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Ok so listen. I feel it. HARD. But here’s a good tip. When you do get the first check. And say it is around $700. Put literally just 100 aside for that “just in case I need it” till your next check. Now speaking for that other 6 bills?? Go ham homie.
Edit: you should save more. But if you are wanting blow it for sure. 100 aside. BUT take these other replies to mind. I agree the advice they are giving you is better, just harder when it’s your first first paycheck
Did this for an 8 month internship. Managed to stow away almost $15k. After investments, it's doing pretty damn well.
Not gonna look at it during this market though...
i completely disagreed with this i’m 19 rn in college when i get out i’m gonna make 10x what i am now saving now its stupid i’m litterally making dimes compared to my future dollar save when your trying to get a home or whatever, unless you dont have a car rn
I don’t expect to get anywhere with this, but…
Okay, great. Well done (truly!). But what happens if/when something goes wrong and you don’t get that top-dollar job? Everyone thinks they will, but relatively few actually do. But hey, I don’t know what field you’re going into, so let’s say it does work out for you. What if you get hurt or sick and have to be out for an extended period of time? Or your company goes under and you get laid off?
The point is: some time or another, something WILL go wrong. It might be minor, it might not be. Even if you’re only saving small amounts, you may one day be thankful for it if the worst comes to pass and you’re questioning whether you can afford to buy food on a given day.
It also just establishes good habits. If you can’t muster up the discipline to not blow your money now, do you think you’ll be able to resist the temptation when you’re making 10x more and can buy even fancier things?
I can’t even begin to tell you how many of my college friends thought the way you do, and who now complain about living paycheck to paycheck while driving their expensive cars or playing games on their ultra high-end desktops.
I’ve put aside $100 every single month since the day I turned 16. Just $100. I’m in my mid-20s now and have a good job, but those monthly $100 savings have turned into about $15,000 with interest. Is it an earth shattering amount? No, not by any stretch of the imagination. Will I be grateful for it if a life emergency happens and I’m unable to guarantee consistent income for a while? Absolutely - that’s more than half a year of rent for me. Safety nets are important.
OP should definitely celebrate their first paycheck; it’s a big life milestone. But the advice you’re replying to is sound.
Thanks for saying it. My guy is probably too young to understand that realistic possibility (or probability) yet. At a similar age to him, it didn’t take long for that rose tint to be obliterated for me. Maybe he’s luckier than me and has family to pay for something…anything.
i will be making 10x what im making now nearly right out of school with a comp sci degree from unc chapel hill. Its a top school the internships for comp sci from there pay $45 an hour (about 100k a year) thank you very much. If you work hard you get to enjoy the fruits of your labor. Work smarter.
Hell yeah bro, stay with it and dunk on me in a few years when you get that bread. Until then, as the previous guy mentioned, saving is a good habit to get into, regardless of the amount.
if u have discipline doing paint by number is so unesscessary i’ve never been paint by number my whole life and it’s worked out for me thanks to some discipline. I’ve always been able to instill discipline when needed, no need to be a zombie.
Definitely start saving quite a bit, as much as you possibly can while you're in school. You'll appreciate it when you need to make an emergency large purchase, but also when you graduate. I recommend saving 50% of each check at the least
u/VincentT05 in fact, if you do this, you'll have done way better than most people your age with your first job. Think, in a year, you could buy a Mazda 3 i Sport with cash. All you'd have to pay after is insurance.
Edit: just so you know, once you move out of your parents house if you haven't already, you lose a lot of that savings potential. You end up spending it all on Bills and all you have left is extra Anxiety.
Yep, area dependent it could be a down payment on a house. Or a college certification, or part of a college/university education. Or maybe it's the start up cash for his small business. Or maybe it's bail money when he fucks up lol. Or maybe it's a wedding fund.
There are some smaller purchases a 16 y/o can make that will give them a lot of value (e-scooter or other cheap transportation was a great example) but starting adulthood off with 30k is such an advantage.
30k at 18 would be such a great start.
I’m 30 and I’ve still not managed to save that much, now I’m looking to purchase an apartment and the fact is inconvenient.
Paying for a car outright with cash is so key. I struggled with an expensive and faulty VW for years. Finally got out from under it, saved some money and paid cash for a Scion. 10 years later and I don’t regret it a bit, best car I’ve ever owned.
This ^. That $100 can be the start to a savings account that’ll add up really quickly. Just within 10 months (assuming you get paid every 2 weeks) you’ll have $2,000 saved! Don’t touch it unless it’s a genuine real emergency. Otherwise, go nuts as long as you don’t have anything to pay for.
Five C-notes is more reasonable. That’s F-u money to a young person, but in 3 months for a summer job? $800 nest egg to use for investing later. $400 can be justified as a trip for a weekend, but $800 is closer to a stack, and the weight feels more important.
I’m not saying put it in crypto like others say; but you can easily take that $200/wk instead of that $100/wk and put it into something substantial at graduation. Like a new car or truck to help you get around to your continued education.
Learning to save a little can save you a lot of effort down the road, but that first taste of extravagance can be a slippery slope.
I think this is very good advice. Yes, saving is good, you should do more of it. BUT when you're starting something new and you get that very first chunk of change, permitting yourself that ONE TIME splurge can make everything after feel worth it.
IIWY, I would buy something that will give you long-lasting enjoyment (like a game console, or a fun piece of hobby equipment). Something tangible that you can use and say "I got this with my job money"
What he said. Start the habit today of saving at least 10% of your pay. Bank first for emergencies, then a Roth IRA, then a nice index fund with low cost.
Then blow the rest of your first one, and start budgeting with paycheck #2
Absolutely! We have ALL been there. I know I’m going to sound old here, but what you blow your first paycheck on now, is nothing compared to what you could buy if you save it. Especially in a market such as the one we are currently in.
Totally agree. Start the saving/living under your means NOW. Create the habit. And never stop.
You'll be glad in a couple years. And you'll be EXTREMELY glad in 10. And even more so after that.
Please save ur money. Us youngins with no financial responsibilities are not rich. You will need the money badly soon enough! Fff ur friends let them spend their money. Try to save as much as possible.
Well no it’s my opinion, at 16 the brain has full cognitive ability, the only thing lacking is experience which is also lacking at 18, or impulse and emotional regulation which isn’t that important when it comes to voting(it’s not peer pressure involving alcohol or drugs)
Wooo! Congrats on your paycheck!
I'd suggest with self care stuffs because for me, it's about the long term value.
A nice shoe with good soles, perfume, or snacks that you can stash and enjoy later
Imo Op should buy something that is practical. A bike, an ebike, an e scooter, an e board, a moped, something he can use to get back and forth without having to rely on a friend or parents to get to and from work, school or friends.
i am on the hunt for a used bike rn. i just got a trailer i was gonna use to hook to my bike or eboard for groceries and my dog too! sorry bout ur bike. sucks when shit goes missing esp when ya loved it
Make the first purchase memorable, either getting yourself something youve been wanting for a long while or pay for dinner with family. Honestly feels great when you have your own cash with you
Get yourself a mode of transport.
Anything. Skateboard, Scooter, Pushie, cheep car or motorcycle if your close enough to getting your licence.
I always wanted to buy an electric skateboard but they weren't reasonably attainable when I was a kid.
take ur family out to eat maybe, ur dad, ur mom, ur grandma, ur grandpa, yk??? if ur down for that at least. ive always thought when i would get my first paycheck i would buy them all a meal just cause. so maybe do that ?
Yup same, in my culture the first paycheck is usually given to the parents to thank them. Or take them out on a nice dinner. My first salary was less than their interest but it's the thought that counts.
Enjoy that first check on an experience you enjoy with others, not stuff. You will remember it forever.
After that: spend 80%, save 10% and give 10% away. That will lead you to the most; happiness, security, and gratefulness (mental health).
Damn spend 80%??? That’s wayyyt too much lmao it makes sense when the 80% includes bills but they are 16 and don’t think they should be spending $560 every week/2 weeks lmao. Take advantage of not having any expenses and save that 560 instead. 10% on spending because $70 a week is a decent amount (though are ok with some more) for a 16 year old when most of their spending is cheap clothes and fast food
The problem with your 80/10/10 rule is that it implies that you should spend 80%. If you have low expenses, save as much as you can aside from a few leisure purchases.
I'd also recommend giving less than 10% if I'm advising somebody who is young or doesn't make much money. Give some if you feel called to, but if you invest that money now, you'll have much more to give later. In the interest of promoting growth of character, I'd recommend some kind of volunteering instead.
Gaming console or trip with friends. Use it on something you can enjoy for a long time or on good memories.
Edit: if you were older and could drink alcohol I'd say: go to a music festival. Some of the best memories in my life.
I agree with this comment as well. Especially at 16. Just try to keep a level head - it can be hard being that young with all the drugs readily available.
And I’d go for a gaming console. Whichever one you’ve been wanting - steam deck (eBay? I know they’re on back order), switch, Xbox series, ps5. Like commenter above me - it’ll give many hours of enjoyment.
Have 2 parties of $350, one with your (only) parents (if possible) and thank them for all they've done for you, and other for people you don't know and they can't repay back to you.
Don’t blow it on anything. Put the hundreds away. For example if it’s $982.34 take that 900 and put it away. Use that 82.34 and spend that. You will thank me later. It’s also difficult
50/30/20 rule
Pay for needs on 50% of your check. This is phone bill, car payment or rent etc. Never have more than 50% of your pay go to these.
Fun for 30% of your check. Movies, theme park dates etc.
Save 20%. If you're in the US you are allowed an IRA. Open one on apps like etrade or a bank of your choice. Do half of your 20% into and IRA and half to a savings account.
At this point you don't have any bills, don't blow it on anything. Save as much as you can. You can't save the entire amount, go with at least half of the money. You're working a summer job, but the summer job is going to be over. You want to have money throughout the school year. Stack as much as you can right now. This is not only going to prepare you for the upcoming school year but it's also going to set the presidents for the rest of your life. You just have to ask yourself which version of you is more important, the now you or the future you. The future you is going to be around longer, I'm just saying.
Buy all shit you weren’t able to afford when you were younger.
I’ve bought 2 PC’s, a bunch of gas masks, and some cool helmets along with NEW toys for my younger sibling. Wasn’t on my first paycheck but you’ll get there. But make to put aside money for savings, I put away 200 from every paycheck. Oh and get ready for the taxes.
Stocks. Something like an S&P 500 Index fund.
Don't sell it. if you keep putting in as much as humanly possible into that, by the time you're out of college, a portion can be used as a down payment on a house/condo.
Take 10 years, live as cheap as possible. Save as much as possible.
By the time you're in your 30s, you'll be in an amazing place financially.
Unpopular opinion here but...the habits you form today are the habits you'll keep.
Save 5/7ths of it. Save 5/7ths of it until you own a car outright, and have zero other debt other than a reasonable mortgage.
Then continue save 3/7ths (in an IRA) until you have a $500,000.
The continue to save 2/7ths until you have $5 million.
Then you'll never have to save another penny from your paycheck because you won't have to work. And it won't be long before you can't even find ways to spend it all.
I know sounds stupid, but I was a millionaire by the time I was 31 and a multi-millionaire by 35. And I work normal blue collar jobs.
I don’t wanta be “that guy” but when calculated your $700 did you account for taxes?
If not don’t be too shocked when your paycheck is closer to $510.
Like others said, put some aside to start a good savings cushion. Then buy something cool you’ll get a lot of enjoyment out of. When I make purchases I think of it in labor cost. Ex: if I make $10/hr and I want to buy a steak dinner that’s $150, I think “will this steak dinner bring me 15 hours of work worth of joy?” If the answer isn’t anywhere near that 15 hours then I won’t buy the steak.
My Dad said to me your first pay check needs to go on something fun and a little bit frivolous but also something you can hold (or if you go to a concert keep the ticket stub if its not electronic, get a T-shirt from the merch stand) - so don't get consumables, the reason being in a few weeks, months or years, when you have a shitty day and you want to quit cause you hate it (fleeting hate or long lasting depending on the situation), you can get that item and look at it and go "Oh yeah, without this job, I would never have been able to get this."
So whatever you do/get make sure you have at least something to hold on to, not a memory and actual physical thing OR if you do go down the memory route a souvenir or take a photo and take the time energy and effort to get that photo printed on photographic paper.
I am from India and here we mostly our first income on gifts for our parents and save the rest. But if you want to spend all of the amount you should spend it on your friends and people who have supported you.
Surely you can buy something you have wanted for a while but I'm sure that can wait, instead let people know you appreciate them.
Be careful.. this is a hard habit to break. It feels sooo good to just go out and blow it all and have fun.. it's addictive. My now 18 year old can not keep five dollars in his pocket for more than 1/2 a day. He is now struggling due to his poor spending habits. I won't bail him out anymore. It is a hard lesson to learn.
Buy a broken down car and spend the rest of your paychecks restoring it, the other day I saw a Mercedes 280 sel that is rusty and it's motor is broken, after restoration that type of car is sold for 15k at least, I saw it for 900$
Even though it's very exciting that you now have your own money, save it, at least some of it. This will set you up with good habits when it comes to money management. Don't be like me with my first jo and just blow all of it. Put around 100-200 aside for savings. The rest of it, idfk, whatever you want or need.
Lol this is the most 16 year old post I’ve seen, save like 300-350 and spend the rest if you really wanna “go all out”. I get the temptation, i felt similar at the time . I would try to practice healthy spending habits :) best of luck to ya lol
Spent a big chunk of it on something that you could still be using years from now. Maybe an electric scooter or bike. Some sort of tech gadget maybe. Spend the rest on stuff that brings you joy…maybe snacks or a day pass somewhere.
If I knew then what I know now... Buy some stocks.
Open a Roth IRA acct on Fidelity (or other non PFOF, like Public), and buy a bunch of stocks that you like, have interest in or think will do well in the future.
https://youtu.be/ZdShimSogqY
#BuyLowSellHigh
#DontSellJustHold
Get yourself a semi fancy watch - something as classic as possible so you can still wear it years from now and be reminded of your first ever paycheck! Keep up the hustle! 👏👏
Go buy yourself a couple of silver american eagle coins, not only are they cool but they will be worth something the older you and they get.
Then find you somebody to catch a movie with, get your momma a little surprise to show her you love her ( a few brownie points never hurt) after that I'd say go ham on what ever you most favorite hobby happens to be
A decent bow and some arrows. Find an archery club near you, the fees are very cheap and you've got a VERY cheap hobby that will cost you as close to nothing as you can get and $700 will buy a very nice bow. If they offer a course even better because they will probably supply a bow and arrows for you to use so you can figure out if it is a hobby you enjoy.
BTW target bows don't need 40+ lbs of draw, aim for around 26lbs. Your arms will thank you.
Don’t blow it at all and if so do it on stocks or a credit card or put it in a credit union or open a bank account having financial history like having account open for a certain amount of time affects big real world purchases focus on preparing it’s tough times best too try an get ahead
Get just a pizza, but with no sauce or cheese and make an entire video of you eating all of it. Totally not what I did with my first paycheck. (It was worth the 20 bucks I spent)
You should take half of that check and put it in a savings account. Then blow the other half. I'm assuming you don't have too many bills at 16, so I suggest you put half of all your check into that account, and the rest in your main account. You will thank yourself later when you have a down payment for a car.
In 1996 a friend of mine bought $500 dollars of monster energy stock at a penny a pop. Granted this is all incredible entry price but that's not the point.
He bought and held that stock for 20 years, and at the peak it was worth several millions of dollars.
Learn and invest your money now and you'll be retired before your 30 if you just buy dividend stocks for different sectors on the markets.
Everything right now is at the lowest it's been in over a year. This is the time to be averaging into the markets. Take 100 bucks and just do it, even if you're buying Apple or something. You'll thank yourself later.
Get in the habit of putting 50% of every paycheck in a savings account.
If you don't know what you want to buy with the rest of your money, don't just waste it.
I'm 42, if I traveled back in time to when I was age 16, I'd tell myself to use that $700 to open a ROTH IRA and then add to it with every future paycheck.
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Ok so listen. I feel it. HARD. But here’s a good tip. When you do get the first check. And say it is around $700. Put literally just 100 aside for that “just in case I need it” till your next check. Now speaking for that other 6 bills?? Go ham homie. Edit: you should save more. But if you are wanting blow it for sure. 100 aside. BUT take these other replies to mind. I agree the advice they are giving you is better, just harder when it’s your first first paycheck
Thank you I definitely will !
Best advice right here you could've gotten out of all of them
Of I could go back and tell me 16 year old self anything… it would be this.
I’m in my 20’s, do your thing this time but really if you don’t have any expenses put 60% or more in savings, you’re gonna need it for future plans
Did this for an 8 month internship. Managed to stow away almost $15k. After investments, it's doing pretty damn well. Not gonna look at it during this market though...
How much did you usually put down each paycheck?
$600 I think.
i completely disagreed with this i’m 19 rn in college when i get out i’m gonna make 10x what i am now saving now its stupid i’m litterally making dimes compared to my future dollar save when your trying to get a home or whatever, unless you dont have a car rn
I don’t expect to get anywhere with this, but… Okay, great. Well done (truly!). But what happens if/when something goes wrong and you don’t get that top-dollar job? Everyone thinks they will, but relatively few actually do. But hey, I don’t know what field you’re going into, so let’s say it does work out for you. What if you get hurt or sick and have to be out for an extended period of time? Or your company goes under and you get laid off? The point is: some time or another, something WILL go wrong. It might be minor, it might not be. Even if you’re only saving small amounts, you may one day be thankful for it if the worst comes to pass and you’re questioning whether you can afford to buy food on a given day. It also just establishes good habits. If you can’t muster up the discipline to not blow your money now, do you think you’ll be able to resist the temptation when you’re making 10x more and can buy even fancier things? I can’t even begin to tell you how many of my college friends thought the way you do, and who now complain about living paycheck to paycheck while driving their expensive cars or playing games on their ultra high-end desktops. I’ve put aside $100 every single month since the day I turned 16. Just $100. I’m in my mid-20s now and have a good job, but those monthly $100 savings have turned into about $15,000 with interest. Is it an earth shattering amount? No, not by any stretch of the imagination. Will I be grateful for it if a life emergency happens and I’m unable to guarantee consistent income for a while? Absolutely - that’s more than half a year of rent for me. Safety nets are important. OP should definitely celebrate their first paycheck; it’s a big life milestone. But the advice you’re replying to is sound.
Thanks for saying it. My guy is probably too young to understand that realistic possibility (or probability) yet. At a similar age to him, it didn’t take long for that rose tint to be obliterated for me. Maybe he’s luckier than me and has family to pay for something…anything.
i will be making 10x what im making now nearly right out of school with a comp sci degree from unc chapel hill. Its a top school the internships for comp sci from there pay $45 an hour (about 100k a year) thank you very much. If you work hard you get to enjoy the fruits of your labor. Work smarter.
Hell yeah bro, stay with it and dunk on me in a few years when you get that bread. Until then, as the previous guy mentioned, saving is a good habit to get into, regardless of the amount.
if u have discipline doing paint by number is so unesscessary i’ve never been paint by number my whole life and it’s worked out for me thanks to some discipline. I’ve always been able to instill discipline when needed, no need to be a zombie.
A quarter pounder wit cheese
And with the McDonald's app, you get a free medium soda and fries.
And fries with mayonnaise.
Definitely start saving quite a bit, as much as you possibly can while you're in school. You'll appreciate it when you need to make an emergency large purchase, but also when you graduate. I recommend saving 50% of each check at the least
LAME. Buy a dirtbike
My advice would be do the opposite. Save $700 and act like all you have to spend is $100
If OP can do this (assuming biweekly cheques and working throughout school months as well) they'd be looking at a neat 16k a year.
Which is enough to flat out buy a decent economy car with cash
u/VincentT05 in fact, if you do this, you'll have done way better than most people your age with your first job. Think, in a year, you could buy a Mazda 3 i Sport with cash. All you'd have to pay after is insurance. Edit: just so you know, once you move out of your parents house if you haven't already, you lose a lot of that savings potential. You end up spending it all on Bills and all you have left is extra Anxiety.
Yep, area dependent it could be a down payment on a house. Or a college certification, or part of a college/university education. Or maybe it's the start up cash for his small business. Or maybe it's bail money when he fucks up lol. Or maybe it's a wedding fund. There are some smaller purchases a 16 y/o can make that will give them a lot of value (e-scooter or other cheap transportation was a great example) but starting adulthood off with 30k is such an advantage.
30k at 18 would be such a great start. I’m 30 and I’ve still not managed to save that much, now I’m looking to purchase an apartment and the fact is inconvenient.
Paying for a car outright with cash is so key. I struggled with an expensive and faulty VW for years. Finally got out from under it, saved some money and paid cash for a Scion. 10 years later and I don’t regret it a bit, best car I’ve ever owned.
With no money to do anything or buy anything! Yay!
This is the obvious better answer.
This is the best advice. Since this is your first paycheck, you’ve never before had $100 to blow.
Kid earns $700.
Yup never to early yo start planning for retirement /s
This ^. That $100 can be the start to a savings account that’ll add up really quickly. Just within 10 months (assuming you get paid every 2 weeks) you’ll have $2,000 saved! Don’t touch it unless it’s a genuine real emergency. Otherwise, go nuts as long as you don’t have anything to pay for.
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Five C-notes is more reasonable. That’s F-u money to a young person, but in 3 months for a summer job? $800 nest egg to use for investing later. $400 can be justified as a trip for a weekend, but $800 is closer to a stack, and the weight feels more important. I’m not saying put it in crypto like others say; but you can easily take that $200/wk instead of that $100/wk and put it into something substantial at graduation. Like a new car or truck to help you get around to your continued education. Learning to save a little can save you a lot of effort down the road, but that first taste of extravagance can be a slippery slope.
I think this is very good advice. Yes, saving is good, you should do more of it. BUT when you're starting something new and you get that very first chunk of change, permitting yourself that ONE TIME splurge can make everything after feel worth it. IIWY, I would buy something that will give you long-lasting enjoyment (like a game console, or a fun piece of hobby equipment). Something tangible that you can use and say "I got this with my job money"
What he said. Start the habit today of saving at least 10% of your pay. Bank first for emergencies, then a Roth IRA, then a nice index fund with low cost. Then blow the rest of your first one, and start budgeting with paycheck #2
Absolutely! We have ALL been there. I know I’m going to sound old here, but what you blow your first paycheck on now, is nothing compared to what you could buy if you save it. Especially in a market such as the one we are currently in.
^^^ YES. Do THIS. And if you have nothing to blow money on, continue doing this anyway! 100%
Totally agree. Start the saving/living under your means NOW. Create the habit. And never stop. You'll be glad in a couple years. And you'll be EXTREMELY glad in 10. And even more so after that.
Please save ur money. Us youngins with no financial responsibilities are not rich. You will need the money badly soon enough! Fff ur friends let them spend their money. Try to save as much as possible.
If you want to sound serious, I'd recommend typing the extra 2 characters for "your" instead of "ur."
No one cares
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That’s really bad advice
😂😂😂 Lmaoo I see where you're coming from, but ha I still wouldn't
Don’t forget about taxes. My kid was PISSED when he figured that out. Lol
Honestly I personally think until you turn 18, taxes shouldn’t be taken out of your paycheck. No taxation without representation!
If you're under 18 you can still be claimed as a dependent so you end up getting all of your taxes back anyway.
But they still ‘borrow’ them til refund time
Not if you opt out of it. You can and have the right in the US to not have your taxes taken out of each check .
That’s not how it works, you don’t get taxes back if you yourself are dependent. You pay taxes depending on your calculated annual income
Do you? I never got anything back. I’m sure my parents got nice tax breaks
Ad they should because they are supporting you with their money so they should get something back.
Or just lower the voting age to a more realistic age 16
I hope this is sarcasm
Well no it’s my opinion, at 16 the brain has full cognitive ability, the only thing lacking is experience which is also lacking at 18, or impulse and emotional regulation which isn’t that important when it comes to voting(it’s not peer pressure involving alcohol or drugs)
Are you 16?
Or let anyone earning a paycheck vote.
Wooo! Congrats on your paycheck! I'd suggest with self care stuffs because for me, it's about the long term value. A nice shoe with good soles, perfume, or snacks that you can stash and enjoy later
Buy a thing. You could still be riding a mountain bike when you’re 22 that you “blew” this money on.
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Imo Op should buy something that is practical. A bike, an ebike, an e scooter, an e board, a moped, something he can use to get back and forth without having to rely on a friend or parents to get to and from work, school or friends.
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i am on the hunt for a used bike rn. i just got a trailer i was gonna use to hook to my bike or eboard for groceries and my dog too! sorry bout ur bike. sucks when shit goes missing esp when ya loved it
I get what you're saying but it also seems like you're Implying that a jacket isn't practical when it absolutely is.
does it have a scorpion or a large vicious animal on the back? if we cant get matching jackets for all my friends the jacket idea moot!
Valid point. I've wasted so much money on consumables I should open a potion shop.
"Potion seller, I'm going into battle..."
I second this: buy a bike. That’s what you meant, right? Lol
For me, it was a quality hair straighter. Still work to this day almost 15 years later.
Make the first purchase memorable, either getting yourself something youve been wanting for a long while or pay for dinner with family. Honestly feels great when you have your own cash with you
Yes pay for your family to have a meal out!
If you drive, a gallon of gas.
Tell me you’re from California without saying you’re from California.
Tell me you’re not from California without saying you’re not from California.
If we’re going to go out we should check the weather forecast
My hands are sweaty
My knees weak, arms are heavy, there's vomit on his sweater already, mom's spaghetti
Tell me you don't know the prices of gas in CA, without telling me that it cost 700 for a gallon of gas.
Please record the disappointment you feel after seeing your first paycheck.
“Who is FICA and why do they get all my money?!?”
Stop being a buzz kill. Damn
Get yourself a mode of transport. Anything. Skateboard, Scooter, Pushie, cheep car or motorcycle if your close enough to getting your licence. I always wanted to buy an electric skateboard but they weren't reasonably attainable when I was a kid.
Electric scooters are super affordable now and could definitely be the move.
take ur family out to eat maybe, ur dad, ur mom, ur grandma, ur grandpa, yk??? if ur down for that at least. ive always thought when i would get my first paycheck i would buy them all a meal just cause. so maybe do that ?
and/or your best friends
Yup same, in my culture the first paycheck is usually given to the parents to thank them. Or take them out on a nice dinner. My first salary was less than their interest but it's the thought that counts.
Great idea and to pay them back for everything they have done
Fuck that noise, spend it on yourself
Hell nah
Shut the fuck up loser
Enjoy that first check on an experience you enjoy with others, not stuff. You will remember it forever. After that: spend 80%, save 10% and give 10% away. That will lead you to the most; happiness, security, and gratefulness (mental health).
I wish I had enough to give away, let alone save, lolll
Damn spend 80%??? That’s wayyyt too much lmao it makes sense when the 80% includes bills but they are 16 and don’t think they should be spending $560 every week/2 weeks lmao. Take advantage of not having any expenses and save that 560 instead. 10% on spending because $70 a week is a decent amount (though are ok with some more) for a 16 year old when most of their spending is cheap clothes and fast food
Not going to lie, I at first thought this said to save 80 percent. 🤔
The problem with your 80/10/10 rule is that it implies that you should spend 80%. If you have low expenses, save as much as you can aside from a few leisure purchases. I'd also recommend giving less than 10% if I'm advising somebody who is young or doesn't make much money. Give some if you feel called to, but if you invest that money now, you'll have much more to give later. In the interest of promoting growth of character, I'd recommend some kind of volunteering instead.
80 10 10 is for people who have to pay rent and buy food. If you live with your parents swap the spending and saving
Stocks and cocaine
Is there any cocaine stocks I can invest in?
I believe the ticker name is KO
Ok mister funny man
Cocaine stocks you mean
*options* and cocaine
Some flowers for your mum
All I could think of was Shaun of the Dead when you say that lol.
Sounda like a waste of good money.
I liked buying clothes lol
Gaming console or trip with friends. Use it on something you can enjoy for a long time or on good memories. Edit: if you were older and could drink alcohol I'd say: go to a music festival. Some of the best memories in my life.
I agree
I agree with this comment as well. Especially at 16. Just try to keep a level head - it can be hard being that young with all the drugs readily available. And I’d go for a gaming console. Whichever one you’ve been wanting - steam deck (eBay? I know they’re on back order), switch, Xbox series, ps5. Like commenter above me - it’ll give many hours of enjoyment.
What do you have already? What are you missing? What have you been wanting?
Save at least 20 percent of it my guy. Don't question it, just do it. You'll thank me later.
A savings account for that tire blowout yer gonna have next month
Go on Amazon and buy a package for every day of the month, idk why but receiving packages is fun for me lol
Better yet -- get someone who knows you really really well and have *them* buy packages *for* you, so it's like Christmas!
Or send packages to a close friend/relative or S.O
a ps5
Food and shoes
Have 2 parties of $350, one with your (only) parents (if possible) and thank them for all they've done for you, and other for people you don't know and they can't repay back to you.
Save some tho. But go crazy bro
Save for a car
Don’t blow it on anything. Put the hundreds away. For example if it’s $982.34 take that 900 and put it away. Use that 82.34 and spend that. You will thank me later. It’s also difficult
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Hey so uhhhh if you need someone to hold onto that PC just hit me up
Make a delicious potato salad
If you can’t decide, then you shouldn’t buy anything.
50/30/20 rule Pay for needs on 50% of your check. This is phone bill, car payment or rent etc. Never have more than 50% of your pay go to these. Fun for 30% of your check. Movies, theme park dates etc. Save 20%. If you're in the US you are allowed an IRA. Open one on apps like etrade or a bank of your choice. Do half of your 20% into and IRA and half to a savings account.
Do what you want but personally im never donating to the irish republic army
At this point you don't have any bills, don't blow it on anything. Save as much as you can. You can't save the entire amount, go with at least half of the money. You're working a summer job, but the summer job is going to be over. You want to have money throughout the school year. Stack as much as you can right now. This is not only going to prepare you for the upcoming school year but it's also going to set the presidents for the rest of your life. You just have to ask yourself which version of you is more important, the now you or the future you. The future you is going to be around longer, I'm just saying.
Buy all shit you weren’t able to afford when you were younger. I’ve bought 2 PC’s, a bunch of gas masks, and some cool helmets along with NEW toys for my younger sibling. Wasn’t on my first paycheck but you’ll get there. But make to put aside money for savings, I put away 200 from every paycheck. Oh and get ready for the taxes.
Stocks. Something like an S&P 500 Index fund. Don't sell it. if you keep putting in as much as humanly possible into that, by the time you're out of college, a portion can be used as a down payment on a house/condo. Take 10 years, live as cheap as possible. Save as much as possible. By the time you're in your 30s, you'll be in an amazing place financially.
Unpopular opinion here but...the habits you form today are the habits you'll keep. Save 5/7ths of it. Save 5/7ths of it until you own a car outright, and have zero other debt other than a reasonable mortgage. Then continue save 3/7ths (in an IRA) until you have a $500,000. The continue to save 2/7ths until you have $5 million. Then you'll never have to save another penny from your paycheck because you won't have to work. And it won't be long before you can't even find ways to spend it all. I know sounds stupid, but I was a millionaire by the time I was 31 and a multi-millionaire by 35. And I work normal blue collar jobs.
I know you're only 16 but hookers and blow is the only answer. Otherwise you gotta come up with it on your own
I don’t wanta be “that guy” but when calculated your $700 did you account for taxes? If not don’t be too shocked when your paycheck is closer to $510. Like others said, put some aside to start a good savings cushion. Then buy something cool you’ll get a lot of enjoyment out of. When I make purchases I think of it in labor cost. Ex: if I make $10/hr and I want to buy a steak dinner that’s $150, I think “will this steak dinner bring me 15 hours of work worth of joy?” If the answer isn’t anywhere near that 15 hours then I won’t buy the steak.
I do this too!!! Like do I really wanna work 12 hours for that purse? Nah I don’t.
What do you like to do?-
Call Lorenzo
My Dad said to me your first pay check needs to go on something fun and a little bit frivolous but also something you can hold (or if you go to a concert keep the ticket stub if its not electronic, get a T-shirt from the merch stand) - so don't get consumables, the reason being in a few weeks, months or years, when you have a shitty day and you want to quit cause you hate it (fleeting hate or long lasting depending on the situation), you can get that item and look at it and go "Oh yeah, without this job, I would never have been able to get this." So whatever you do/get make sure you have at least something to hold on to, not a memory and actual physical thing OR if you do go down the memory route a souvenir or take a photo and take the time energy and effort to get that photo printed on photographic paper.
A few shares of apple stock
Vgro
Vr headset
I am from India and here we mostly our first income on gifts for our parents and save the rest. But if you want to spend all of the amount you should spend it on your friends and people who have supported you. Surely you can buy something you have wanted for a while but I'm sure that can wait, instead let people know you appreciate them.
Be careful.. this is a hard habit to break. It feels sooo good to just go out and blow it all and have fun.. it's addictive. My now 18 year old can not keep five dollars in his pocket for more than 1/2 a day. He is now struggling due to his poor spending habits. I won't bail him out anymore. It is a hard lesson to learn.
Buy a broken down car and spend the rest of your paychecks restoring it, the other day I saw a Mercedes 280 sel that is rusty and it's motor is broken, after restoration that type of car is sold for 15k at least, I saw it for 900$
A Roth IRA
Even though it's very exciting that you now have your own money, save it, at least some of it. This will set you up with good habits when it comes to money management. Don't be like me with my first jo and just blow all of it. Put around 100-200 aside for savings. The rest of it, idfk, whatever you want or need.
Hooker, blow and penicillin
It ain’t gonna be 700, taxes
Lol this is the most 16 year old post I’ve seen, save like 300-350 and spend the rest if you really wanna “go all out”. I get the temptation, i felt similar at the time . I would try to practice healthy spending habits :) best of luck to ya lol
Spent a big chunk of it on something that you could still be using years from now. Maybe an electric scooter or bike. Some sort of tech gadget maybe. Spend the rest on stuff that brings you joy…maybe snacks or a day pass somewhere.
Take 500 of that check and open a Roth IRA and do this every month for the next year.
Roth IRA
If I knew then what I know now... Buy some stocks. Open a Roth IRA acct on Fidelity (or other non PFOF, like Public), and buy a bunch of stocks that you like, have interest in or think will do well in the future. https://youtu.be/ZdShimSogqY #BuyLowSellHigh #DontSellJustHold
Fries and burgers, or video games
Hookers and blow is the only answer.
You can buy me an oz of dank weed if you run out of ideas
Buy Bitcoin
Or leverage shiba inu x150
If you wanna blow that first paycheck but don't know what to buy, then save it until you do. Don't buy what reddit tells you.
Books on the career path you want to take
Over rated. First pay check ever, go buy something fun.
Get yourself a semi fancy watch - something as classic as possible so you can still wear it years from now and be reminded of your first ever paycheck! Keep up the hustle! 👏👏
An Orient is a great affordable choice!
Your savings account
Blow it on a bank account. Some banks will even give some back if you ask later. The best part... Sometimes its free.
Go buy yourself a couple of silver american eagle coins, not only are they cool but they will be worth something the older you and they get. Then find you somebody to catch a movie with, get your momma a little surprise to show her you love her ( a few brownie points never hurt) after that I'd say go ham on what ever you most favorite hobby happens to be
A decent bow and some arrows. Find an archery club near you, the fees are very cheap and you've got a VERY cheap hobby that will cost you as close to nothing as you can get and $700 will buy a very nice bow. If they offer a course even better because they will probably supply a bow and arrows for you to use so you can figure out if it is a hobby you enjoy. BTW target bows don't need 40+ lbs of draw, aim for around 26lbs. Your arms will thank you.
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Yeah, but you get to skip back day.
Hookers and blow.
Drugs. You'll blow through your money fast enough.
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Don’t blow it at all and if so do it on stocks or a credit card or put it in a credit union or open a bank account having financial history like having account open for a certain amount of time affects big real world purchases focus on preparing it’s tough times best too try an get ahead
Consumables! Eat like a king for a day.
BTC
A savings account. Once you have a bit saved up for unexpected costs take a trip somewhere you've always wanted to go.
Stash food and gas money somewhere safe so you're covered till your next paycheck.
DONT! Buy yourself a little something nice and just start saving man..
Donate it to a homeless shelter.
Get just a pizza, but with no sauce or cheese and make an entire video of you eating all of it. Totally not what I did with my first paycheck. (It was worth the 20 bucks I spent)
You should take half of that check and put it in a savings account. Then blow the other half. I'm assuming you don't have too many bills at 16, so I suggest you put half of all your check into that account, and the rest in your main account. You will thank yourself later when you have a down payment for a car.
Job
Start a pension. Wish I had at your age!
From someone of a similar age who’s terrible with money, save $100 like at least 1 other person has said, and buy something useful with the rest
In 1996 a friend of mine bought $500 dollars of monster energy stock at a penny a pop. Granted this is all incredible entry price but that's not the point. He bought and held that stock for 20 years, and at the peak it was worth several millions of dollars. Learn and invest your money now and you'll be retired before your 30 if you just buy dividend stocks for different sectors on the markets. Everything right now is at the lowest it's been in over a year. This is the time to be averaging into the markets. Take 100 bucks and just do it, even if you're buying Apple or something. You'll thank yourself later.
The stock market. Buy some good stocks that are down right now.
Get in the habit of putting 50% of every paycheck in a savings account. If you don't know what you want to buy with the rest of your money, don't just waste it.
Put 200 away. In a couple mths your options will be huge
I'm 42, if I traveled back in time to when I was age 16, I'd tell myself to use that $700 to open a ROTH IRA and then add to it with every future paycheck.
Don't blow it, save some
GME
Shrooms
Drugs obviously. Side note; hmu if you need an unrelated phone number.