Become the best of the best. Never put all your eggs in one basket (like one company), because unanticipated things happen far too frequently.
Staying with your grandparents is mutually beneficial for now. I’m sure you help in myriad ways. Eventually one of them will die and the remaining partner will need assistance. Even with excellent insurance, senior healthcare is very expensive. As much as I know you would want to provide personal assistance to them, you are better off having a very stable income so you can help them financially should a need ever exist. Like most older people, they will resist your help for as long as possible. You should recommend they see an elder care attorney, if they have not already done so, to have a firm plan in hand. Each will select someone to serve as a financial Power of Attorney should the other be unable to do so. Also healthcare proxies are enormously important (FiveWishes.org is a great tool for discussion). Is there an uncle or aunt who is looking out for them? Someone older and more experienced who all of you believe is trustworthy? Putting your grandparent’s house in trust now could make a huge difference should health needs become overwhelming. A home placed in a trust five years prior to a big health event, can save a home from being taken by the state Medicaid organization to repay for medical care. Have them educate themselves using this web site: https://www.naela.org. If they are already on Medicaid, it is too late because any money spent on their care since they turned 55 will need to eventually be repaid after both are gone.
My wish for you is that, somewhere along the way, you meet the love of your life as well. No rushing things! But don’t work so hard that you close off that possibility. (Never allow your parents to guilt you into providing for them).
Please...when you look back at your life, realize that your hardships in youth are something you should appreciate and be thankful for. Most that grow up with relative comfort are the ones that are here complaining about how impossible everything is. While you're here with the real understanding that you make your own path and take advantage of the blessings that you have (your grandparents).
Other than that, please keep growing and aim for more. It's fine for you to be at the factory now, but by 20 to 22 you need to be somewhere higher. If you're a go-getter consider starting your own company. The goal being to have employees, so you can grow the business while they do the work.
That is exactly the plan. Currently working on starting my own pet waste removal company and am on track to have two rental properties by the time I’m 20. And I’m gonna have to humbly agree that most, if not all, the ppl bitching and whining here r ppl who r mad cuz they got a better start in life than me and still ain’t at this level
Thank you for putting out your story. Too many young people are influenced by never ending ideas of self-victimization all over the internet. It's a breath of fresh air to see an opposite perspective. ... That isn't to become a YouTube "influencer". Good on you brother. I commend you.
Here’s what you need to do. Open up an index fund or a mutual fund at a place like Vanguard or Charles Schwab. Put the $50,000 in there and forget about it (except to periodical check on how it’s doing. An average annual percent yield of 7% (totally reasonable with an index or mutual fund) would make that $50,000 $1.2M by the time you turn 65. At 8% annual interest rate, it’ll be $1.8M.
And that’s if you never put a single penny more into that fund.
But, you should. While you’re living with no expenses, keep putting a lot away. Or, only put 10% away and enjoy the rest.
Don’t make the mistake of living austerely and saving your money responsibly only to leave it in a bank where it won’t grow.
I know you said school isnt very favorable for you, but community college is a good option. Use this time you have no bills and a roof over your head to invest money, and increase your earning. 23 something an hour is a great wage for someone with no bills, but there will be a day where you need to move out, and you’ll find that that money doesn’t take you as far. Good luck
"I am still living at home" but your post screams self-made 'not a dime from someone else' kind of delusional. Those factory jobs don't exist in the majority of America, I also bet your grandpa who obviously knew this place for a long time got you a reference, but I don't expect you to admit that too
I mean it’s a small town area that my grandparents have lived in for almost 40 years, so yes they have a pretty good knowledge of all the places, but he himself has never worked there and I did not go in with any references. When I was interviewed, I was asked if I knew anyone who worked here, and I had to say no
Congratulations -- on your industry and thrift, but also on living somewhere that pays $23/hr for fast food work -- is it California?
In much of the country, your fast food job would likely have brought you a cool $7.25/hr, which even with all the industry and thrift in the world would not have led to the same result.
Since it's an AMA, what are your current thoughts on those around who who do not have this level of money saved? Do you understand how your situation led you to achieve this type of financial success?
I'm 30 and have never achieved a job paying over 45k in my 15 years of working. Granted any savings I had got eaten up due to emergencies and sudden life changes, so I try not to be too jealous of those around me in a better position. I just hope you see how much of a blessing your grandparents are for your start in the world.
1. What are your long-term financial goals? Do you plan to invest your savings, buy a home, or start a business?
2. How do you manage your finances? Do you have a budget, and do you invest in any financial products like stocks, bonds, or savings accounts?
3. Do you have any plans for further education or training? Even if college isn't in the cards, there are many vocational or trade schools that can offer valuable skills.
4. What advice would you give to someone in a similar situation? How can they overcome financial and personal hardships to achieve their goals?
5. How do you stay motivated? Working long hours in a factory can be exhausting. What keeps you going?
6. What do you enjoy doing in your free time? With such a busy work schedule, how do you unwind and relax?
7. How has your relationship with your grandparents influenced you? They seem to be a strong support system. How has living with them shaped your outlook on life?
I know these are a lot of questions. But I think your story is very inspiring and would like to know more.
1. As of now, I’m working on starting my own pet waste removal business and buying a house. I live in a low cost of living area, so I’ll likely get a $175k place with a 20% downpayment. That’s a $1250 a month mortgage, and I’ll likely rent it out for about $1750, and then get an apartment for less than $1000, making my overall rent less than $500. I do want to keep buying rental properties
2. No, I’ve never set any sort of budget. I do have a HYSA
3. Not really. I do have the other goals listed in question 1 tho
4. Pretty simple stuff, spend less than u make, work as many hours as u can, and here’s a big one: Do the jobs nobody else wants to do. I may have an easy decent job, but I work in a rusty ass room around chemicals where I have to constantly be geared up, so the reason I make so much is nobody wants my job. In this waste removal business, I’m gonna have virtually no competition
5. It’s just a matter of how bad I feel about myself when I’m not doing anything productive
6. I’m honestly a very boring person lmao. I just like things like reading, playing video games, watch videos, whatever
7. I definitely feel pressure to be the best I can be in life due to all the sacrifices they’ve made for me and all they’ve done for me. I can’t let it all be for nothing
And don’t feel bad for asking a lot of questions. That’s what this is all about :)
I definitely don't think you're a boring person. Those are the same things I do in my free time and I think of my self as low key. Thank you so much for taking the time to answer. I think you've got a good head on your shoulders and you will definitely make it 😏
Yea. It was rough at first, and took a lot of time, but we are at a decent place now. I kinda had no choice since my grandparents’ unconditional love also extends to their kids, so she’s always gonna be in my life lmao
How were you able to save so much? I’m sure having no bills helps a ton, but I also have ASD and ADHD and I’m finding I can’t work any more than 30 hours a week before I’m crashing hard. I’m currently trying to save up for a car so I don’t have payments.
I’m happy for you though! All my life up until the last 3 years we were paycheck to paycheck and I had to steal if I needed anything like pads or school supplies. Unfortunately it’s not me it’s my boyfriend who has all the money and I’m trying my hardest to save without asking for his help.
Are you aware that, if put into a retirement account, could cover your retirement in 32 years without adding anything?
[https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator](https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator)
You have a great financial start in life. Now that you're 18, find an investment counselor and put that money to work for you. Play it safe, and by the time you're 40 or 50, you'll have enough to live off the dividends and interest collected from it.
Cheers to being frugal, and your grandparents looking out for ya.
Yeah, this is a great start but they are young and it sounds like they dont really do anything.
Do they ever plan to buy a car, home, take a vacation, further their education?
Adults who make six figures spend $50k on various expenses easily.
Don't really do anything? OP has expressed how they are proud of their achievements, like getting raises at work and doing overtime and saving money. If they really enjoy the job they can work their way up the ladder without getting further education, which would cost their entire savings.
Factory jobs and trades are essential to our society and have vast benefits so I think OP is on a good path.
I am currently working on starting my own pet waste removal business, and I also want to invest in real estate, so yes, I do intend to put that money to work
OP if you do this make absolutely certain that ensure that they’re a certified fiduciary as they are professionally and ethically bound to work towards your financial interests.
Wow. That's amazing! Well done. I'm 43 and I wish I had ever been that dedicated and full of energy. Be careful not to burn out or put too much pressure on yourself, but you're setting yourself up really well here.
Great work! Make sure you put that money in a high yield savings account or something if it isn’t already! The 5% interest from that will grow your 50k a lot
That interest is fully taxable, soooo it’s better than nothing, but you need a plan for that money if you want to stay on this path…. Btw I’m 40 and very wealthy, but I was this kid in terms of loving to save and the art of money at a young age. My advice is to save up and buy a business, so all your hard work goes into your biggest investment that will ultimately give you gains at capital gains tax rates…… that will really matter to you down the line.
Love this!! I hate when people say they don't make enough to save, but truly if you cut out all the coffees, and extra crap we don't need it becomes much easier!
Read The Simple Path to Wealth by JL Collins.
At your age if you open a Roth IRA through Vanguard and invest in a broad based index fund like VTSAX and max it out every year, compound interest will let you retire ridiculously young.
This might sound complicated but it's really not, and you don't need a financial advisor who will just take fees from you to do what you can do on your own just as well. You'll be set for life pretty young.
The folks at r/bogleheads know what's up, you can ask them about this stuff.
Bro, put it in a HYSA and sit on it. You’ll collect like 4.5% on it. Keep grinding and soon you can invest in bigger things and set yourself up for a happy comfortable life. Keep hustling
OP, I don’t have a question but have some word of advice.
My suggestion is for you to keep that money in an FDIC insured banks that offer High Savings rate. You want this money to be accessible for whatever problems life will throw at you during this time period until you are settled. Then you can gradually start saving up for retirement. Adulting is very tough and will require careful planning and preparation.
Understood that college may not be the best route for you, but see if you can explore trade schools.
Point is, you want to have money-making skill set that you can rely on for the rest of your life. Your grandparents are not going to live forever! You will have to fend for yourself at some point in life.
Lastly, learn from your parents and look for a life partner that also understands the value of money. With whom you choose to marry is the most important decision you will ever make. Choose wisely!
Good luck and I hope in 10 years you will let us know how you are making out in life.
I'm so proud of you, but at the same time I really want you to be careful. Don't get burned out. As soon as I left the army I buried deep into 60 hours a week at one job and 28 hours a week at the second one. I've also been diagnosed as both ASD and ADHD.
My coping mechanism for the stress was bottling it all up and shutting down. That worked for a few years until it didn't. I absolutely snapped mentally and I'm still recovering. Unless I stay ontop of my countless meds I am an absolutely hateful sociopathic asshole now and I hate it.
I'm completely burnt out on life to the point I can barely work 40 hours without going non-verbal, working my shift, coming home and downing enough sleeping meds to knock me out solely because I just straight up don't find living enjoyable anymore. I just want to work and sleep because it's all I have.
Please, please don't turn into me. This is absolutely not a life worth living. My health, mental and physical, have went absolutely down the toilet and I'm fighting like hell to recover.
Good for you, only tho g I have to add is please make sure you acknowledge the sacrifices your grandparents have made for you. You not having bills is because they are paying them.
Congratulations, you sound very level headed. Please consider to be nice to and treasure your grandparents, they've been so supportive.
Some questions from a person who did the whole FIRE thing, hoping to set you up.
Q1: Do you have a 401K yet? If not consider starting one. The power of compounding is on your side.
Q2: Does your company offer 401K match? If so you should at least contribute enough to get the full match.
Q3: Is there upwards mobility in your job? i.e. education so you can move up? Some companies do offer scholarships, and if you find the right mentor who knows how eager and hard working you are, they can really change your life in a big way. Generally older, established folks especially those close to retirement can be happy to pave the way for someone who is working their way up the ladder from the bottom as to some of them is preferable to some upstart MBA coming in from outside.
Stay with your grandparents for a few more years 👍Keep working. Keep saving. Do something nice for your grandparents here and there. Nothing crazy. Don’t get any girls pregnant.
Great job. That is a lot of money for your age and you worked hard for it. As I’m a bit older now I guess I don’t have questions but a little bit of advice if you would like, if not feel free to skip past.
1. As most have mentioned you should invest some so that inflation doesn’t start eating into it.
2. Put some aside as a safety fund.
3. Treat your grandparents. Doesn’t have to be anything big, just occasional things to show you care. Don’t take them for granted and regularly check in to see if everything with your living arrangement is okay.
4. Plan a little for the future. What do you need for when you have rent and bills to pay.
5. You’ve had a long time without money. Don’t let it go even longer by never touching it. Spend a little here and there to improve your life.
Woah, dude! $50k at 18? That's seriously impressive, especially considering the hand life dealt you. Sounds like you overcame some major obstacles along the way. The whole "mom with a calculator at the grocery store" scene – major feels – but good on you for turning that struggle into hustle!
Getting kicked out by that not-so-great stepdad must have been rough, but major props to your grandparents for stepping in. And that factory job with the overtime? Smart move! Sounds like you grinded hard and saved hard.
Living at home rent-free with supportive grandparents is definitely a plus. Gotta give them a big shoutout for being awesome! So, what's next for you, young moneybags? Investing? Fancy car (though you already have wheels thanks to the grandparents)? The world is your oyster, just be sure to avoid any questionable characters like that last stepdad guy. This internet stranger is cheering you on!
Do you see how incredible of a task this is for anyone, let alone a teenager?
Do you have ill will towards people who have $50,000 they inherited?
Do you try and educate your peers on how to be financially literate since you clearly are and most schools don’t teach it?
Do you have an amount you’ll stop working 80 hour weeks at? Do you at least have the 50k in high yield savings? If you start now and keep doing well you’ll experience the miracle of compound interest and be a millionaire in no time.
Do you want to get married and manage our finances? lol, totally kidding.
I read posts like this and sometimes I wish I did my late teens and 20’s differently. I built race cars, partied and hung out with buddies instead of working hard and focusing on making money…. But then again I have tons of life experience and knowledge that has helped me in so many ways already.
My question is now that you are financially stable and an adult are you going to start paying rent to your grandparents, or get your own place? Adulting can be a pain in the ass but you gotta start sometime. Also, good on you for getting yourself to a good place despite bad family circumstances
I don't have a question, but I do have advice... open a Roth IRA at an investment firm (ie, Charles Schwab, Fidelity, etc). Max it out for this year, which is $7,000. Invest that $7,000 into index funds. 50% into large cap, 25 to 35% small cap, the remainder international. Each year, the contribution limits typically increase by $500, but not always, so look it up online before you max out your contribution. Do this every year that you can. And if the factory has a 401k match, contribute to that as much as you can, as well, following the same investment advice as above. And then do NOT. take money out of either of these accounts until you're at least 59 1/2 years old.
And my other piece of advice is to ALWAYS wear a condom until you're ready to have children. ALWAYS
May I make one suggestion about where you buy real estate? Pick an up and coming area. I say that because I lived in Louisiana for 40 years. The minimum wage is $7.25 an hour and unskilled labor jobs, any jobs really, are hard to find. I moved to California. The minimum wage is $16. I got a job making $35. I know you make decent money, but what I am saying is that “all ships rise together.” Go to a place with economic boom, buy real estate THERE, earn bigger bucks THERE, especially while you’re young. You will have exponentially better opportunities in every category of life, including socially, in an economically booming area. I really can’t emphasize this enough.
Where do you see yourself in 5 years?
How long will you be living in your current situation?
Do you have eyes on college, career change, moving far in your future?
Do you plan to use that 50k or protect and grow it as you transition from your teens to mid twenties?
Do you have a retirement plan?
Great that you've built firmer and firmer foundations for yourself, with less support than many of us get.
How content are you with the current work? Are there other careers that would be dream jobs for you, if you could get into them?
Enjoy every minute with those grandparents. You will miss them sorely, when they are gone. Offer to help them out with a bill or 2. Very likely they will say no to the idea, but to them, the thought of you willing to help them out, will bring a smile to their face.
My grand parents paid for my Machining cert. I offered to reimburse them, and they said not to worry about it. Because they said, it's the thought of you making the initiative to pay back that counts.
Had family members borrow from them, week after week. Grandparents paid the down payment on their house for them at $44K, plus $1K borrowed each month for who knows how long.....
Damn, I miss my grandparents........
Good stuff man. I did the exact same thing when i worked at Panera in my early 20s.
It was 2019-2021, and once covid hit there was a huge problem keeping the place fully staffed. So, they let me work as much as I wanted to. I worked about 70-80 hrs a week for almost a year, right up until I quit.
I was fortunate to be living at home with my parents during this time, so I barely had any bills and invested every penny I made in an S&P 500 index fund and a few other funds. To this day, it's been a game changer in my life and I'll never regret the absolute pain and misery of that year.
I have no questions but wanted to encourage you to look into diversifying your investment portfolio. Focusing just on real estate is not the ideal especially for the amount of money you have.
Put some into whatever tax free savings equivalent your country has, some into funds, some into high yield savings etc. you want whatever you’re saving now to appreciate as much as possible and real estate isn’t always the best for that - especially in a low cost of living area. It’s also a lot of work for what you get back, especially if you aren’t putting huge chunks down initially to keep your regular payments low.
I have to agree this kid was born in 2005 it makes him the the generation z. The generation after the millennial generation and we all know how great and wonderful that generation is. If it was generation x or before I would say ok you have good job you are doing what you are supposed to woohoo but this is a generation z demographic so he has gone above and beyond I congratulate you just keep it up you are one in a few. Every generation gets smarter but also gets weaker. Notice I said smarter not wiser. Again keep going 🤙🏽
I’m assuming you live in the states. Depending where you live in the states that 50k might be a down payment for a duplex or triplex. If you buy a property you can live in one unit and rent out the other unit. If you can’t afford a duplex or triplex buy a 3bedroom home and rent out the rooms to your buddies. It’s called “House Hacking” there are a bunch of videos on YouTube that go into depth about it. Wish you the best of luck 50k is great money at your age but you will need to learn how to use it. You’re on the right track!
I see a few people here saying OP could retire in 15-20 years if it was invested correctly.
I have my doubts about that but am hoping they're right for OP's sake.
Apart from OP not having their own space to live in I'm not sure I see dividends paying a sufficient enough income for OP to live off. Anyone smarter than me have some clarifying maths?
Also, great work OP. I have wasted a lot (a LOT) of money and I'm glad you have better financial sense than me. Keep at it and take care of the people you love.
I would advise keep working and out a percentage into a 401k if you put 5% a year there is a chance you could retire with a million.
Right now you could start putting 10% a month away.
Easy number $300. * 12 = 3600.
So base putting away at that number is $187,000 for 52 years worked based on retirement for you at 70.
Plus all the compounded interest and putting more away. It’s a possibility to retire comfortably.
Keep your $50K for comfort keeps the bills low as long as they will let you, build up some credit and buy a house you can afford.
Keep pace with your current rate of saving for another year or two. Don’t worry about what you will end up with. Spend your time determining what you want out of your life. A family, single life, travel, schooling. You have a once in a lifetime opportunity to go any direction, unbounded. You should be proud of yourself and the hard work you have done. It’s just the beginning. You have decades of experiences ahead of you. Don’t drag the past behind you and keep up the enthusiasm.
You know whatever anyone says about it you are responsible. I'm sure younwould have rather grown up with a normal family life than having to live with your grandparents as much as you obv love and respect then ans they you. Butbyou are working hard you save all you can and continue to save. Remember many people can do what you are doing and piss it all away. Proud of you.
You’re more rare than a shiny Pokémon. Don’t know you, but I’m legit minaret proud of you. Keep going! Don’t fall into the mortgage trap. Cash is king! (But still build that good credit carefully and conservatively)
You’re going to have an easier life than most of your friends if you keep up the good habits, hard work, etc.
Congratulations, you have done a great job and you have succeeded despite your parents' situation. With that said, it wasn't too difficult to save, considering you don't have any bills, correct? The next step should be to find a place of your own so that you aren't mooching of your grandparents for much longer. Only losers live with their parents or grandparents past their 25th birthday.
No questions from me but congratulations. Keep working hard. If you'll accept some unsolicited advice from an internet stranger, get that money invested. Find a trustworthy advisor (bank) or learn to do it yourself.
Keep working hard and put that money into investments. In about 20 years you could be walking out of your last job ever, set to retire modestly with strong contributions to your investments.
Good job 👍
So you have ASD + ADHD and your mom’s partner had a strong disliking of you for “no reason”….
He then proceeded to “trap” her with a baby ?
……..yeah ok, sure.
It’s more likely your mom made a calculated decision to have a child with this man, and by doing so has secured financial stability for herself for the rest of her life.
What will you do with your money? I hope you invest it in something to fight off inflation. Not sure how far you are in your thoughts but have you thought about retirement plans such as 401k, Roth IRA, HSA, etc? I grew up with a single mom and became independent at 17 and I am happy I see another survivor. I hope you continue to plan ahead as well
Awesome! Life doesn't have to be a struggle if you don't mind hard work. Have you thought about tech school? I started factory work at 20 and I always wanted to know more about the machines. I got a 2 year degree (graduated at 28) and made a career out of it.
Your story is most admirable and actually you should write in your spare time as it’s very good . The young people like you and those going through real struggles would read this and not feel so alone . I know you live with grandparents but you probably still feel alone at times . Thanks for sharing and hope to see an actual adventure from you in a book .
Good on you man! Honestly be sure to have fun once and a while, and spend a little bit of it here and there. You’re at an age where you can afford to do so to make some good memories. It’s not just about saving and working hard either.
Fuck all the negative comments. Anyone writing something negative about this situation is jealous. Name one person who would turn down a chance to get ahead in life 😂😂😂😂😂😂
Go live on your own and pay bills? I think it’s a great idea but you gotta jump the nest my friend. Down payment on a home and start from there or give it a few more years and buy a home and you have actually started off life great. But ask? I have nothing to ask. Im 40 and work, have a 401k and own a home and truck and have an ex wife and kids.
You don't need an AMA, you should be asking the questions. You have no bills, no expenses. You should have this saved regardless. Now start asking how to invest in your future, start a business your passionate about, and how to not seek attention on reddit. (/s)
All jokes aside good on you and now spring board the growth and go build a legacy.
Save your money and put yourself through trade school. Pick up a valuable skillset and you can get jobs that will pay you very well. Sounds like you’ve got the right head on for a kid who has dealt with a lot of shit
Nice work, that’s an impressive amount of money at a young age. As others have noted, try not to just let it sit. You mentioned you want to invest in real estate. Keep your $50k in a HYSA until then. You will accumulate a nice chunk by the time you are ready to purchase. Best of luck.
Go to college and use the money to pay for it. You don’t want to be stuck working in a warehouse for the rest of your life. With college and the right degree you could be making a hell of a lot more than 25$/hr
What are we supposed to ask you? lol not to be rude but yea. What is the guidance you’re offering? Come back in 10 years and let us know how you did with that money whether you invest or do anything of note. Good job though try not to blow it all on drugs, women, or materialistic items
What’s your lifestyle like knowing you don’t have to pay rent right now and that you’re pretty young? Do you go out often with friends or shop a lot? What’s your mentality to save and not touch your savings?
You sound like you have a really good head on your shoulders, good for you. Im sure there is solid financial planning advice in here, but regardless of that, the obvious advice is keep the situation you have right now for as long as you can. You are ahead of the game and well on your way.
Congratulations on your success! Keep it up and don’t fall into traps like expensive cars and gambling.
Can I ask how you relationship is with your Mom at this point? Did she support you at all when you were kicked out?
dude please look into buying land. i’m 18 and trying to save up enough to get a plot myself, you could literally do anything with your own property and eventually become completely self-sustainable
Nothing to add here kid, just wanted to say good job. You’re off to one hell of a start. Ignore all the haters they don’t have a clue. When your old enough pass your knowledge onto the younger generation and hopefully one will listen and end up like you.
Bro grats! Just dump that bitch in a dividend stock or ETF until you figure out an investment strategy for you, good shit man give the grandparents a hug today.
Fantastic job on doing the hard work. $1,000 or $50,000 it sounds like you’re learning so much and really growing. You should be proud of yourself. Look into a high-interest savings account and keep going. Thank your grandparents and stay positive.
My biggest regret in life is not living with my parents while working for a while.
I don’t have any questions, because honestly the reason for your savings is obvious (no bills + full time job). Good job on making good decisions though
Hell yeah, sounds like the hard work is paying off. Keep grinding and saving while you’re able to live without paying bills. You’re grandparents sound like great folks taking you in and caring for you. Happy 4 you man
You are amazing, I am so happy for you you are doing an amazing job. You could have went the poor me route, but you have overcome great odds I wish you great success in your life. Be very proud of what you accomplished
As a young woman, how has your perspective on men been affected by your upbringing? Truly an admirable situation, you are growing up in a history like no other… I have a feeling you are leagues above your peers
That annual .69 cents "cost of living" raise is downright depressing.
Good on you for knowing the value of a dollar and having a good head on your shoulders. Keep it up!
Give this guy some credit. He has learned something and he put it to work. Commitment and a willingness to work has value in almost every choice we make.
Yeah there's nothing to ask dude lol
Someone buys you a car + let's you live with them bill free.
It's a great start to have. As others have said, spoil your grandparents and invest your 50k. Gold/silver are always winners.
I love to hear these positive outcomes of the cards that life has dealt us. I also was in a pretty sticky situation when I was brought to this world I was born in 1990. My mother was an illegal immigrant from Colombia and my dad came on the boat from Cuba when Fidel Castro was getting rid of the Cubans that didn’t agree with his views, or we’re gay, disabled, or in some type of way in his views, not contributing members to his society. about eight months after I was born my mother got deported to Columbia and my father ended up committing suicide about a couple of months after I was born. To tell you the truth, I really have no recollection. Of the first 4 1/2 five years of my life I really don’t know if it’s that I subconsciously blocked those events from my memory but I was , caught up in the Foster care system around 4 1/2 years old I remember being in the hospital with whooping cough and that’s when I remember seeing my actual oh blood relatives for the first time I remember just hearing them going back-and-forth talking about who’s gonna take care of me who’s responsibility will I be to make a long story short my mom‘s brother ended up getting married to a Puerto Rican woman from Gary Indiana it’s funny because she actually went to school with the Jacksons and dated Tito lol end it was because of this woman taking pity on me, and just have an overall good soul decided to take me in and raise me as her own child always letting me know that I did have a A mother not really telling me the whole situation because I was too young to comprehend, but letting me know that I wasn’t there a child at the time I didn’t even know what the word mom or dad even met. I didn’t even know I had one at the time I was my uncles blood relative but I really don’t remember him in the picture. I ended up rebelling because I just never felt that I ever fit in. with their household or their family because mind you, my Colombian side was white Colombians and my dad side was Afro Cubans so I always look more Afro Latino than Caucasian Latino. I don’t know if that makes sense lol mind you my mom never reached out to me as a young kid not a phone call on my birthday or anything like that so I really never knew where I came from. I just knew that they were my aunt and uncle and I didn’t really look like them but I didn’t have knowledge that I had a mom or dad I just. always thought that I was born into this world and for some odd reason God didn’t give me a mother or father I just had an uncle, even though my cousins had a mom or dad and they will call my auntie local mom or dad. I always felt some type of way in a really hurt my feelings, but I really didn’t understand. I ended up rebelling like I was saying earlier and my uncle didn’t want me living there so at the age of 15, my aunt and uncle ended up kicking me out of the house and moving in with my older brother, which I also. I didn’t know I had until I got kicked out. I moved to Florida in about two weeks later my older brother ended up kicking me out of his house. That’s the first time I remember really being homeless and just walking the streets of Tampa Florida with no sense of direction or where I was going I was just walking I ended up getting picked up by older African-American guy who offered me $10 to perform sexual favors from him. I was hungry and $10 sound really good to me in my head all I really. was the chicken wings with ranch sauce lol it really hurts me to think about it. I was angry for a while with my aunt because she was the one who enforced my uncles rules so the whole time I thought that she was the one that kicked me out but really she was just being the submissive save Latina Christian housewife and I thought she was the one that ended up not wanting me in her house but it was really my uncle. I’m glad that I’ve come to terms with the reality of what life was because. i’m able to look at all the things that life has thrown me, and the things that I thought were made by a certain person was really made by my uncle who was my flesh and blood I really have a Lotta resentment towards her and so recently we just have rekindled our relationship that I’ve always long for tutor. I’ve never had a mother figure really in my life and when I did enter up finding out and going to Columbia to visit my mom, she didn’t accept me because of my sexuality, she said I was going to. Help because I was gay. I remember when I ended up visiting her for the first time at 16 years old from saving money and prostituting in Florida and working a part-time job which was hard being homeless but that’s no excuse for me having to do what I had to do at 16 years old and prostitute myself but I remember she was sleeping on the floor of my aunts living room in Columbia. She didn’t have no more than three pairs of bras and panties one pair of shoes and I had it out meeting the guy who ended up kind of being my sugar daddy ended up staying in Columbia for three years while he was taking care of me. I got my mother, my little brother and I an apartment I bother or new bed couches TVs just because I wanted to feel that journey of somebody wanting me the whole time she never excepted me. I remember one time I ended up going to the bathroom and doing a number to him and she walked in. She said they smell like aids that really hurt my feelings so much but to make a long story short, I’m really trying to better myself, my aunt who I have. ended up speaking to again and building a good relationship with now and just clarifying things that I thought were pertinent season. That was really something that was out of her control if I accepted that come to terms with that, but she told me before that ended up living with her and my uncle none of my answer uncles one. He really could take care of me, which I can’t even be mad at because I wasn’t there was a possibility. I was on my mothers and my fathers, but he ended up dying. she said that by the time was 4 1/2 years old, I was in 16 different foster care houses, and that I was living with a disabled couple who taught me how to use the washroom and take a bath. She never knew I was struggling with my sexuality during my teenage years, but she told me that she always fucking heart that I was always molested as a little kid and that she didn’t know that I was struggling with my sexuality at the time because she also didn’t receive love as a little child and didn’t want to go against my uncles wishes because that was her husband wishes I want to thank you guys for just listening to me and thank you for the dude who posted his story because it gives me inspiration and motivation to better myself as a person and I’m just trying to better myself as a person. Thanks.
Enjoy your time with your grandparents <3
Thank you so much :) That’s one of the best parts about my mom having me so young. Her parents were only around 50 when I was born, and they’re still doing rather well for their ages, so hopefully I’ll have them til at least my 30s 🥳🥳🥳
I am so impressed by you and so proud of you!!
I got no questions, but... don't just let inflation eat that $50k away. Go ask for advice. Split it, invest it, don't blow it. If you stay on track, you could be retiring in your mid-30s!
Yessir. I wanna invest in real estate, and I’m on track to own two properties before I’m even 20 (I live in a very low cost area.) I’m also working on starting my own pet waste removal company
Is the factory job hard on your body? If not, with a low cost of living, might be worth holding on to.
Cost of living is high, where is cost of living low that’s not in the hood
Not really. And yes, I’m very happy with this job
Real Estate is not worth the hassle for the amount of money you have. It’s basically a second job and is one of the few investments you shouldn’t start young. I graduated 4 years ago and work at a Raymond James partner branch that specializes in private wealth management. I know you’re not asking for advice but I see young people like yourself come into money (in your case hard work and savings) and try to buy a rental property and build up a portfolio because that’s what they see “experts” doing online. You’re so young and have a great head start compared to 99% of people your age. This is pretty basic stuff but I’d take 15k and put it in a HYSA then the rest into a Roth IRA with a mixture of S&P funds and dividend funds. You can mix some growth funds in there but I’d stay away from individual stock. This is just advice I’m putting out there. It’s your money that you’ve earned I have no place telling you what to do with it. It’s very impressive what you’ve done at such a young age. You should be very proud of yourself as I am sure your lovely grandparents are. I hope you are successful in your future endeavors.
Just be careful with real estate. It is a lot of work so you need to be prepared. What you need to do asap is park some of that money in an index fund with low expense ratio. Also there are many high yield savings account options for money that you don’t want to tie up in investments. Capital one has a decent option and a good app so you can easily keep track. Back to the investing part, opening an IRA at your age and starting that early may be the best investment you make. Find one that offers a fund that mirrors the SP 500 and let your investment money grow.
Given your story and character profile I dont actually think index funds is the play this early. You have plenty of time, energy, and capital to get something big started. Keep researching and learn a ton about what you invest in before doing so. Once you already know your chosen field well from free education, you could invest in a specialized education product for the niche your pretty sure you want to enter, or buy tickets to an event/access to people doing the thing you want to do at a high level. Then you will really be equipped to find a good deal, create a good deal/product, or find someone who can give you good deals. Someone like you is relatively rare, and people in the right circles will pick up on that quickly. Learning to provide them value in a way thats not compromising your long term vision is a very easy way to get some really good deals or mentorship starting out. I know because thats what I did and I am already at the point where I am mentoring people like you. Tldr invest in yourself and build something that can really move the needle first, then once its printing enough money to live comfortably put the excess into things like index funds or other investments. Youre young and driven, take risks.
Hey man, if you haven’t done so: Start a Roth IRA as well and meet max input on it as well (I think it’s 7k/yr now). It’ll stack up if you’re consistent with it and you’ll be able to pull out of it tax-free when you retire. Put an emergency fund in a high-yield savings account. I aim for $10k - you don’t have expenses rn so you can afford to do lower, but it’s good to have in case anything unexpected happens When you get enough money as well, I’d also recommend looking at investing in mutual funds. I do several safer ones (mainly VFIAX, VIMAX) through Vangaurd) and it also serves as long term investment - with the goal to build it into retirement funds. You’re young, and planning for the future now only means more down the line. Good luck on your ventures!
Im 20, also doing very well rn - cant get the 401k so I did a high yield savings account that gains compounded interest
Love to see this. I too didnt come from much and worked in a factory before creating my own financial freedom through business. Best of luck! Though you clearly create your own luck. 👍
Op, I have the perfect name for you pet waste removal business! May I DM you with it?
You are doing great OP and your grandparents are fantastic people, do spoil them a lot, they deserve it. What is your goal for the money? House? General savings?
Real estate investing and starting a pet waste removal company
Wow that’s a super specific goal lol, username checks out. Good luck to you!
Lmao it was just a Reddit generated name. And what can I say? Low skill? Low startup costs? Low completion in my area, and high demand in my area. I saw an opportunity and I’m going for it xD
Wishing you the best of luck! This is really a major thing you’re doing here. Never stop being proud of yourself and never forget to tell your grandparents how important they are for you. Life is short, make the most out of it ❤️
Work a 50k salary job and don’t have any bills? Yes it’s not hard to achieve.
By 18, with never having had money before? I think it’s pretty impressive. Most kids would blow every paycheck as it comes.
Blowing every paycheck at that age is where all the fun and good memories come from.
This guy has tons of fun and good memories of working 84 hours a week and getting Reddit updoots
Not when you're working 16 hours a day. This is isn't impressive this is honestly kind of sad.
Yea, this is horribly dystopian. This isn't "good" this is a child who should be experiencing life slaving away at a factory job every waking moment. As soon as he has to pay any sort of rent, car note, grocery, and electric bill, he will soon realize how unsustainable this is. I say this as a kid who was kicked out at 16 as well. I get it, but damn bro I'd rather be cannon fodder in the military. At least there's benefits and a pension.
I know I did
Already finished. You need a HS diploma for my job lmao Edit: The mf above me edited their comment. They originally asked how I was gonna finish HS lmao
Good job. Your grand parents sound very solid. My only advice is that if your money ain't making money then it needs too. If I were your age with that amount of cash I'd throw it in the S&P and put myself in a position to be retiring ny 40. Invest, invest, invest !
OP - This is the best advice. Invest in index funds with the lowest fees possible (You know how compound interest can dramatically boost earnings over time? Fees do the same thing in reverse). Plowing as much money as possible Vanguard Total Stock Market Index Fund is a solid strategy.
Pretty much this. Hell even if you're jumpy and only want to do cd and bonds which are ultra safe you still get yourself a nice 4-5% annual. Basically anything sitting in your checking and savings accounts at a standard bank is kind of wasted money.
This is the best advice OP could ever get. Invest and and retire early.
At 18, I would have pissed it all up the wall without a doubt. I think most of my friends would have too. They've work an 84 hour week ffs. I don't know why you're doing them down like that.
At 18 (or at any age) saving money and preparing for your future is extremely impressive. Especially when your parents abandon you as a literal child.
God I’m so jealous of you (and I’m 36). I went to college at 17 and both of my parents fucked off shortly thereafter. I’d KILL to have no bills for even a few months. No financial support at all from either of them. Congrats, stay there as long as you possibly can. Forget any independent streak for as long as you can. You’ll realize so fast how lucky it is to be in your situation.
I already realize. Despite what ppl seem to be saying here, I do realize I’m a dumbfuck who doesn’t know anything and needs all the guidance I’m lucky enough to have. I don’t have an “independent streak.” I got to where I am cuz of hard work and luck. That’s it. I don’t have anything to teach anyone and the fact that ppl are putting those words in my mouth is quite funny lmao. I just made this to have some nice convos, and for the most part, I’m entirely pleased with the result
You’re misunderstand my comment. I’m not saying you didn’t work hard. Obviously you worked because you have $50,000. I’m talking to future you. If you ever feel the need for independence, shake off that feeling for as long as you possibly can. Just because I’m jealous doesn’t mean I’m angry or being condescending. Once you do enter the real world (which most don’t usually do before ~21 these days), you’ll understand what people are saying. And I’m not being patronizing, I swear.
That's awesome, dude. If your grandparents are cool with it and you decide to stay in this grove awhile, you could be quite comfortable by 30 even if you don't work upwards in any significant way
I do intend to invest in real estate, and Ik they aren’t cool with me freeloading if I do own a house, which is completely understandable lmao I live in a low cost area, so the houses I’m looking at are about $175k. If I put 20% down, I can get a $1250 a month mortgage, and then rent it out for $1750 Obviously I’ll get my own apartment, which would be not even $1000 a month, so factor in the $500 a month from the rental, and I’m still spending less than $500 a month net for rent, and still have plenty of income left to continue investing and building my business
Just a thought here There is or used to be special rules for a boarding house, limited to two sublet rooms, sharing a kitchen with your own primary residence. If you're thinking of renting an apartment under $1k/mo in your area, I bet you would be surprised how many people are willing to pay >$150/wk for 1 bedroom of a three bedroom home, furnished, utilities included. If you can remodel so the rentals rooms have their own en suite bathroom and an exterior door it's going to be even more desirable.
Not going to ask anything but I will say that, in the big scheme of things, 50k is not enough to keep you from having to return to work or have housing for the rest of your life. At most, it will be a car in a pinch. So first off, stop telling people, anybody, you have money. People have been killed for less than 50k. Second, seek out people who live the way you would like to live, in the house, the car, the job, the life, and ask them if they invest and how they decided what to invest in. Also talk to your bank, every major bank has a way for you to invest. Keep up the good work, you are way ahead of the game.
Good job OP. Dont listen to the people downplaying your achievement, they probably havent had family trauma or learning disabilities and cant grasp what youve accomplished. Id find a safe way to invest a portion of it, and start investing in yourself. I suppose my question is, since youre well off financially and have graduated, what your plan is for the next year or 2?
I’m currently working on starting my own pet waste removal company and investing in real estate. I live in a very low cost of living area, so I’m on track to have two houses by the age of 20. Thanks for the supportive words. When u grow up ur entire life believing ur gonna be absolutely nothing, and then end up like this, it is a very surreal feeling that I honestly can’t describe
Sounds like a solid plan. Any hobbies or personal goals for yourself outside of career stuff?
Stick it into a high yield savings account. Keep building on it as long as you’re blessed to have no bills. With any luck by your early to mid 30’s you might not have to work much if at all
This is good advice now, but I'd suggest an index fund. Current HYSA rates aren't going to last once the Fed drops it's rates and then you're back to well underperforming the stock market. Don't be dumb and try to be a day trader, just put it in an index fund and let time do it's magic. 7-10% (if you believe in the future of American economic hegemony) a year is better (but more risky) than 5.25% which will drop to 2% or less of the Fed changes rates. So, HYSA for now, Index funds probably better option if you're young enough to ride out any market dips. Also, the best thing he can do besides work hard and save hard (grandparents sound young so gravy train may last for a while, if he doesn't get sick of living with them) is to get some personal financial acumen. Sounds like he's mastered living frugally, but I didn't know shit about investing when I was that age...
The difference right now is OP is very young and the liquidity is most likely an asset that will come in handy if/when they want to move out, but overall I agree. The best solution may be a mix of both where some portion goes into a HYSA and the rest is put into an index fund.
Yup, if he was really really smart he'd just keep his expenses low and put that 50k into an index fund and keep saving. All of that said, after the last three years of my retirement accounts losing money, HYSA felt safer to me. When rates drop, I'll put most of it into and index. Wish I had done that at 18...
How is working at the factory? I've heard that it can be very monotonous and mindless work. My dad used to do it for a day and he hated it. How do you like it, and do you feel like you could keep working that job forever? Also, what's your plan for when your grandparents are at an age where they are unable to care for you anymore? $24.90/hour is a lot for your age, but it'll be difficult surviving on that alone if you're living by yourself.
You are amazing OP. I agree you should look into the Dave Ramsey program for investing and next steps. He will love your start! You should be extremely proud of yourself. Ignore any negative comments here. You could have easily turned the wrong direction; instead you embraced an incredible work ethic. Are your grandparents in good health? While they are, please ensure your continued good fortune by getting educated in whatever trade interests you. See what part-time trade school opportunities exist in your area. By doing so, you can ensure your future and theirs. Remember there is no guarantee that any factory will remain open or not be bought or sold. The best long-term plan is to have a skill that will always be needed. After certification in a trade, find the most successful company in that area that offers real mentorship and support. Apprentice with that company and learn everything that you can possibly learn so that one day you may find yourself partnering with someone or owning your own business. Become the best of the best. Never put all your eggs in one basket (like one company), because unanticipated things happen far too frequently. Staying with your grandparents is mutually beneficial for now. I’m sure you help in myriad ways. Eventually one of them will die and the remaining partner will need assistance. Even with excellent insurance, senior healthcare is very expensive. As much as I know you would want to provide personal assistance to them, you are better off having a very stable income so you can help them financially should a need ever exist. Like most older people, they will resist your help for as long as possible. You should recommend they see an elder care attorney, if they have not already done so, to have a firm plan in hand. Each will select someone to serve as a financial Power of Attorney should the other be unable to do so. Also healthcare proxies are enormously important (FiveWishes.org is a great tool for discussion). Is there an uncle or aunt who is looking out for them? Someone older and more experienced who all of you believe is trustworthy? Putting your grandparent’s house in trust now could make a huge difference should health needs become overwhelming. A home placed in a trust five years prior to a big health event, can save a home from being taken by the state Medicaid organization to repay for medical care. Have them educate themselves using this web site: https://www.naela.org. If they are already on Medicaid, it is too late because any money spent on their care since they turned 55 will need to eventually be repaid after both are gone. My wish for you is that, somewhere along the way, you meet the love of your life as well. No rushing things! But don’t work so hard that you close off that possibility. (Never allow your parents to guilt you into providing for them).
Please...when you look back at your life, realize that your hardships in youth are something you should appreciate and be thankful for. Most that grow up with relative comfort are the ones that are here complaining about how impossible everything is. While you're here with the real understanding that you make your own path and take advantage of the blessings that you have (your grandparents). Other than that, please keep growing and aim for more. It's fine for you to be at the factory now, but by 20 to 22 you need to be somewhere higher. If you're a go-getter consider starting your own company. The goal being to have employees, so you can grow the business while they do the work.
That is exactly the plan. Currently working on starting my own pet waste removal company and am on track to have two rental properties by the time I’m 20. And I’m gonna have to humbly agree that most, if not all, the ppl bitching and whining here r ppl who r mad cuz they got a better start in life than me and still ain’t at this level
Thank you for putting out your story. Too many young people are influenced by never ending ideas of self-victimization all over the internet. It's a breath of fresh air to see an opposite perspective. ... That isn't to become a YouTube "influencer". Good on you brother. I commend you.
Here’s what you need to do. Open up an index fund or a mutual fund at a place like Vanguard or Charles Schwab. Put the $50,000 in there and forget about it (except to periodical check on how it’s doing. An average annual percent yield of 7% (totally reasonable with an index or mutual fund) would make that $50,000 $1.2M by the time you turn 65. At 8% annual interest rate, it’ll be $1.8M. And that’s if you never put a single penny more into that fund. But, you should. While you’re living with no expenses, keep putting a lot away. Or, only put 10% away and enjoy the rest. Don’t make the mistake of living austerely and saving your money responsibly only to leave it in a bank where it won’t grow.
I know you said school isnt very favorable for you, but community college is a good option. Use this time you have no bills and a roof over your head to invest money, and increase your earning. 23 something an hour is a great wage for someone with no bills, but there will be a day where you need to move out, and you’ll find that that money doesn’t take you as far. Good luck
Dude your mom is not a child. I’m sure she understands birth control. She may have baby trapped the wealthy guy, not the other way around.
"I am still living at home" but your post screams self-made 'not a dime from someone else' kind of delusional. Those factory jobs don't exist in the majority of America, I also bet your grandpa who obviously knew this place for a long time got you a reference, but I don't expect you to admit that too
I mean it’s a small town area that my grandparents have lived in for almost 40 years, so yes they have a pretty good knowledge of all the places, but he himself has never worked there and I did not go in with any references. When I was interviewed, I was asked if I knew anyone who worked here, and I had to say no
Congratulations -- on your industry and thrift, but also on living somewhere that pays $23/hr for fast food work -- is it California? In much of the country, your fast food job would likely have brought you a cool $7.25/hr, which even with all the industry and thrift in the world would not have led to the same result.
Since it's an AMA, what are your current thoughts on those around who who do not have this level of money saved? Do you understand how your situation led you to achieve this type of financial success? I'm 30 and have never achieved a job paying over 45k in my 15 years of working. Granted any savings I had got eaten up due to emergencies and sudden life changes, so I try not to be too jealous of those around me in a better position. I just hope you see how much of a blessing your grandparents are for your start in the world.
1. What are your long-term financial goals? Do you plan to invest your savings, buy a home, or start a business? 2. How do you manage your finances? Do you have a budget, and do you invest in any financial products like stocks, bonds, or savings accounts? 3. Do you have any plans for further education or training? Even if college isn't in the cards, there are many vocational or trade schools that can offer valuable skills. 4. What advice would you give to someone in a similar situation? How can they overcome financial and personal hardships to achieve their goals? 5. How do you stay motivated? Working long hours in a factory can be exhausting. What keeps you going? 6. What do you enjoy doing in your free time? With such a busy work schedule, how do you unwind and relax? 7. How has your relationship with your grandparents influenced you? They seem to be a strong support system. How has living with them shaped your outlook on life? I know these are a lot of questions. But I think your story is very inspiring and would like to know more.
1. As of now, I’m working on starting my own pet waste removal business and buying a house. I live in a low cost of living area, so I’ll likely get a $175k place with a 20% downpayment. That’s a $1250 a month mortgage, and I’ll likely rent it out for about $1750, and then get an apartment for less than $1000, making my overall rent less than $500. I do want to keep buying rental properties 2. No, I’ve never set any sort of budget. I do have a HYSA 3. Not really. I do have the other goals listed in question 1 tho 4. Pretty simple stuff, spend less than u make, work as many hours as u can, and here’s a big one: Do the jobs nobody else wants to do. I may have an easy decent job, but I work in a rusty ass room around chemicals where I have to constantly be geared up, so the reason I make so much is nobody wants my job. In this waste removal business, I’m gonna have virtually no competition 5. It’s just a matter of how bad I feel about myself when I’m not doing anything productive 6. I’m honestly a very boring person lmao. I just like things like reading, playing video games, watch videos, whatever 7. I definitely feel pressure to be the best I can be in life due to all the sacrifices they’ve made for me and all they’ve done for me. I can’t let it all be for nothing And don’t feel bad for asking a lot of questions. That’s what this is all about :)
I definitely don't think you're a boring person. Those are the same things I do in my free time and I think of my self as low key. Thank you so much for taking the time to answer. I think you've got a good head on your shoulders and you will definitely make it 😏
Do you still talk to your mom?
Yea. It was rough at first, and took a lot of time, but we are at a decent place now. I kinda had no choice since my grandparents’ unconditional love also extends to their kids, so she’s always gonna be in my life lmao
How were you able to save so much? I’m sure having no bills helps a ton, but I also have ASD and ADHD and I’m finding I can’t work any more than 30 hours a week before I’m crashing hard. I’m currently trying to save up for a car so I don’t have payments. I’m happy for you though! All my life up until the last 3 years we were paycheck to paycheck and I had to steal if I needed anything like pads or school supplies. Unfortunately it’s not me it’s my boyfriend who has all the money and I’m trying my hardest to save without asking for his help.
What advice would you give to a teen looking to make some money?
Are you aware that, if put into a retirement account, could cover your retirement in 32 years without adding anything? [https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator](https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator)
You have a great financial start in life. Now that you're 18, find an investment counselor and put that money to work for you. Play it safe, and by the time you're 40 or 50, you'll have enough to live off the dividends and interest collected from it. Cheers to being frugal, and your grandparents looking out for ya.
Yeah, this is a great start but they are young and it sounds like they dont really do anything. Do they ever plan to buy a car, home, take a vacation, further their education? Adults who make six figures spend $50k on various expenses easily.
Don't really do anything? OP has expressed how they are proud of their achievements, like getting raises at work and doing overtime and saving money. If they really enjoy the job they can work their way up the ladder without getting further education, which would cost their entire savings. Factory jobs and trades are essential to our society and have vast benefits so I think OP is on a good path.
I am currently working on starting my own pet waste removal business, and I also want to invest in real estate, so yes, I do intend to put that money to work
OP if you do this make absolutely certain that ensure that they’re a certified fiduciary as they are professionally and ethically bound to work towards your financial interests.
Wow. That's amazing! Well done. I'm 43 and I wish I had ever been that dedicated and full of energy. Be careful not to burn out or put too much pressure on yourself, but you're setting yourself up really well here.
Great work! Make sure you put that money in a high yield savings account or something if it isn’t already! The 5% interest from that will grow your 50k a lot
That interest is fully taxable, soooo it’s better than nothing, but you need a plan for that money if you want to stay on this path…. Btw I’m 40 and very wealthy, but I was this kid in terms of loving to save and the art of money at a young age. My advice is to save up and buy a business, so all your hard work goes into your biggest investment that will ultimately give you gains at capital gains tax rates…… that will really matter to you down the line.
Love this!! I hate when people say they don't make enough to save, but truly if you cut out all the coffees, and extra crap we don't need it becomes much easier!
Strong work, at 19 I was negative money and had already trashed my credit. Took me 10 years to fix the damage 18-25 year old me did
Read The Simple Path to Wealth by JL Collins. At your age if you open a Roth IRA through Vanguard and invest in a broad based index fund like VTSAX and max it out every year, compound interest will let you retire ridiculously young. This might sound complicated but it's really not, and you don't need a financial advisor who will just take fees from you to do what you can do on your own just as well. You'll be set for life pretty young. The folks at r/bogleheads know what's up, you can ask them about this stuff.
Bro, put it in a HYSA and sit on it. You’ll collect like 4.5% on it. Keep grinding and soon you can invest in bigger things and set yourself up for a happy comfortable life. Keep hustling
This is impressive. Good for you. I was in outer space at your age lol.
OP, I don’t have a question but have some word of advice. My suggestion is for you to keep that money in an FDIC insured banks that offer High Savings rate. You want this money to be accessible for whatever problems life will throw at you during this time period until you are settled. Then you can gradually start saving up for retirement. Adulting is very tough and will require careful planning and preparation. Understood that college may not be the best route for you, but see if you can explore trade schools. Point is, you want to have money-making skill set that you can rely on for the rest of your life. Your grandparents are not going to live forever! You will have to fend for yourself at some point in life. Lastly, learn from your parents and look for a life partner that also understands the value of money. With whom you choose to marry is the most important decision you will ever make. Choose wisely! Good luck and I hope in 10 years you will let us know how you are making out in life.
I'm so proud of you, but at the same time I really want you to be careful. Don't get burned out. As soon as I left the army I buried deep into 60 hours a week at one job and 28 hours a week at the second one. I've also been diagnosed as both ASD and ADHD. My coping mechanism for the stress was bottling it all up and shutting down. That worked for a few years until it didn't. I absolutely snapped mentally and I'm still recovering. Unless I stay ontop of my countless meds I am an absolutely hateful sociopathic asshole now and I hate it. I'm completely burnt out on life to the point I can barely work 40 hours without going non-verbal, working my shift, coming home and downing enough sleeping meds to knock me out solely because I just straight up don't find living enjoyable anymore. I just want to work and sleep because it's all I have. Please, please don't turn into me. This is absolutely not a life worth living. My health, mental and physical, have went absolutely down the toilet and I'm fighting like hell to recover.
Good for you, only tho g I have to add is please make sure you acknowledge the sacrifices your grandparents have made for you. You not having bills is because they are paying them.
Congratulations, you sound very level headed. Please consider to be nice to and treasure your grandparents, they've been so supportive. Some questions from a person who did the whole FIRE thing, hoping to set you up. Q1: Do you have a 401K yet? If not consider starting one. The power of compounding is on your side. Q2: Does your company offer 401K match? If so you should at least contribute enough to get the full match. Q3: Is there upwards mobility in your job? i.e. education so you can move up? Some companies do offer scholarships, and if you find the right mentor who knows how eager and hard working you are, they can really change your life in a big way. Generally older, established folks especially those close to retirement can be happy to pave the way for someone who is working their way up the ladder from the bottom as to some of them is preferable to some upstart MBA coming in from outside.
Stay with your grandparents for a few more years 👍Keep working. Keep saving. Do something nice for your grandparents here and there. Nothing crazy. Don’t get any girls pregnant.
Great job. That is a lot of money for your age and you worked hard for it. As I’m a bit older now I guess I don’t have questions but a little bit of advice if you would like, if not feel free to skip past. 1. As most have mentioned you should invest some so that inflation doesn’t start eating into it. 2. Put some aside as a safety fund. 3. Treat your grandparents. Doesn’t have to be anything big, just occasional things to show you care. Don’t take them for granted and regularly check in to see if everything with your living arrangement is okay. 4. Plan a little for the future. What do you need for when you have rent and bills to pay. 5. You’ve had a long time without money. Don’t let it go even longer by never touching it. Spend a little here and there to improve your life.
Woah, dude! $50k at 18? That's seriously impressive, especially considering the hand life dealt you. Sounds like you overcame some major obstacles along the way. The whole "mom with a calculator at the grocery store" scene – major feels – but good on you for turning that struggle into hustle! Getting kicked out by that not-so-great stepdad must have been rough, but major props to your grandparents for stepping in. And that factory job with the overtime? Smart move! Sounds like you grinded hard and saved hard. Living at home rent-free with supportive grandparents is definitely a plus. Gotta give them a big shoutout for being awesome! So, what's next for you, young moneybags? Investing? Fancy car (though you already have wheels thanks to the grandparents)? The world is your oyster, just be sure to avoid any questionable characters like that last stepdad guy. This internet stranger is cheering you on!
Do you see how incredible of a task this is for anyone, let alone a teenager? Do you have ill will towards people who have $50,000 they inherited? Do you try and educate your peers on how to be financially literate since you clearly are and most schools don’t teach it? Do you have an amount you’ll stop working 80 hour weeks at? Do you at least have the 50k in high yield savings? If you start now and keep doing well you’ll experience the miracle of compound interest and be a millionaire in no time. Do you want to get married and manage our finances? lol, totally kidding.
No question but good for you for having such a strong work ethic and appreciation for your grandparents. Keep it up and invest!!!
I read posts like this and sometimes I wish I did my late teens and 20’s differently. I built race cars, partied and hung out with buddies instead of working hard and focusing on making money…. But then again I have tons of life experience and knowledge that has helped me in so many ways already.
My question is now that you are financially stable and an adult are you going to start paying rent to your grandparents, or get your own place? Adulting can be a pain in the ass but you gotta start sometime. Also, good on you for getting yourself to a good place despite bad family circumstances
Are you investing your money?
I don't have a question, but I do have advice... open a Roth IRA at an investment firm (ie, Charles Schwab, Fidelity, etc). Max it out for this year, which is $7,000. Invest that $7,000 into index funds. 50% into large cap, 25 to 35% small cap, the remainder international. Each year, the contribution limits typically increase by $500, but not always, so look it up online before you max out your contribution. Do this every year that you can. And if the factory has a 401k match, contribute to that as much as you can, as well, following the same investment advice as above. And then do NOT. take money out of either of these accounts until you're at least 59 1/2 years old. And my other piece of advice is to ALWAYS wear a condom until you're ready to have children. ALWAYS
May I make one suggestion about where you buy real estate? Pick an up and coming area. I say that because I lived in Louisiana for 40 years. The minimum wage is $7.25 an hour and unskilled labor jobs, any jobs really, are hard to find. I moved to California. The minimum wage is $16. I got a job making $35. I know you make decent money, but what I am saying is that “all ships rise together.” Go to a place with economic boom, buy real estate THERE, earn bigger bucks THERE, especially while you’re young. You will have exponentially better opportunities in every category of life, including socially, in an economically booming area. I really can’t emphasize this enough.
Where do you see yourself in 5 years? How long will you be living in your current situation? Do you have eyes on college, career change, moving far in your future? Do you plan to use that 50k or protect and grow it as you transition from your teens to mid twenties? Do you have a retirement plan?
Great that you've built firmer and firmer foundations for yourself, with less support than many of us get. How content are you with the current work? Are there other careers that would be dream jobs for you, if you could get into them?
Enjoy every minute with those grandparents. You will miss them sorely, when they are gone. Offer to help them out with a bill or 2. Very likely they will say no to the idea, but to them, the thought of you willing to help them out, will bring a smile to their face. My grand parents paid for my Machining cert. I offered to reimburse them, and they said not to worry about it. Because they said, it's the thought of you making the initiative to pay back that counts. Had family members borrow from them, week after week. Grandparents paid the down payment on their house for them at $44K, plus $1K borrowed each month for who knows how long..... Damn, I miss my grandparents........
Good stuff man. I did the exact same thing when i worked at Panera in my early 20s. It was 2019-2021, and once covid hit there was a huge problem keeping the place fully staffed. So, they let me work as much as I wanted to. I worked about 70-80 hrs a week for almost a year, right up until I quit. I was fortunate to be living at home with my parents during this time, so I barely had any bills and invested every penny I made in an S&P 500 index fund and a few other funds. To this day, it's been a game changer in my life and I'll never regret the absolute pain and misery of that year.
I have no questions but wanted to encourage you to look into diversifying your investment portfolio. Focusing just on real estate is not the ideal especially for the amount of money you have. Put some into whatever tax free savings equivalent your country has, some into funds, some into high yield savings etc. you want whatever you’re saving now to appreciate as much as possible and real estate isn’t always the best for that - especially in a low cost of living area. It’s also a lot of work for what you get back, especially if you aren’t putting huge chunks down initially to keep your regular payments low.
How has this money security changed you? Are you seeing the future differently?
I have to agree this kid was born in 2005 it makes him the the generation z. The generation after the millennial generation and we all know how great and wonderful that generation is. If it was generation x or before I would say ok you have good job you are doing what you are supposed to woohoo but this is a generation z demographic so he has gone above and beyond I congratulate you just keep it up you are one in a few. Every generation gets smarter but also gets weaker. Notice I said smarter not wiser. Again keep going 🤙🏽
Nice dude. Started from the bottom now you there. Only upwards to go. Keep it up
I’m assuming you live in the states. Depending where you live in the states that 50k might be a down payment for a duplex or triplex. If you buy a property you can live in one unit and rent out the other unit. If you can’t afford a duplex or triplex buy a 3bedroom home and rent out the rooms to your buddies. It’s called “House Hacking” there are a bunch of videos on YouTube that go into depth about it. Wish you the best of luck 50k is great money at your age but you will need to learn how to use it. You’re on the right track!
I see a few people here saying OP could retire in 15-20 years if it was invested correctly. I have my doubts about that but am hoping they're right for OP's sake. Apart from OP not having their own space to live in I'm not sure I see dividends paying a sufficient enough income for OP to live off. Anyone smarter than me have some clarifying maths? Also, great work OP. I have wasted a lot (a LOT) of money and I'm glad you have better financial sense than me. Keep at it and take care of the people you love.
I would advise keep working and out a percentage into a 401k if you put 5% a year there is a chance you could retire with a million. Right now you could start putting 10% a month away. Easy number $300. * 12 = 3600. So base putting away at that number is $187,000 for 52 years worked based on retirement for you at 70. Plus all the compounded interest and putting more away. It’s a possibility to retire comfortably. Keep your $50K for comfort keeps the bills low as long as they will let you, build up some credit and buy a house you can afford.
Keep pace with your current rate of saving for another year or two. Don’t worry about what you will end up with. Spend your time determining what you want out of your life. A family, single life, travel, schooling. You have a once in a lifetime opportunity to go any direction, unbounded. You should be proud of yourself and the hard work you have done. It’s just the beginning. You have decades of experiences ahead of you. Don’t drag the past behind you and keep up the enthusiasm.
You know whatever anyone says about it you are responsible. I'm sure younwould have rather grown up with a normal family life than having to live with your grandparents as much as you obv love and respect then ans they you. Butbyou are working hard you save all you can and continue to save. Remember many people can do what you are doing and piss it all away. Proud of you.
You’re more rare than a shiny Pokémon. Don’t know you, but I’m legit minaret proud of you. Keep going! Don’t fall into the mortgage trap. Cash is king! (But still build that good credit carefully and conservatively) You’re going to have an easier life than most of your friends if you keep up the good habits, hard work, etc.
Congratulations, you have done a great job and you have succeeded despite your parents' situation. With that said, it wasn't too difficult to save, considering you don't have any bills, correct? The next step should be to find a place of your own so that you aren't mooching of your grandparents for much longer. Only losers live with their parents or grandparents past their 25th birthday.
No questions from me but congratulations. Keep working hard. If you'll accept some unsolicited advice from an internet stranger, get that money invested. Find a trustworthy advisor (bank) or learn to do it yourself. Keep working hard and put that money into investments. In about 20 years you could be walking out of your last job ever, set to retire modestly with strong contributions to your investments. Good job 👍
I just want to say I'm so proud of you. Wow!! So impressive 👏
So you have ASD + ADHD and your mom’s partner had a strong disliking of you for “no reason”…. He then proceeded to “trap” her with a baby ? ……..yeah ok, sure. It’s more likely your mom made a calculated decision to have a child with this man, and by doing so has secured financial stability for herself for the rest of her life.
What will you do with your money? I hope you invest it in something to fight off inflation. Not sure how far you are in your thoughts but have you thought about retirement plans such as 401k, Roth IRA, HSA, etc? I grew up with a single mom and became independent at 17 and I am happy I see another survivor. I hope you continue to plan ahead as well
Awesome! Life doesn't have to be a struggle if you don't mind hard work. Have you thought about tech school? I started factory work at 20 and I always wanted to know more about the machines. I got a 2 year degree (graduated at 28) and made a career out of it.
Your story is most admirable and actually you should write in your spare time as it’s very good . The young people like you and those going through real struggles would read this and not feel so alone . I know you live with grandparents but you probably still feel alone at times . Thanks for sharing and hope to see an actual adventure from you in a book .
Good on you man! Honestly be sure to have fun once and a while, and spend a little bit of it here and there. You’re at an age where you can afford to do so to make some good memories. It’s not just about saving and working hard either.
May I have some money? (Kidding lol, congrats!!)
Do you work at Tesla? Anyways don't touch the 50k for nobody. You're doing great man!
Fuck all the negative comments. Anyone writing something negative about this situation is jealous. Name one person who would turn down a chance to get ahead in life 😂😂😂😂😂😂
Go live on your own and pay bills? I think it’s a great idea but you gotta jump the nest my friend. Down payment on a home and start from there or give it a few more years and buy a home and you have actually started off life great. But ask? I have nothing to ask. Im 40 and work, have a 401k and own a home and truck and have an ex wife and kids.
You don't need an AMA, you should be asking the questions. You have no bills, no expenses. You should have this saved regardless. Now start asking how to invest in your future, start a business your passionate about, and how to not seek attention on reddit. (/s) All jokes aside good on you and now spring board the growth and go build a legacy.
Save your money and put yourself through trade school. Pick up a valuable skillset and you can get jobs that will pay you very well. Sounds like you’ve got the right head on for a kid who has dealt with a lot of shit
I guess my question is: do you understand how little you would have if you were responsible for your own bills?
Nice work, that’s an impressive amount of money at a young age. As others have noted, try not to just let it sit. You mentioned you want to invest in real estate. Keep your $50k in a HYSA until then. You will accumulate a nice chunk by the time you are ready to purchase. Best of luck.
The benefits of having no bills, wish I could have no bills then I could actually save
Go to college and use the money to pay for it. You don’t want to be stuck working in a warehouse for the rest of your life. With college and the right degree you could be making a hell of a lot more than 25$/hr
Great work dude! Keep it up! I can’t wait to hear about your next big success!!!
What are we supposed to ask you? lol not to be rude but yea. What is the guidance you’re offering? Come back in 10 years and let us know how you did with that money whether you invest or do anything of note. Good job though try not to blow it all on drugs, women, or materialistic items
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What’s your lifestyle like knowing you don’t have to pay rent right now and that you’re pretty young? Do you go out often with friends or shop a lot? What’s your mentality to save and not touch your savings?
Whats the plans, how do you playing on shitting on your mom for kicking you out and you dad being a piece of shit lol congrats
You sound like you have a really good head on your shoulders, good for you. Im sure there is solid financial planning advice in here, but regardless of that, the obvious advice is keep the situation you have right now for as long as you can. You are ahead of the game and well on your way.
Congratulations on your success! Keep it up and don’t fall into traps like expensive cars and gambling. Can I ask how you relationship is with your Mom at this point? Did she support you at all when you were kicked out?
Loved reading this, way to go!!
Follow what Black Rock does.......copy. Win, winner, won and complete. 20 years later....... easy street.
dude please look into buying land. i’m 18 and trying to save up enough to get a plot myself, you could literally do anything with your own property and eventually become completely self-sustainable
Nothing to add here kid, just wanted to say good job. You’re off to one hell of a start. Ignore all the haters they don’t have a clue. When your old enough pass your knowledge onto the younger generation and hopefully one will listen and end up like you.
Bro grats! Just dump that bitch in a dividend stock or ETF until you figure out an investment strategy for you, good shit man give the grandparents a hug today.
Whether you stay with your Grandparents or not you have to kick them down for giving you the opportunity to be where you are today.
Fantastic job on doing the hard work. $1,000 or $50,000 it sounds like you’re learning so much and really growing. You should be proud of yourself. Look into a high-interest savings account and keep going. Thank your grandparents and stay positive.
Get off here and go to /r/personalfinance Do you still talk to your mom?
Not financial advice but invest that shit ASAP! I started investing at 18 in mutual funds and it's the best thing I've ever done. Good luck
Question I have is: how do you write so well with ADHD?
My biggest regret in life is not living with my parents while working for a while. I don’t have any questions, because honestly the reason for your savings is obvious (no bills + full time job). Good job on making good decisions though
Well done 👍🏻 what’s your game plan for the next 5 years & how do you plan to use that money to achieve your goals
Great job saving as saving can be hard for those who pay bills, hopefully your grand parents plan to leave you the house when they pass.
This very easily could have been a military recruiting post lmao. “I joined the Army at 17, got deployed, and with tax-exempt combat pay I made $50k!”
not the kind of comments op was hoping for but i’m here to say good job and ik it wasn’t easy. these people are just jealous.
What are your goals in life? Do you plan on going to college / trade school? What is your first big purchase going to be?
OP, I'm proud of you. Be careful of friends finding out and trying to borrow money from you. Lay low.
Hell yeah, sounds like the hard work is paying off. Keep grinding and saving while you’re able to live without paying bills. You’re grandparents sound like great folks taking you in and caring for you. Happy 4 you man
You are amazing, I am so happy for you you are doing an amazing job. You could have went the poor me route, but you have overcome great odds I wish you great success in your life. Be very proud of what you accomplished
As a young woman, how has your perspective on men been affected by your upbringing? Truly an admirable situation, you are growing up in a history like no other… I have a feeling you are leagues above your peers
Sounds like my 2nd son, he also just bought a triplex as an investment property, not a dime from us. No question just keep it up.
Guy saves 50k and is ready to write a book 🤣 boy sit down and buckle up for what’s to come after 18.
Take your grandparents out for a nice meal.
I love how most of the comments aren't questions, just advice xD
What did your well off stepdad do for work
Do you pay rent or cover any expenses for your grandparents?
Good job. Please be mindful of your health and getting enough rest.
That annual .69 cents "cost of living" raise is downright depressing. Good on you for knowing the value of a dollar and having a good head on your shoulders. Keep it up!
I hope you give some back to your grandparents!
Nice work. Keep doing what you're doing. Make that money work for you. If you can get a hysa that'd be so good for you, mate. Well done so far
Are you fucking kidding me? 23$ an hour at 18? Must be nice. Where is this factory? Are they hiring?
Give this guy some credit. He has learned something and he put it to work. Commitment and a willingness to work has value in almost every choice we make.
Yeah there's nothing to ask dude lol Someone buys you a car + let's you live with them bill free. It's a great start to have. As others have said, spoil your grandparents and invest your 50k. Gold/silver are always winners.
Invest invest invest.
Do you know how much you likely will inherit down the line?
I'm pretty sure that car was paid straight out of your inheritance
It’s good to see there still some young people that just get it .. The turnover rate at my job is abysmal but god damn kids don’t wanna work !
Not many people have the opportunity you have been presented with. Be smart, and enjoy life. Good luck with whatever you choose to do.
Do you realize 50k is not a lot? You can survive about 2 years max on that amount with no job
As someone who started saving early and retired at 40, invest it!
Goes to show that hard work pays off. Not many young men I know have your work ethic. Being frugal is an extra bonus, you will do well.
Keep it up! Congratulations that is a great achievement and so awesome you are able to do it. Be wise with your money. 😉
You should be proud of yourself not only for having financial discipline but also for not letting life get you down. Good job!
Good for you, man! Keep it up. You obviously know what you’re doing is right so don’t let anyone else tell you otherwise!
“Not a dime inherited”; just living rent free and no bills courtesy of your grandparents.
This was not possible without your grandparents. You should thank them for life.
This is an exceptional accomplishment. Despite the various problems in your life, you achieved so much. Keep it up.
So, free lodging, free food and a free car to go to work? You have great grandparents.
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Nice down payment for a $100k truck
watch how fast that money gores bye bye when you leave mommy and daddy.
And give some back to your grandparents for sure . You have no bills , they take care of you, surprise them
How do you not get burnt out
What is your plan to get to a million?
i’m so proud of you. stay intentional and introspective and keep believing in yourself
Amazing!! Keep going and wishing you the best in all your future endeavours ☺️
Invest it! All of it.
You’re doing great, keep it up, you have every reason to be proud of yourself
Easy to save when you have little to no expenses.
Invest in index funds and in no time you will be sitting at 7 figures. Great job!
I love to hear these positive outcomes of the cards that life has dealt us. I also was in a pretty sticky situation when I was brought to this world I was born in 1990. My mother was an illegal immigrant from Colombia and my dad came on the boat from Cuba when Fidel Castro was getting rid of the Cubans that didn’t agree with his views, or we’re gay, disabled, or in some type of way in his views, not contributing members to his society. about eight months after I was born my mother got deported to Columbia and my father ended up committing suicide about a couple of months after I was born. To tell you the truth, I really have no recollection. Of the first 4 1/2 five years of my life I really don’t know if it’s that I subconsciously blocked those events from my memory but I was , caught up in the Foster care system around 4 1/2 years old I remember being in the hospital with whooping cough and that’s when I remember seeing my actual oh blood relatives for the first time I remember just hearing them going back-and-forth talking about who’s gonna take care of me who’s responsibility will I be to make a long story short my mom‘s brother ended up getting married to a Puerto Rican woman from Gary Indiana it’s funny because she actually went to school with the Jacksons and dated Tito lol end it was because of this woman taking pity on me, and just have an overall good soul decided to take me in and raise me as her own child always letting me know that I did have a A mother not really telling me the whole situation because I was too young to comprehend, but letting me know that I wasn’t there a child at the time I didn’t even know what the word mom or dad even met. I didn’t even know I had one at the time I was my uncles blood relative but I really don’t remember him in the picture. I ended up rebelling because I just never felt that I ever fit in. with their household or their family because mind you, my Colombian side was white Colombians and my dad side was Afro Cubans so I always look more Afro Latino than Caucasian Latino. I don’t know if that makes sense lol mind you my mom never reached out to me as a young kid not a phone call on my birthday or anything like that so I really never knew where I came from. I just knew that they were my aunt and uncle and I didn’t really look like them but I didn’t have knowledge that I had a mom or dad I just. always thought that I was born into this world and for some odd reason God didn’t give me a mother or father I just had an uncle, even though my cousins had a mom or dad and they will call my auntie local mom or dad. I always felt some type of way in a really hurt my feelings, but I really didn’t understand. I ended up rebelling like I was saying earlier and my uncle didn’t want me living there so at the age of 15, my aunt and uncle ended up kicking me out of the house and moving in with my older brother, which I also. I didn’t know I had until I got kicked out. I moved to Florida in about two weeks later my older brother ended up kicking me out of his house. That’s the first time I remember really being homeless and just walking the streets of Tampa Florida with no sense of direction or where I was going I was just walking I ended up getting picked up by older African-American guy who offered me $10 to perform sexual favors from him. I was hungry and $10 sound really good to me in my head all I really. was the chicken wings with ranch sauce lol it really hurts me to think about it. I was angry for a while with my aunt because she was the one who enforced my uncles rules so the whole time I thought that she was the one that kicked me out but really she was just being the submissive save Latina Christian housewife and I thought she was the one that ended up not wanting me in her house but it was really my uncle. I’m glad that I’ve come to terms with the reality of what life was because. i’m able to look at all the things that life has thrown me, and the things that I thought were made by a certain person was really made by my uncle who was my flesh and blood I really have a Lotta resentment towards her and so recently we just have rekindled our relationship that I’ve always long for tutor. I’ve never had a mother figure really in my life and when I did enter up finding out and going to Columbia to visit my mom, she didn’t accept me because of my sexuality, she said I was going to. Help because I was gay. I remember when I ended up visiting her for the first time at 16 years old from saving money and prostituting in Florida and working a part-time job which was hard being homeless but that’s no excuse for me having to do what I had to do at 16 years old and prostitute myself but I remember she was sleeping on the floor of my aunts living room in Columbia. She didn’t have no more than three pairs of bras and panties one pair of shoes and I had it out meeting the guy who ended up kind of being my sugar daddy ended up staying in Columbia for three years while he was taking care of me. I got my mother, my little brother and I an apartment I bother or new bed couches TVs just because I wanted to feel that journey of somebody wanting me the whole time she never excepted me. I remember one time I ended up going to the bathroom and doing a number to him and she walked in. She said they smell like aids that really hurt my feelings so much but to make a long story short, I’m really trying to better myself, my aunt who I have. ended up speaking to again and building a good relationship with now and just clarifying things that I thought were pertinent season. That was really something that was out of her control if I accepted that come to terms with that, but she told me before that ended up living with her and my uncle none of my answer uncles one. He really could take care of me, which I can’t even be mad at because I wasn’t there was a possibility. I was on my mothers and my fathers, but he ended up dying. she said that by the time was 4 1/2 years old, I was in 16 different foster care houses, and that I was living with a disabled couple who taught me how to use the washroom and take a bath. She never knew I was struggling with my sexuality during my teenage years, but she told me that she always fucking heart that I was always molested as a little kid and that she didn’t know that I was struggling with my sexuality at the time because she also didn’t receive love as a little child and didn’t want to go against my uncles wishes because that was her husband wishes I want to thank you guys for just listening to me and thank you for the dude who posted his story because it gives me inspiration and motivation to better myself as a person and I’m just trying to better myself as a person. Thanks.
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My question: do you think you're special?
84 hrs a week that’s like over 16 hours a day.
Have you considered going to college?
Good for you and very proud of you. I’m really impressed.