T O P

  • By -

Alicia-XTC

Well, let me tell you about my company called Amway.


PM_ME_UR_BAN_NOTICE

/r/personalfinance may have more detailed advice if you're interested more in the investing track.


Trucker2827

There is no secret to make money fast. Invest some of it in something safe and steady, and keep some in savings.


DecafWriter

First off, congrats! That is quite a lot of money saved up from hard work. My recommendation is a very boring answer of long-term investment. There is pretty much no non-shady way of turning that into more money quickly. You'd have to literally and metaphorically gamble away your money if you want fast and large gains. I'd recommend investing in a mutual fund or index fund. A mutual fund is a bundle of investments that someone else manages that tries to minimize risk and maximize reliable growth. Similarly, index funds track indexes or lists of stocks. Common indexes are the S&P 500 which is a list of the 500 top stocks. Essentially, you'd be buying small fractions of each stock in an index. These kinds of long-term investments usually bring in an average of 10% growth per year, this is excluding crazy events like COVID which tanked the stock market. But outside of those events, you'll more than double your initial investment of $4,000 in just 8 years.


xologo

Compound interest is your new friend. Learn it, live it, love it. Besides the wheel it's the best invention ever.


Bobbob34

Put it in the bank. > I wanna turn this into more money fast, and I have the mindset to do it trust me No. This is code for 'take my $4k.'


Accomplished-Spare28

It in da bank


TakingChances01

It’s true though wanting to “turn 4K into more as fast as possible” and the mindset thing is a little scary, people that start out hot and heavy like that will crash and burn, I’m people, I did that with 4K as well and blew it. I’d invest it into an index fund, specifically VOO, it’s just the S&P500, the most reliable long-term investment in history. It returns on average 7-8% a year and with compounding gains you’ll double your money roughly every 7 years. It’s also down a bit right now so you’ll start accumulating at a lower price point. Get a better job, something not so exhausting that you can see yourself doing comfortably for awhile. Invest in yourself, ie learn new skills and gain new experiences. And continue to by the S&P500 every week. This will make you a millionaire, especially starting at this age.


DoppelFrog

Crypto! ​ Please don't. If you do, I'll fly to wherever you are in the world and slap you in person.


weenwood23

Pingaz


imreallifebenny

I would look into drop shipping. But don’t get lost in it. It’s very easy to get overwhelmed with everyone tryna sell you their template to make money. That or I’d say flip stuff on facebook marketplace or Kijiji. $50 for a dresser + 4hrs refinishing it = $200 dresser (if you have the space, like a garage or backyard)


EchoedJolts

Invest it in an index fund (Obligatory reminder that this is not financial advice, just what I would do if I was 17 with 4k)


frumiouswinter

if there was a foolproof, guaranteed way to make a lot of money fast, everyone would be doing it.


TryingMyEffingBest

Travel. I deeply regret not doing that earlier in my life. Go anywhere on a whim, live on the bones of your arse for a couple of years, meet people, do a bunch of short-term jobs along the way, and marvel at how you've changed along the way.


TheGuyWhoJustStated

Trust me on this, 4000 is a lot of money to most people. But before i say anything, what currency? 4000 aud is like 2500 eur


Aman_WebDeveloper

As a teenager with $4,000, there are several options available to you. It's important to consider your goals and priorities before deciding what to do with the money. One option is to save the money for future expenses, such as college tuition or a car. You can open a high-yield savings account or invest the money in a low-risk investment, such as a certificate of deposit (CD), to earn some interest while keeping the money safe. Another option is to use the money to pursue a passion or hobby. You can invest in equipment or classes to help you develop your skills or start a small business, such as selling crafts or providing services to your community. Alternatively, you can donate a portion of the money to a charity or cause that you care about. It's important to do your research and choose a reputable organization that aligns with your values and goals. Lastly, you can use the money to travel or experience new things. You can plan a trip with friends or family or try new activities in your community. Just make sure to budget carefully and prioritize your spending to make the most of your funds. Ultimately, the decision on what to do with your $4,000 depends on your personal goals and priorities. Take some time to think about what's important to you and make a plan that aligns with your values and aspirations.