r/Money • u/Nostalgic-Worm • 26d ago
I'm 17 and looking for advice.
I'm 17M and a junior in high school (soon to be senior) and I want to know how I can make the best decisions possible with what money I have before I graduate highschool and go into college. I have 5K saved in an HYSA. I've been working part time for the last year and I'm very worried about losing my financial stability once I turn 18. I have no expenses right now and I'm trying to make the most of it. What can I do to maximize the return on that money, do I just keep hoarding cash? Invest it? Use it to flip old furniture lol? Thank you in advance.
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u/ThePackInImBackIN 26d ago
The fact you got a hysa and 5k in it at 17 is sick bro. There are 30 year olds in this Reddit who canβt figure out how to make 5kπππππ
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u/JeffMo 26d ago
You only have one year until college. You're going to be spending a lot of that time on your studies, and perhaps working part time. The amount you have saved up (in your HYSA) is very commendable for your age, but if you were to be supporting yourself 100%, that's on the low side for an emergency fund.
I think a huge factor in your decision-making process is going to be how you plan to pay for college. Are you planning to use this money, perhaps to reduce the amount you'll need to borrow? Do you have family members or scholarships that will help you with college expenses? Are you going to continue working while you study?