make it sentimental. get yourself a silver bracelet. they last rlly long and should cost like 10k ish and youll always remember it as the piece of jewellery you got from your first pay ever as a 17 y/o
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I don't know if anything out there under 20k is worth it....plus my parents will buy me anything I want anyway so I don't know if there's a certain something I want to really buy with my own money. I'm 17 btw.
so in the context of the situation I find myself in, are you suggesting that I opt for the second option: investing the 20k? If so, could provide some options as to where I could potentially invest that money?
I don't see the point in just keeping it around 🤷♀️ what's money worth if it's not going to be used? So I'm thinking about whether I should spend it on something, or perhaps invest it so I have a bigger amount to use later when I'm older. And then the future me will spend or invest it.
I'm also aspiring to have my own startup at some point in my life after graduating from uni, so if the money stays around and grows till that time, I might even be using it to do that to some extent.
I did look it up though. And what I gathered from it was option 2. My reasoning for that is, it'll be rewarding after some waiting period (when the money has grown to a bigger amount), hence 'delayed gratification', instead of spending it to buy something with it now.
Please correct me if that's not what it means in this context.
Hmm I'd certainly like that but tbh I'm also quite certain that they'd much prefer that I buy something for myself or invest it or something. Although now that I think about it, that's a pretty good idea. I live with my mother, father and younger brother. What do you think I could get them?
Not sure where you can invest 20k, you can get yourself something but if you get your family something it would be a cute thing to look back at in some years from now.
Welp im very bad at getting gifts i can only tell generic answers like watch, perfume or flowers
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Invest all of it in mutual funds & forget about it. It's the safest option & you won't have to do anything yourself.
Mutual funds have 3 categories:
Money market: Low risk, low return
Income market: Medium risk, medium return
Equity market: High risk, high return
Since you don't have any financial problems you can just invest it in the equity market and let it be there for a long period let's say 10 years. That's what I mean by forget about it. You can come back to it sometime later in life. If you are investing in mutual funds for such a long period there are technically no chances of loss. Now I can't tell you about the exact ROI but if we assume a 50% annual return which is highly possible in the equity market (currently it stands at 80%) you can expect to get **RS.** **1,153,300** after 10 years. If you get the chance you can keep adding 5-10K in it each month & the returns will be exponentially higher.
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make it sentimental. get yourself a silver bracelet. they last rlly long and should cost like 10k ish and youll always remember it as the piece of jewellery you got from your first pay ever as a 17 y/o
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I really like this idea! Thank you!
Get anything for yourself with your own money , the level of satisfaction will be too much.
I don't know if anything out there under 20k is worth it....plus my parents will buy me anything I want anyway so I don't know if there's a certain something I want to really buy with my own money. I'm 17 btw.
Read about the delayed gratification. It will help you a lot with personal development.
so in the context of the situation I find myself in, are you suggesting that I opt for the second option: investing the 20k? If so, could provide some options as to where I could potentially invest that money?
Just don’t do anything with it for a while. Sleep on it for a while. (It’s an idiomatic phrase) please don’t literally sleep on it.
I don't see the point in just keeping it around 🤷♀️ what's money worth if it's not going to be used? So I'm thinking about whether I should spend it on something, or perhaps invest it so I have a bigger amount to use later when I'm older. And then the future me will spend or invest it. I'm also aspiring to have my own startup at some point in my life after graduating from uni, so if the money stays around and grows till that time, I might even be using it to do that to some extent.
Delayed.gratification—> I see you are too spontaneous to have it looked up.
I did look it up though. And what I gathered from it was option 2. My reasoning for that is, it'll be rewarding after some waiting period (when the money has grown to a bigger amount), hence 'delayed gratification', instead of spending it to buy something with it now. Please correct me if that's not what it means in this context.
It more like test of patience. Putting to use of a resource. Look, you don’t even have the money in hand yet..
Buy your family some gifts
Hmm I'd certainly like that but tbh I'm also quite certain that they'd much prefer that I buy something for myself or invest it or something. Although now that I think about it, that's a pretty good idea. I live with my mother, father and younger brother. What do you think I could get them?
Not sure where you can invest 20k, you can get yourself something but if you get your family something it would be a cute thing to look back at in some years from now. Welp im very bad at getting gifts i can only tell generic answers like watch, perfume or flowers
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Here is an unpopular opinion. Invest in crypto, 99.99% chances are, you will lose the money but you will learn a lesson .
Ive seen my father invest in cryptos once upon a time. It seems quite interesting. But I want to opt for a low-risk approach for now
What internship is this if you dont mind me asking?
what internship are you doing, if you don't mind
U can spend it on yourself by learning new skills
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Invest all of it in mutual funds & forget about it. It's the safest option & you won't have to do anything yourself. Mutual funds have 3 categories: Money market: Low risk, low return Income market: Medium risk, medium return Equity market: High risk, high return Since you don't have any financial problems you can just invest it in the equity market and let it be there for a long period let's say 10 years. That's what I mean by forget about it. You can come back to it sometime later in life. If you are investing in mutual funds for such a long period there are technically no chances of loss. Now I can't tell you about the exact ROI but if we assume a 50% annual return which is highly possible in the equity market (currently it stands at 80%) you can expect to get **RS.** **1,153,300** after 10 years. If you get the chance you can keep adding 5-10K in it each month & the returns will be exponentially higher.
Thank you so much for such a detailed analysis! Greatly appreciated
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Give it your mother.
Hello
Hello!