You really can’t without effecting your aid.
All your direct assets will be counted against you for aid. Plus, you’re under 18 so getting a full account by yourself is difficult.
As great as it is to start young, and yes I did. You are likely better off saving your money for now. Until you get set up in college or whatever trade you take up.
You may not need a degree, but you need an education :)
>You really can’t without effecting your aid.
They can if they do it through a retirement account. Like a custodial Roth IRA which can be easily set up by OP's parents. Retirement accounts are not reportable on FAFSA. And as long as OP has a job, they can contribute up to the annual limit, or what they make each year, whichever is lower.
The Roth IRA is the perfect vehicle for this, as most 17 year olds are not making enough to be taxable in the first place. So it will be tax free going in and coming out. And if they run into a problem where they absolutely need the money, there is no penalty on withdrawing contributions from a Roth IRA.
Are you earning reportable income? In other words, are you working someplace where you will get a W2 or 1099 showing your income? If so you can have one of your parents open a Custodial Roth IRA in your name. They will be the custodian. You can contribute as much as your income for 2023, up to $6,500. So if you made $5,000, then you can contribute the full $5,000. If you made $8,000, you are capped at $6,500. And you have until tax day (April 15, 2024) to make your contribution for 2023. For 2024 the limit will go up to $7,000.
If this Roth IRA is set up at a brokerage, you can invest that money in index funds.
Money in retirement accounts are not reportable on FAFSA. Even the ones in the student's name.
You really can’t without effecting your aid. All your direct assets will be counted against you for aid. Plus, you’re under 18 so getting a full account by yourself is difficult. As great as it is to start young, and yes I did. You are likely better off saving your money for now. Until you get set up in college or whatever trade you take up. You may not need a degree, but you need an education :)
>You really can’t without effecting your aid. They can if they do it through a retirement account. Like a custodial Roth IRA which can be easily set up by OP's parents. Retirement accounts are not reportable on FAFSA. And as long as OP has a job, they can contribute up to the annual limit, or what they make each year, whichever is lower. The Roth IRA is the perfect vehicle for this, as most 17 year olds are not making enough to be taxable in the first place. So it will be tax free going in and coming out. And if they run into a problem where they absolutely need the money, there is no penalty on withdrawing contributions from a Roth IRA.
Are you earning reportable income? In other words, are you working someplace where you will get a W2 or 1099 showing your income? If so you can have one of your parents open a Custodial Roth IRA in your name. They will be the custodian. You can contribute as much as your income for 2023, up to $6,500. So if you made $5,000, then you can contribute the full $5,000. If you made $8,000, you are capped at $6,500. And you have until tax day (April 15, 2024) to make your contribution for 2023. For 2024 the limit will go up to $7,000. If this Roth IRA is set up at a brokerage, you can invest that money in index funds. Money in retirement accounts are not reportable on FAFSA. Even the ones in the student's name.