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You are not going to like my answer very well, but here we go.
1) If you haven't use part of the money to go to college and finish your college degree. That is just the beginning of your learning. Turn off the TV, the Gameboy, X-Box, etc. Start learning.
2) If you have your degree or if you aren't inclined to go to college, start and contribute a $4000 to your 2007 Roth IRA, if you earned from a job $4,000 in 2007, then put another $4,000 in your 2008 IRA ion January. Continue doing this every year? But since you have it now and it is December you can do the 4,000 - 4,000 plan I spoke of.
3) Initially put all of your contribution in T Rowe Price's Capital Appreciation Fund - you can find it on the Internet, just search of T Rowe Price. I am not a salesman for T. Rowe Price; it is just a good fund. Later you can branch into other investments, but for the first 5 to 10 years stay with T Rowe Price. Then as you do number 9) and have gained knowledge, you can do more.
The rest of this is just for you to continue your good decision that you are now making.
4) Read the book "Millionaire Next Door" and follow it.
5) Learn to speak and write intelligently - without misspellings and "ya know" or "ah" practice, practice, practice. Put yourself in places where you have to communicate. Go ahead and fail, but learn from it.
6) If you are receiving any payments from your parents, cut them off! Make yourself hungry so you have more incentive to work hard plus work smart. Once you are successful, mature and happy with your life, you can take payments from your parents, but then you won’t want them or need them.
7) Build a "spending plan" and follow it. To do this read Dave Ramsey's "Total Money Makeover."
8) Two rules in one: Give to others and Pay yourself first. Find a worthy cause, charity or church that fits your beliefs give to it; plus, put money in a Roth IRA and savings. Do these first before you spend on yourself or pay bills. This is number one on the spending plan.
9) Study and Read about personal finance - don't rush into anything do it steady and regular - Good basic information at Smartmoney.com, Yahoo Finance, MSN Money, Fidelity.com, etc. Check everything out with multiple sources. Read the sources below.
10) Get involved in your church, your community, your school, etc. -- Build your network of friends, become a true friend, helping others and giving more than you receive. Think about what you can do for others, not vice versa. Read Zig Ziglar's books to understand this better.
If you do this and follow what you learn through this experience, you can be wealthy beyond your imagination. Always remember that wealth is the end product of a successful life. A successful life comes from more than just a successful financial life. In fact a truly successful life, will mean that finances are secondary, but they will come.
Go do it!
Source(s)
These are just a few of the books that I have studied:
Blue, Ron, The New Master of Your Money, Moody Publishers, Chicago, 2004
Kiyisajki, Robert and Lechter, Sharon L., Rich Dad Poor Dad, Warner Business Books, New York, 2000
Pryor, Austin, The Sound Mind Investing Handbook, Sound Mind Investing, Louisville Ky, 2004
Quinn, Jane Bryant, Making the Most of Your Money, Revised Ed. Simon & Schuster, New York, 1997.
Schwab, Charles, Charles Schwab’s Guide to Financial Independence, Three River Press, New York, 2000
Stanley, Thomas J and Danko, William D, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, MJF Books, New York City, 1996.
Tyson, Eric, Personal Finance for Dummies, 3rd Ed. IDG Books, Foster City CA, 2000 |
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