https://padlet.com/ayanames25/p4ursj8twffjysye Money Coming My way en-us 2023-07-15 18:00:46 UTC 2023-07-15 18:50:42 UTC hello@padlet.com ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645592511 I would put $500 of the $10,000 given to me into a checking account to buy myself a new xbox. Because the Xbox series X costs $500 dollars, I could put this money aside immediately to purchase my Xbox. ]]> 2023-07-15 18:10:41 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645592511 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645593194 I would put most of the remaining money into a Roth IRA account because it makes sense to put more money into saving for retirement early, and even though a Roth IRA account is not tax deferred, in the future when I decide to withdraw from this account, I won't be taxed on the money I take out.]]> 2023-07-15 18:16:18 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645593194 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645593445 This would be very low risk because I'm simply putting money into my checking account to use, I don't have to worry about any returns on investments, because I'm not investing anything.]]> 2023-07-15 18:18:12 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645593445 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645594281 Opening a Roth IRA would also be low risk to me because as I put more money into the account and it grows, I know I won't be losing any money, and thanks to interest, my money will only grow as it is in the account.]]> 2023-07-15 18:23:08 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645594281 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645594822 I would put $3,000 into a 2 year Certificate of Deposit because I'll be going to college in 2 years, and theres no need for me to touch the money I'm saving before then. It won't be able to pay off all my college expenses, but It would be better than having nothing to work with.]]> 2023-07-15 18:27:10 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645594822 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645595023 This option would also be low risk because I know that my money will only be growing as it is inside the CD savings account. Additionally, my CDs performance isn't tied with how the economy is doing, so there would be no risk associated with that either.]]> 2023-07-15 18:28:59 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645595023 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645595637 I would put the rest of the money into a traditional savings account and let it grow over the 3 years. It most likely wouldn't earn enough interest for me to be able to pay the car in full once I take out the money, but it will probably be enough to at least pay for a good loan.]]> 2023-07-15 18:34:28 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645595637 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596055 There is very little risk associated with a traditional savings account. For a teen like me, this would be the best way to start saving in the first place. Having the money in a regular savings account for a number of years would allow me to have a good amount to take out a car loan once I need it. ]]> 2023-07-15 18:38:21 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596055 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596484 I would choose to start saving for retirement by using a Roth IRA mainly because I don't wan't to be taxed on my withdraws. Once I retire, I want to be able to use all the money I have saved up, and not worry about it being taxed once I take the money our. With a traditional IRA, this isn't the case. Also with regular IRAs, they are only tax deferred to a certain income limit, and once you turn 70 1/2 years old you have to start making withdraws. All in all, a Roth IRA seemed like a better choice for me.]]> 2023-07-15 18:42:39 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596484 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596740 I chose this stage 1 (put and take) investment because it is low risk and all I need to begin is a Checking account.]]> 2023-07-15 18:44:55 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596740 ayanames25 https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596787 I chose this stage 2 investment because it is low risk, and I am guaranteed returns, so I don't have to worry if I'll be making good returns on my investments.]]> 2023-07-15 18:45:15 UTC https://padlet.com/ayanames25/p4ursj8twffjysye/wish/2645596787